The government will sell up to 7 per cent stake in Housing & Urban Development Corporation (Hudco) through open offer for sale mechanism. The floor price is fixed as ₹79 a share. The OFS for over 14.01 crore shares or 7 per cent stake will open for institutional investors on Wednesday. Retail investors can place bids for Hudco shares on Thursday.
The Reserve Bank of India (RBI) has penalised ICICI Bank and Kotak Mahindra after it found serious violations of its various directions. ICICI Bank has been slapped with a ₹12.19-crore monetary penalty for sanctioning/committing loans to companies in which two of its directors were also directors, marketing and engaging in the sale of non-financial product, and failing to report frauds to RBI within the prescribed timelines; the central bank also imposed a penalty of ₹3.95 crore on Kotak Mahindra Bank for failing to carry out annual review/due diligence of the service.
Hindustan Zinc, a Vedanta group firm, has migrated from its current software to a more upgraded version. The move will result in more agility and mobility of the business processes, the company said in a statement.
Thermax Ltd has appointed Shyamak R Tata as an additional, non-executive–independent director of the company for a period of five years effective October 17, 2023.
The Competition Commission of India (CCI) on Tuesday approved the merger of IDFC Ltd with IDFC FIRST Bank. IDFC FIRST Bank is in the business of providing banking services, while its parent IDFC Ltd (IDFCL) is an RBI-registered non-banking financial company. The deal is subject to conditions, including the merger of IDFC Financial Holding into IDFC Ltd in the first step and subsequently, the amalgamation of IDFCL with IDFC FIRST Bank.
SEBI has exempted four family trusts linked to promoters from making open offers to the shareholders of three companies - Torrent Power, Torrent Pharmaceuticals and Gujarat Lease Financing - following their proposed indirect share acquisition in these firms. The orders came after four Mehta Family Trusts filed applications with the regulator in July 2023, and sought exemption from certain provisions of takeover regulations. In order to facilitate succession planning, Sudhir Uttamlal Mehta and Samir Uttamlal Mehta created four trusts to streamline the family’s shareholding in Torrent Investments Private Limited (TIPL).
Tiger Logistics (India) Ltd., a BSE-listed international logistics company, has signed an alliance partnership agreement with ICICI Bank to facilitate integrated banking and end-to-end logistics for exporters and importers. NPS Shoes will hold 75 per cent and AKI India Limited – 25 per cent.
Graphite India has informed the exchanges that an information security incident has occurred at the Company’s German operations and the impacted IT assets have been isolated. The company is investigating the matter and appropriate containment and remediation actions are being taken in a controlled manner to address the incident.
Mazagon Dock Shipbuildershas signed a contract with the acquisition wing of the Ministry of Defence for the construction and delivery of one training ship for the Indian Coast Guard (ICG) at a cost of Rs 310 crore
AKI India Limited has entered into Joint Venture arrangement with NPS Shoes Limited Company incorporated under the appropriate laws of the United Kingdom intend to co-operate in manufacturing/dealing in and exporting Leather Shoes in India and abroad for mutual benefit by setting up a new Manufacturing Company.
Results Calendar: 5paisa Capital, Astral, Bajaj Auto, Bandhan Bank, Heritage Foods, ICICI Lombard General Insurance Company, IndusInd Bank, IIFL Finance, LTIMindtree, Oracle Fin Serv Software Limited, Persistent Systems, Polycab India, RPG Life Sciences, Shoppers Stop, Tips Industries, Titagarh Rail Systems, UTI Asset Management Company, Wipro and Welspun Investments