The Specified Undertaking of the Unit Trust of India (SUUTI), under the union government, plans to sell 4.65 crore shares representing 1.55 per cent stake in Axis Bank, as per a regulatory filing. With the sale, the government would completely exit the private sector lender. At the current market price, the government is expected to realise about ₹4,000 crore from the share sale. Axis Bank’s share closed at ₹874.35 on Wednesday, up 0.17 per cent, over the previous close on the BSE. The issue opens for non-retail investors on Thursday, and on Friday, for retail investors.

Adani Ports and Special Economic Zone Ltd (APSEZ) has acquired 49.38 per cent stake in Indian Oiltanking Ltd for ₹1,050 crore. The company is into the business of developer and operator of liquid storage facilities. APSEZ in a statement said this agreement also includes acquisition of an additional 10 per cent equity stake in IOT Utkal Energy Services Ltd, a 71.57 per cent subsidiary of IOTL (Indiain Oiltanking Ltd).

Rushil Décor Ltd, a global leader in smarter living solutions to boost climate protection in the region, has stated that it will set up a 1.2 million sheet p.a. new, modern, make-in-India, greenfield decorative laminates (including jumbo size) manufacturing plant in Gujarat to consolidate its leadership in the wood panel industry and expand its margin. The investment in the fully-integrated plant amounts to ₹60 crore and illustrates the company’s long-term vision to boost indigenous production capacity and operational efficiency, expanding the range of value-added solutions and strengthening its commitment to sustainability of the business and shaping a greener planet.

FMCG major Hindustan Unilever Ltd (HUL) and healthcare firm GSK have mutually decided to terminate their agreement for selling of Over-the-Counter (OTC) and oral care products. The agreement was for brands such as Crocin, Eno, Iodex, Ostocalcium, Otrivin, and Sensodyne, which were owned by GSK. These brands were distributed by GlaxoSmithKline Consumer.

Life Insurance Corporation of India (LIC) on Wednesday said its shareholding in Divis Laboratories has crossed 5.032 per cent from 4.992 per cent as the number of shares held by it in the company rose from 1.33 crore shares to 1.34 crore shares. LIC invested ₹35.82 crore to mop up additional stake.

Tata Power Renewable Energy, subsidiary of Tata Power, has received the ‘Letter of Award’ from the Maharashtra State Electricity Distribution Corporation (MSEDCL) to set up 150MW solar project in Solapur. The project will be commissioned within 18 months from the PPA execution date.

Happiest Minds Technologies: has announced partnership with Singapore-based ESG solution provider CredQuant for BFSI customers. This collaboration with CredQuant will help BFSI customers in addressing ESG screening, rating models, sustainability reporting, impact reporting and carbon footprint, it said in a statement.

Natco Pharmahas launched the first generic version of Pomalyst capsules in the Australian market. The capsules have been launched in strengths of 1,2,3 and 4 mg. Pomalidomide is prescribed for treatment of Multiple Myeloma and Kaposi Sarcoma.

The US-based private equity firm Advent has dropped its plan to participate in the resolution process of debt-ridden Anil Ambani firm, a PTI report said quoting sources. In the preliminary round, Advent had shown interest in taking over RCL subsidiary Reliance General Insurance by submitting a non-binding bid of ₹7,000 crore.

Vintage Coffee and Beverages has bagged orders worth ₹21 crore to export instant coffee to Russia and other CIS countries. The new orders will boost the order book position to ₹61 crore and help the company leverage its position in the fast-growing instant coffee market.

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