According to media reports,Sequoia Capital will exit from Go Fashion, owners of Go Colors outlet, by selling its 10.18 per cent stake via a block deal. The floor price for the stake sale will be ₹1,135 a share, which is a discount of 5 per cent as compared to the last closing price, reports quoting sources said. The total size of the block deal will be ₹624 crore.
HSBC India has teamed up with Tata Motors for financing the purchase of electric vehicles for employees working in the corporate sector. Under the collaboration, consumers holding a salaried account with HSBC India will get a chance to apply for a tailor-made loan to purchase an electric vehicle from Tata Motors’ EV portfolio.
TVS Credit, a subsidiary of TVS Motor, has approved the execution of certain share purchase agreements entered into between PI Opportunities Fund-I Scheme-II, TVS Credit and other existing shareholders of TVS Credit. PI Opportunities Fund will acquire additional equity shares of TVS Credit for ₹257.02 crore. After completion of the proposed primary and secondary investments, PI Opportunities Fund will hold approximately a 9.72 per cent stake in TVS Credit, which is raising the proposed investment from PI to ensure sufficient capital for its growth plans.
NCLT, Kolkata, has approved the resolution plan submitted by Jupiter Wagons for acquiring a controlling stake of Stone India under the Insolvency and Bankruptcy Code 2016. After the implementation of the resolution plan, Stone India will become a subsidiary of Jupiter Wagons.
Also read: F&O Tracker: Options data shows bearishness
Info Edge India has agreed to sell its entire shareholding held through its wholly owned subsidiary, Startup Investments (Holding) (SIHL), in its associate company, Happily Unmarried Marketing (HUM), to VLCC Health Care (VLCC). The stake sale will be done via a mix of cash and swap of shares, for ₹61 crore. The stake sale is expected to be completed within two months from signing unless mutually extended by the parties.
PFC Consulting, a subsidiary of Power Finance Corporation, has incorporated 2 new special-purpose vehicles - Bikaner III Neemrana Transmission, and Neemrana II Bareilly Transmission - for development of independent transmission projects.
Avantel Limited has signed a contract worth ₹54.38 crore with the Ministry of Defence, Coast Guard Headquarters, New Delhi. The contract is for SATCOM Terminals and Hub Stations. The contract is to be executed by September 2024.
IndiGo is bolstering its international network with the launch of new codeshare connections via Istanbul to the United States of America. This strategic expansion opens up a world of possibilities for Indian travelers, allowing seamless access to New York, Boston, Chicago, and Washington, effective June 15 through its codeshare partnership with Turkish Airlines.
Karnataka Bank Limited has announced that Srikrishnan has formally assumed the responsibilities of MD and CEO at its Bull Temple Road office in Bangalore. This assignment follows his recent appointment, which will span across a three-year term.
The Ministry of Defence has stated that Cochin Shipyard Limited has been declared as L1 by the Indian Navy for MR/Mid-Life Upgrade of an Indian Naval Ship. The final contract will be executed in due course. The estimated contract value is around ₹300 crore (approx.) and the estimated duration is around 24 months.
Hazoor Multi Projects Limited has received work commencement approval from BSCPL Infrastructure Ltd - GVPR Engineers Ltd(JV) for construction of access controlled Nagpur- Mumbai Communication Expressway in Maharashtra on EPC mode for Package 13 for ₹119.18 crore
Indoco Remedies has received EU GMP certification from the Competent Health Authority of Germany for its manufacturing site situated at HB 211 Village Katha, IN- 173 205 Baddi, Tehsil- Nalagarh, District - Solan. The Agency conducted an inspection at Indoco’s manufacturing facility for oral dosage form (Baddi -III), from May 22 - 25, 2023. The EU GMP certification issued by the German Health Authority (Berlin) confirms that the site complies with the Good Manufacturing Practice requirements as referred to in the EC Directive. The
Premier Explosives Limited has received orders from Bharat Dynamics Limited for the supply of PI & P2 Motors of MRSAM worth ₹43.26 crore and from Larsen & Toubro Limited for the supply of PSOM-XL motors worth ₹13.94 crore.
Allcargo Logistics Limited has completed the acquisition of 1.50 lakh shares, or 30 per cent stake, in Gati‐Kintetsu Express (GKEPL) for ₹406.71 crore. Allcargo’s subsidiary, Gati, already holds 70 per cent stake in GKE