RBL Bank’s board of directors accepted Vishwavir Ahuja’s request for immediate leave. The board also appointed Rajeev Ahuja (currently Executive Director) as Interim Managing Director and CEO of the Bank with immediate effect, subject to regulatory and other approvals. In a surprising turn of events, the RBI appointed its chief managing director, Yogesh Dayal, as an additional director on RBL’s board of directors for two years.
Ashoka Concessions, a major subsidiary of Ashoka Buildcon, has entered into share subscription and purchase agreements with Galaxy Investments II Pte., A subsidiary of funds, vehicles and entities managed and / or advised by Kohlberg Kravis Roberts & Co, for the sale of the entire share capital held in Ashoka Highways (Bhandara), Ashoka Highways (Durg), Ashoka Belgaum Dharwad Tollway, Ashoka Sambalpur Baragarh Tollway and Ashoka Dhankuni Kharagpur Tollway. The total agreement is for a total consideration of 1,337 crore yen, subject to adjustments for cash and debt items as agreed under the respective share subscription and purchase agreements. The completion of the above transactions is subject to the fulfillment of certain conditions precedent, in particular the approval of the lenders of the respective subsidiaries and of the National Highway Authority of India.
Lupine has received US Food and Drug Administration (FDA) approval for its Abbreviated New Drug Application (ANDA) Sevelamer Carbonate for Oral Suspension, 0.8g and 2.4g sachets to market an equivalent generic of Renvela. This product will be manufactured at Lupine’s Goa plant in India. Sevelamer Carbonate for oral suspension had annual sales estimated at $ 51.7 million in the United States.
Suzlon Energy’s board of directors has approved the allotment of approximately 20.4 crore of company shares at a conversion price of 2.45 pursuant to the conversion of 4,998 mandatory convertible debentures.
Kabra Extrusiontechnik’s Board of Directors discussed raising funds through debt and equity for the expansion of its future Battrixx technology brand, which provides advanced lithium-ion batteries with management systems. battery to fuel the growth of India’s transition to green energy storage and electric mobility. A total of Rs 101 crore will initially be raised through the issuance of warrants to promoters and foreign investors subject to the necessary approval of members of the Company and other regulatory authorities, as applicable.
Adani Transmission, India’s largest private sector power transmission company and part of the diversified Adani Group, has received the Letter of Intent (LoI) to acquire a renewable energy evacuation system as part of Khavda-Bhuj Transmission. ATL won the project through the rate-based tendering process and received the letter of intent for the project. ATL will build, own, operate and maintain the transmission project in Gujarat for a period of 35 years.
IL&FS transport networks
IL&FS Transportation Networks, which previously announced the signing of a share purchase agreement and deed of sale with Roadstar Infra Investment Trust (InvIT) for the sale of 18 95 19 309 shares representing 85.5% of the paid-up capital of Moradabad Bareilly Expressway and the assignment of receivables of 14.34 crore to InvIT instead of units, based on the final valuation and adjustments indicated in the SPA, the final consideration for the sale of the shares is 576.78 crore and the final adjusted consideration for the assignment of receivables is ₹ 14.26 crore.
Prestige Group, recently signed a massive civil contract worth 1,560 crore excluding GST with the leading infrastructure manufacturer and the multinational conglomerate Larsen et Toubro (L&T), for the construction of buildings and the development of infrastructure in Prestige City, Bangalore. Prestige Estates Projects is the listed subsidiary of the Prestige group.
One97 Communications (Paytm) further strengthened its focus on offline payments and financial services. The company consolidated the leadership of its offline payment with loan business, with the goal of increasing credit penetration with its 23 million merchants. The company has elevated Paytm Lending CEO Bhavesh Gupta to the head of the offline payments industry on top of his existing responsibilities.
GMR Airports Netherlands BV, a descendant subsidiary of GMR Airports has signed a shareholders agreement (SHA) and a share subscription agreement (SSA) with Angkasa Pura II (AP II) for the development and operation of the Kualanamu International Airport (project) in Medan, Indonesia. The project award letter was received on November 23.
Sigachi Industries has received a letter of intent from Grasim Industries (Aditya Birla Group), for the operations and management of the three chlorinated products factories – SBP-48 TPD, CPW-30TPD and MCAA-20TPD. The transaction size is ₹ 20 crore and will be valid for a period of 3 years.
Emami Real Estate
CARE has upgraded the credit rating of the Company’s long-term banking facilities to “BBB Stable” from “BBB-“; Stable’.
The board of directors of Visagar Polytex has unanimously approved the fundraising through the issuance of share rights up to 29.27 crore of shares with a par value of 1 each in a ratio of 1: 1 at an issue price of 1.70 per share, totaling up to ₹ 49.76 crore to all existing members of the company on a rights basis.