The board of RBL Bank has accepted the request of Vishwavir Ahuja to proceed on leave with immediate effect. The board has also appointed Rajeev Ahuja (currently the Executive Director) as interim Managing Director & Chief Executive Officer of the Bank with immediate effect, subject to the regulatory and other approvals. In a surprising turn of events, the RBI has appointed its chief general manager, Yogesh Dayal, as an additional director on RBL's board for two years.
Ashoka Concessions, a material subsidiary of Ashoka Buildcon, has entered into share subscription and share purchase agreements with Galaxy Investments II Pte., an affiliate of funds, vehicles and entities managed and/or advised by Kohlberg Kravis Roberts & Co, for sale of the entire share capital held in Ashoka Highways (Bhandara), Ashoka Highways (Durg), Ashoka Belgaum Dharwad Tollway, Ashoka Sambalpur Baragarh Tollway, and Ashoka Dhankuni Kharagpur Tollway. The total deal is for an aggregate consideration of ₹1,337 crore, subject to adjustments for cash and debt like items as agreed under the respective share subscription and purchase agreements. The completion of the above transactions is subject to completion of certain conditions precedent including approval of the lenders of the respective subsidiaries and National Highway Authority of India.
Lupin has received approval from the United States Food and Drug Administration (FDA) for its abbreviated new drug application (ANDA) Sevelamer Carbonate for Oral Suspension, 0.8 g and 2.4 g packets to market a generic equivalent of Renvela. This product will be manufactured at Lupin's Goa facility in India. Sevelamer Carbonate for oral suspension had estimated annual sales of $51.7 million in the US.
The board of directors of Suzlon Energy has approved allotment of about 20.4 crore shares of the company at a conversion price of ₹2.45 pursuant to the conversion of 4,998 compulsorily convertible debentures.
The board of Kabra Extrusiontechnik has discussed the raising of funds via debt and equity for the expansion of its future technologies brand Battrixx, which provides advanced lithium-ion battery packs with smart battery management systems to power the growth of India's transition to green energy storage and electric mobility. A total Rs 101 crore will be raised initially through issuance of warrants to promotors and foreign investors subject to necessary approval of the members of the Company and other regulatory authorities, as maybe applicable.
Adani Transmission, India's largest private sector power transmission company and part of the diversified Adani Group, has received the Letter of Intent (LoI) for the acquisition of a renewable energy evacuation system under Khavda-Bhuj Transmission. ATL won the project through the Tariff-Based Competitive Bidding process and has received the LoI for the project. ATL will build, own, operate and maintain the transmission project in Gujarat for a period of 35 years.
IL&FS Transportation Networks
IL&FS Transportation Networks, which had earlier announced the execution of a share purchase agreement and deed of assignment with Roadstar Infra Investment Trust (InvIT) for sale of 18,95,19,309 shares representing 85.5 per cent of the paid-up capital of Moradabad Bareilly Expressway and assignment of receivables of ₹14.34 crore to the InvIT in lieu of units, said based on final valuation and adjustments as stated in the SPA, the final consideration for sale of shares is ₹576.78 crore and adjusted final consideration for assignment of receivables is ₹14.26 crore.
Prestige Group, recently signed a massive civil contract worth ₹1,560 crore excluding GST with premier infrastructure manufacturer and multinational conglomerate Larsen and Toubro (L&T), for construction of buildings and infrastructure development at the Prestige City, Bengaluru. Prestige Estates Projects is the listed arm of Prestige group.
One97 Communications (Paytm) has further strengthened its focus on offline payments and financial services. The company has consolidated leadership of its offline payments business with lending, with an aim to increase penetration of credit to its 23 million merchants. The company has elevated Bhavesh Gupta, CEO, Paytm Lending to take on leadership for the offline payments vertical in addition to his existing responsibilities.
GMR Airports Netherlands BV, a step-down subsidiary of GMR Airports has signed the shareholders' agreement (SHA) and share subscription agreement (SSA) with Angkasa Pura II (AP II) for the development and operation of Kualanamu International Airport (Project) in Medan, Indonesia. The letter of award for the project was received on November 23.
Sigachi Industries has received a letter of intent from Grasim Industries (Aditya Birla Group), for the operations and management of the three Chlorine Product Plants - SBP-48 TPD, CPW-30TPD & MCAA-20TPD. The deal size is ₹20 crore and will be valid for a period of 3 years.
CARE has upgraded the credit rating of the company's long-term banks facilities to 'BBB Stable' from 'BBB-; Stable'.
The board of Visagar Polytex has unanimously consented for raising funds through rights issue of equity shares up to 29.27 crore shares of face value of ₹1 each in the ratio of 1:1 at an issue price of ₹1.70 a share, aggregating up to ₹49.76 crore to all the existing members of the company on rights basis.