State Bank of India: The country’s largest financial institution issued its fourth infrastructure bond at a coupon rate of 7.49% to raise Rs 10,000 crore. Provident funds, pension funds, insurance companies, mutual funds, and corporations were among the investors. The proceeds from bonds will be used to increase long-term funding resources for infrastructure and affordable housing.
JSW Steel: The company has executed the Termination Agreement with National Steel Holding (NSHL) to terminate the joint venture agreement for establishing scrap shredding facilities in India, as well as the Securities Purchase Agreement with NSHL to acquire NSHL’s 50% stake in NSL Green Recycling. After the transaction, NSL will become JSW Steel’s wholly-owned subsidiary.
Shree Renuka Sugars: The board has approved the sugar company’s plan to acquire Anamika Sugar Mills for Rs 235.5 billion in order to expand its presence in Uttar Pradesh. In addition, it will invest up to Rs 110 crore in Anamika through equity shares to redeem all outstanding cumulative redeemable preference shares (CRPS) issued by Anamika for the benefit of SICPA India. In addition, the company received board approval for a private placement of non-convertible debentures to raise up to Rs 285 crore.
Vijaya Diagnostic Centre: At the annual general meeting, shareholders of the diagnostic chain approved the appointment of Sura Suprita Reddy, a member of the promoter and promoter group, as managing director and chief executive officer of the company for five consecutive years beginning on July 1, 2023. Since 2003, Sur has been in charge of the company’s overall strategy, clinical excellence, operations, and expansion.
Effective September 19, the FMCG company Emami has appointed Manish Gupta as President, Sales, Consumer Care Division. His professional experience in FMCG sales and distribution exceeds 25 years.
Wipro: Effective September 5, Wipro Appirio, K.K., a step-down subsidiary of the IT services provider, has been voluntarily liquidated. The conclusion of the company’s liquidation was reflected in the records of the commercial registry on September 22.
Vaibhav Global: Shop TJC Ltd. (UK) has effectively executed an asset sale agreement to acquire the assets of Ideal World, a United Kingdom-based teleshopping brand. Shop TJC will acquire Ideal World’s intellectual property rights, broadcasting rights, studio apparatus, and other intangible assets via this agreement. Internal accruals will be used to finance the transaction.
The hotel chain has opened its most recent franchised property, the Lemon Tree Hotel in McLeodganj. This is the group’s third property in Himachal Pradesh.
Sterling and Wilson Renewable Energy: The renewable energy company’s board of directors will convene on September 27 to discuss raising capital through non-convertible debt instruments or equity shares. The capital will be raised via preferential issue on a private placement basis, placement with qualified institutions, or rights issue.
Anurag Bhagania has resigned from his position as Chief Financial Officer (CFO) at Kirloskar Oil Engines due to personal considerations. Anurag will no longer serve as the company’s CFO as of November 22.
SJVN: The state-owned hydroelectric power generation company has received preliminary board sanction for the monetization of a portion of the Nathpa Jhakri Hydro Power Station’s (NJHPS) revenue through the securitization of its future return on equity.
Suzlon Energy: State-owned REC has withdrawn its nominee, Ajay Mathur, from the board of Suzlon Energy, as the financial assistance provided by the REC-led consortium in accordance with the rupee term loan agreement has been fully repaid. As of September 21st, Ajay Mathur has resigned from his position as nominee director of Suzlon.
IRCON International: The public sector enterprise has signed a contract with Sri Lanka Railways, Sri Lanka, for the procurement of design, installation, testing, commissioning, and certifying of signalling and telecommunication systems from Maho Junction to Anuradhapura, at a cost of $14.89 million (Rs 122 crore) using an Indian line of credit. IRCON will execute the project within 24 months of the contract signature date.
Bajaj Finance: The non-banking finance company announced that the board of directors will convene on October 5 to discuss raising capital through a qualified institution placement (QIP) preferential issue.
Reliance Retail Ventures, a subsidiary of Reliance Industries, has received a subscription amount of Rs 2,069.50 crore from Alyssum Asia Holdings II Pte Ltd (KKR) and has issued KKR 1,71,58,752 equity shares. MoneyControl is a subsidiary of the Network18 corporation. Network18 is owned by Independent Media Trust, whose sole beneficiary is Reliance Industries.
Life Insurance Corporation of India: The Corporation has received an order from the Bihar Additional Commissioner of State Tax (Appeal) demanding Rs 290.49 crore in goods and service tax, interest, and penalty. The corporation will file a timely appeal with the GST Appellate Tribunal against the aforementioned order.
