SpiceJet on Monday said a division bench of the Delhi High Court has rejected an appeal of KAL Airways and Kalanithi Maran seeking damages of over Rs 1,300 crore and other claims. In a regulatory filing, the airline said KAL Airways and Kalanithi Maran initially sought damages of more than Rs 1,300 crore during the arbitration proceedings. Maran and KAL Airways were former promoters of SpiceJet.
SBI Life Insurance and Vidyaniti LLP on Monday bought a 4.25 per cent unit-holding in National Highways Infra Trust for Rs 1,100 crore through the open market transaction while NHAI divested 8.24 crore units in the Trust. A total of 8.24 crore units, representing a 4.25 per cent unit-holding, was acquired by both entities. According to the block deal data available on the NSE, SBI Life Insurance Company picked up more than 3.74 crore units or 1.93 per cent holding in NHIT.
Sagility B.V., the promoter of Sagility India, has announced an Offer for Sale (OFS) of up to 15.02% equity stake in the company. The base offer includes 346.1 million shares (7.39% stake), with a green-shoe option to sell an additional 356.9 million shares (7.62%) if demand is high.
InterGlobe Aviation promoter Rakesh Gangwal and his family trust are likely to offload up to 3.4 per cent stake worth at least Rs 6,831 crore in the airline on Tuesday, according market buzz. Gangwal, the co-founder of IndiGo, has been offloading his holding in a phased manner following a bitter fallout with co-founder Rahul Bhatia. Apart from Gangwal, the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, will be divesting 3.4 per cent stake in IndiGo, the country’s largest airline. Currently, Gangwal and the family trust together hold about 13.5 per cent in IndiGo.
UBS AG has sought fair trade regulator CCI’s approval to acquire a 4.95 per cent stake purchase in domestic wealth management firm 360 ONE WAM (360 ONE). “360 OWLplans to issue and allot to UBS AG on a preferential allotment basis, and UBS AG shall subscribe to, 2,05,02,939 subscription warrants of 360 OWL (ie, up to 4.95 per cent of the paid-up share capital of 360 OWL), as per the terms set out in the securities subscription agreement executed between UBS AG and 360 OWL,” a notice filed with the CCI said on May 22. The proposed transaction also involves the transfer of Credit Suisse Securities (India) wealth management and stock broking businesses to 360 ONE entities. Credit Suisse Securities (India) is a step-down wholly-owned subsidiary of UBS AG.
Lupin has inked a licensing and supply agreement with SteinCares for its biosimilar Ranibizumab, used in treating eye disorders. The deal covers Latin American countries (except Mexico and Argentina). While Lupin will handle manufacturing, SteinCares will look after regulatory approvals and sales.
Market buzz has it that promoters of PG Electroplast is likely to sell up to 5.62% stake through block deal, valued at around Rs 1,177 crore. The shares will be offered at a floor price of Rs 740, and there will be a 180-day lock-in on further sales, it is learnt.
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