The board of Glenmark Pharmaceuticals has approved to divest 75 per cent stake in its subsidiary Glenmark Life Sciences to Nirma Ltd for ₹5,651.5 crore at ₹615 a share. Post stake sale, Glenmark will own just a 7.84 per cent stake in GLS, the drug firm said in a statement.
Wipro Limited has announced that it is appointing Aparna C Iyer as Chief Financial Officer, effective immediately. Aparna will report to CEO Thierry Delaporte and will join the Wipro Executive Board. She succeeds Jatin Dalal, who is stepping down as CFO to pursue other career opportunities.
ICICI Bank Limited has entered into an agreement in relation to an Investment in the equity shares and compulsorily convertible preference shares of Quantum CorpHealth Private Limited. The bank will invest ₹4.99 crore for 9.99 per cent shareholding of Quantum CorpHealth Private Limited.
Vedanta Ltd board on Thursday approved rasing of Rs 2,500 crore through issuance of non-convertible debentures on private placement basis. “The Committee of Directors on Thursday, considered and approved for raising, on a private placement basis, up to 2,50,000 secured, unrated, unlisted, redeemable, non convertible debentures of face value Rs 1,00,000 each aggregating upto Rs 2,500 crore in one or more tranche(s),” the company said in a regulatory filing.
Adani Group on Thursday bagged two contracts worth Rs 13,888 crore from a state-owned discom to install smart meters. A total of six tenders were awarded by the Maharashtra State Electricity Distribution Company Ltd (MSEDCL) to install smart meters, of which two have been bagged by the Adani Group, according to an official communiqué from the discom seen by PTI. Adani Enterprises will remain in focus.
DLF’s rental arm DCCDL has raised Rs 1,100 crore through issuance of non-convertible debentures on a private placement basis. In a regulatory filing on Thursday, DLF informed that the DLF Cyber City Developers Ltd (DCCDL) board has approved the allotment of debentures.
Institutional investors on Thursday oversubscribed the SJVN offer-for-sale (OFS), putting in bids worth over Rs 1,450 crore. The government’s 4.92 per cent share-sale offer in state-owned power producer SJVN was oversubscribed on Thursday with institutional investors bidding for over 20.91 crore shares against 8.70 crore shares reserved for them. As per stock exchange data, non-institutional investors subscribed the SJVN issue by over two times. At the indicative price of Rs 69.64 per share, the bids are cumulatively worth over Rs 1,450 crore. Retail investors can subscribe today.
India Cements Ltd has entered into an agreement with UltraTech Cement Limited for the sale of land admeasuring 73.75 acres (which includes land admeasuring 14.53 acres to be procured) located at villages Kantakapalle and Chinnipalem, Mandal Kothavalasa, District Vizianagram, Andhra Pradesh, for a consideration of ₹70 crore, exclusive of taxes, stamp duty and registration charges. This is part of the Company’s plan to monetize some of its non-core assets for improving its liquidity and to meet few of its capital expenditure plans.
Interglobe Aviation (IndiGo) and British Airways have signed a codeshare agreement to further boost connections between India and the UK. Through this partnership - which sees British Airways add its code onto a couple of destinations across IndiGo’s network - customers can enjoy improved connectivity between India and the United Kingdom for travel from October 12.
Life Insurance Corporation of India’s shareholding in Gujarat Gas has increased from 4.981 per cent to 5.012 per cent of the paid-up capital of the said Company. GGL caters to its customers by providing CNG and PNG connections in domestic, Industrial, Commercial and Non commercial segments in the areas of South & Central Gujarat and Saurashtra. In a separate notice, LIC said it has reduced its stake in Oil India Ltd from 11.727 per cent to 9.689 per cnet of the paid-up capital of the said Company.
NBCC India has said that it has been recently awarded orders worth ₹100 crore by SAIL for construction of various development work at township and mines of SAIL Bhilai Steel Plant.
In a significant move to address the acute affordable and mid-income housing shortage in India, IFC and Sunteck Realty are partnering to create a joint platform with a total investment of up to ₹750 crore (US$90 million) to promote the development of nearly 12,000 high-quality housing units across four to six green housing projects within the Mumbai Metropolitan Region (MMR). IFC’s proposed investment is for up to ₹330 crore ($40 million), with the remainder to be brought in by Sunteck Realty.
Tamilnad Mercantile Bank Limited has clarified in reference to the information / news published in mainstream media regarding wrong credit to beneficiary accounts in NACH transaction. The NACH credit file received from NPCI had some invalid account numbers, in some cases, the account numbers were of 16 digits, instead of correct 15 digits. When the file was processed in NACH application, the amount field got prefixed with one digit (9) and the file was uploaded in CBS. The mistake was noticed immediately and the entries were reversed. We have now introduced additional checks for authorizing the NACH credit transactions.
ideaForge Technology has received order worth about ₹58 crore (exclusive of GST) to supply 400 Surveillance Copter with accessories to Strategic Marketing.
Seamec Ltd have entered into a loan agreement with Seamec UK Investments Ltd, wholly owned subsidiary. This loan is within the cap of investment approved by the Board of Directors of the company. The amount of commitment/investment made as on date (excluding this present loan transaction) by the Company to SEAMEC UK Investments Limited, included GBP 7.1 million towards equity an GBP 14.25 million towards loan.
AVG Logistics Limited has received a new order from an existing multinational customer in the FMCG Industry. The Cumulative size of the order is ₹72 crores approx. which would be executed over a tenure of 3 years.
Shareholders of SPEL Semiconductor Limited has approved a proposal to sell or transfer or otherwise dispose of the land of the Company to an extent of not exceeding 8.14 Acres situated at 5, CMDA Industrial area Maraimalai Nagar, Tamil Nadu. The transaction is subject to signing of Definitive documents, completion of customary closing conditions under the Definitive documents and receipt of regulatory approvals, if any.
Innovative Ideals and Services (India) Limited has received a Service Purchase Order worth of ₹35 lakh from Meditek Lifecare LLP. The contract is to lay FTTH in the prestigious project of BARC, Chembur. This project is awarded to us due to our past experience of Jio & Tataplay projects.
DMR Hydroengineering & Infrastructures Limited has received a work order for Engineering Services for Daudhan Dam under Ken-Betwa Link Project in the state of Madhya Pradesh from Afcons Infrastructures Limited. The order value is ₹12.50 lakh plus applicable taxes.