Bharti Airtel has entered into an agreement resulting into acquisition of aggregate 9.012 per cent equity stake in Avaada CleanTN Project Private Limited, a special purpose vehicle, formed for the purpose of owning and operating the Captive Power Plant. The cost of acquisition is ₹7.88 crore.
Tata Power on Wednesday said its Singapore-based JV Resurgent Power Ventures has won the bid to acquire the stressed asset of South East UP Power Transmission Company Limited (SEUPTCL) through its resolution process under the Insolvency and Bankruptcy Code (IBC). Tata Power did not disclose the bid offered by Resurgent Power Ventures
Lasa Supergenerics Limited, India's Leading API Manufacturer, announced that it has filed suit for permanent injunction restraining infringement of its patent, in respect of preparation of methyl. Further Lasa is also seeking ad interim and interim reliefs pending the hearing and final disposal of the suit and claiming an amount of ₹300 crore as compensation for loss of business opportunity and customer at large scale globally.
Reserve Bank of India has provided renewal of authorisation for Vakrangee. RBI has extended the validity of authorisation issued to Vakrangee Limited to setup, own, and operate White Label ATMs (WLA) in India. The validity has been extended till March 31, 2023.
The board of PNB Housing Finance has approved the proposal for fund raising up to ₹2,500 crore by way rights issue. The detailed terms in relation to the rights issue, including the issue price, rights entitlement ratio, record date, timing and terms of payment will be determined in due course, it said.
Gufic Biosciences has entered into a research and collaboration agreement with Selvax Pty Ltd, a biotechnology company based in Perth, Western Australia, to accelerate the commercialisation of Selvax's cancer immunotherapy treatment. Orbit Financial Capital acts as the exclusive financial advisor to the transaction.
The National Company Law Tribunal, Kolkata Bench, has sanctioned the Scheme of Arrangement between Kkalpana Industries (India) Limited (KIIL) and Ddev Plastiks Industries Limited. As per the proposed scheme, the compounding segment, which is the core business of KIIL (contributed about 97 per cent of the total revenue in fiscal 2020), is being transferred to the new entity while smaller business segment of the reprocessing segment will remain with KIIL. This is because there are restrictions on the transfer of licences held for reprocessing of plastic waste. A similar licence is also held by a Dubai-based wholly owned subsidiary of KIIL.
Zydus Lifesciences Ltd has received final approval from the USFDA to market Nitroglycerin Sublingual Tablets in the strengths of 0.3 mg, 0.4mg and 0.6mg. The tablets are used to relieve chest pain (angina) in people who have a certain heart condition (coronary artery disease). It may also be used before physical activities to help prevent chest pain. The drug will be manufactured at the group's formulation manufacturing facility at SEZ, Ahmedabad.
The board of Brightcom Group has approved the allotment of 1.50 crore shares of the company, pursuant to the conversion of preferential warrants, to Shankar Sharma. The company had allotted 1.50 crore warrants to him on January 23, 2022, against a payment of 25 per cent of the total amount. On Wednesday, Sharma paid the remaining 75 per cent.
General Atlantic Singapore and Fairfax Financial Holdings are considering to pare their stakes in IIFL Wealth & Asset Management, seeking premium as high 40 per cent premium over the existing stock price, a PTI quoting sources said.