Tata Power Renewable Energy Ltd (TPREL) has launched an affordable rooftop solar solution in Odisha under its ‘Ghar Ghar Solar’ campaign. The programme was launched in the presence of MD and CEO of Tata Power Dr Praveer Sinha and MD & CEO of (TPREL) Sanjay Banga, here. The company said that its accessible, consumer-centric financing model makes rooftop solar affordable for a broader segment of Odisha’s population. “Residents can install systems with minimal upfront investment starting from ₹2,499 for 1 kW system,” an official said.
Mumbai-based True North on Tuesday exited Zydus Wellness by divesting its entire 7.27 per cent stake in the company, while PPFAS Mutual Fund acquired the shares for ₹879 crore through an open market transaction. Private equity firm True North, through its affiliate Threpsi Care LLP, offloaded 46.27 lakh shares or 7.27 per cent stake in Zydus Wellness at an average price of ₹1,900.
TVS Motor Company bought 39.50 lakh shares or 0.89 per cent stake in TVS Supply Chain Solutions for nearly ₹57 crore through an open market transaction. After the stake buy, TVS Motor Company’s (a public shareholder) holding in TVS Supply Chain Solutions has risen to 5.26 per cent from 4.37 per cent. As per the data, the shares were acquired at an average price of ₹144.
Samayat Services LLP, one of the promoter entities of supermarket chain Vishal Mega Mart, on Tuesday divested a 19.6 per cent stake in the company for ₹10,220.40 crore through open market transactions. Samayat Services LLP is a special-purpose vehicle owned by private equity firm Kedaara Capital and Switzerland-based Partners Group. According to bulk deal data on the National Stock Exchange (NSE), Samayat Services LLP offloaded a total of 90 crore shares in two tranches, representing a 19.58 per cent stake in the price range of ₹113.51-113.61. Following the stake sale, Samayat Services LLP’s holding in Vishal Mega Mart (VMM) has declined to 54.97 per cent from 74.55 per cent. Meanwhile, SBI Mutual Fund (MF), Kotak Mahindra MF and HDFC MF have bought shares of the supermarket chain.
State-owned Punjab National Bank on Tuesday said it has sold its entire 21 per cent stake in India SME Asset Reconstruction Company Ltd (ISARC) for ₹34 crore. In March, the Reserve Bank of India had granted approval for a change in sponsor of the asset reconstruction company and equity raise from Authum Investment and Infrastructure Ltd, PNB said in a regulatory filing. The bank completed the sale of a 20.90 per cent stake on Tuesday, it said.
Larsen & Toubro (L&T) on Tuesday said it has secured land in Kandla, Gujarat for development of green hydrogen and green ammonia projects. The government is actively promoting green hydrogen as a clean energy source, with initiatives like National Green Hydrogen Mission and pilot projects focused on its use in transportation.
UGRO Capital Ltd on Tuesday proposed to acquire Profectus Capital Pvt Ltd in all-cash deal for ₹1,400 crore in a bid to expand its MSME loan business. UGRO Capital has executed a Share Purchase Agreement with the existing shareholders of Profectus Capital Pvt Ltd to acquire 100 per cent of the shares, the non-banking financial company said in a statement. Post completion of the transaction, Profectus will become a wholly-owned subsidiary of UGRO Capital. Last month, the board of UGRO Capital had approved a capital raise of up to ₹1,315 crore, including via a rights issue of ₹400 crore and a preferential issue of Compulsorily Convertible Debentures (CCDs) of up to ₹915 crore.
The Competition Commission of India has approved acquisition of Ecom Express Limited by Delhivery Ltd. The deal size is around ₹1,400 crore. “The Proposed Combination comprises acquisition of at least 99.44 per cent of the equity and preference shareholding (on a fully diluted basis) of Ecom Express Ltd (Ecom) by Delhivery Ltd (Delhivery). Delhivery is a publicly listed Indian company,” CCI said in a press release.
The Competition Commission of India (CCI) on Tuesday cleared Mahindra & Mahindra’s proposed acquisition of a nearly 59 per cent stake in commercial vehicle maker SML Isuzu for ₹555 crore. Mahindra & Mahindra in April announced the acquisition of a 58.96 per cent stake in SML Isuzu for ₹555 crore.
Umang Dairies is undergoing a demerger and subsequent merger scheme. The dairy business of Umang Dairies Ltd will be demerged into Panchmahal Properties Ltd (PPL), and the remaining part will be merged into Bengal & Assam Company Ltd (BACL)
Emcure Phrmaceuticals has incorporated a wholly-owned subsidiary Emcure Lifesciences Pvt Ltd, per its regulatory filing. The move comes after the company earlier announced plans to establish a subsidiary under the proposed name Emcure Generics Pvt Ltd. However, the approved name by the Registrar of Companies (ROC) is Emcure Lifesciences Private Limited. The subsidiary has been incorporated in Pune, Maharashtra, and will focus on manufacturing, promoting, selling, and distributing pharmaceutical and related products. Emcure has subscribed to 100% of the initial paid-up capital, amounting to Rs 1 lakh at a face value of Rs 10 per share, making it a fully-owned unit.
Vedanta Ltd is planning to sell up to 1.6 per cent stake in its subsidiary Hindustan Zinc through a block deal for around $350 million, according to a term sheet. The Anil Agrawal promoted company will be selling up to 6.67 cror