In the dynamic world of financial markets, several key developments have taken place across various sectors. Let’s dive into the latest updates:
Glenmark Pharmaceuticals: The global pharmaceutical giant is set to divest a substantial 75% stake in its subsidiary, Glenmark Life Sciences (GLS), through an agreement with Nirma. This strategic move, valued at Rs 5,651.5 crore, involves the sale of shares at Rs 615 per share. Following the transaction, Glenmark Pharma will retain a 7.84% stake in GLS, with Nirma planning a mandatory open offer to public shareholders.
ICICI Bank: India’s second-largest private sector bank is making a significant investment of nearly Rs 5 crore in Quantum CorpHealth, a healthcare services platform. The bank will acquire a 9.99% shareholding in Quantum CorpHealth through a combination of equity shares and compulsorily convertible preference shares (CCPS).
Vedanta: The mining giant has secured board approval for raising up to Rs 2,500 crore via non-convertible debentures (NCDs) through private placement in one or more tranches.
Zuari Industries: The company is actively considering a fund-raising proposal via the issuance of non-convertible debentures (NCDs) through private placement, with discussions scheduled for September 26.
InterGlobe Aviation: IndiGo and British Airways have inked a codeshare agreement, enhancing connectivity between India and the UK. British Airways will expand its network by adding three new routes through this collaboration with IndiGo.
Tech Mahindra: The IT solutions giant has approved the merger of Tech Mahindra Credit Solutions Inc with its parent company, Tech Mahindra (Americas) Inc. This merger aims to optimize operational costs and reduce compliance risks.
SJVN: The Government of India will exercise its greenshoe option of a 2.46% stake in the hydroelectric power generation company due to oversubscription in the offer-for-sale. The total offer size will now be up to 4.92% of the total paid-up equity.
Infosys: India’s second-largest IT services provider, Infosys, is set to provide its Finacle Digital Banking Suite to Nigeria’s Guaranty Trust Bank as part of a multi-country digital transformation program.
Wipro: Jatin Pravinchandra Dalal will step down as the Chief Financial Officer of the company, effective November 30, and Aparna C Iyer has been appointed as the new Chief Financial Officer.
Samhi Hotels: The company will debut on the stock exchanges on September 22, following its IPO at an issue price of Rs 126 per share.
ICICI Lombard General Insurance Company: Bhargav Dasgupta has resigned as MD & CEO of the company to explore international opportunities.
JSW Steel: Caretta Minerals LLC, a subsidiary of Periama Holding LLC, has agreed to sell its property, plant, and equipment, along with mineral rights, for $24 million to West Virginia Properties.
Sunteck Realty: Sunteck Realty and IFC are collaborating to invest up to Rs 750 crore in the development of high-quality housing units in the Mumbai Metropolitan Region (MMR).
Kalyani Forge: Shareholders have approved the appointment of Viraj Gaurishankar Kalyani as the Managing Director of the company.
NBCC (India): The state-owned construction company has secured an order worth Rs 100 crore for various development works at the Bhilai steel plant.
Apollo Micro Systems: The company has incorporated a subsidiary named Apollo Defence Industries, focused on defense platforms.
IRB Infrastructure Developers: Samakhiyali Tollway, a special purpose vehicle, has achieved financial closure for a project involving the upgradation of NH-27 in Gujarat to a six-lane highway.
Electronics Mart India: Promoter Pavan Kumar Bajaj has sold a 2.5% stake in the electronics retailer via open market transactions, while Motilal Oswal Mutual Fund has acquired a 1.57% stake.
IL&FS Transportation Networks: Chief Executive Officer Dilip Bhatia has resigned, effective from September 21, for professional reasons. Additionally, Rajeev Kumar Vishnoi’s additional charge as CMD of NHPC has been extended by the government for six months.
