Jio Financial Services has formed a joint venture with BlackRock Advisors Singapore Pte Ltd to undertake investment advisory business. Jio BlackRock Investment Advisers Pvt Ltd was incorporated on September 6 to carry on the primary business of investment advisory services, subject to regulatory approvals, Jio Financial Services said in a filing.
Hindustan Unilever has said it has constituted an independent committee to evaluate the way forward for its ice cream business.
Shares of Ola Electric will remain in focus as the lock-in period for IPO anchor investors ends today. Around 18.18 crore shares, representing 4 per cent of the company’s outstanding equity, will become eligible for trading following the end of the lock-in period, as noted by Nuvama Alternative and Quantitative Research.
Shriram Finance plans to raise $1 billion (about ₹8,300 crore) from overseas in the next six months to fund its business growth, according to a PTI report. “We are planning to raise $300 million in the next few weeks, maybe by October, and $500-700 million during the remaining part of the current financial year,” Shriram Finance Managing Director and CEO Y. S. Chakravarti, told PTI. The company will invest ₹3 crore towards an initial subscription of 30,00,000 equity shares of face value ₹10 each, it said.
Adani Group has formed a subsidiary in China for the business of providing supply chain solutions and project management services. Adani Enterprises, the group’s flagship firm, in the filing said a Singapore-based step-down subsidiary incorporated a wholly-owned subsidiary, Adani Energy Resources (Shanghai) Co. (AERCL), domiciled in Shanghai, China on September 2.
Signature Global has given a ₹1,144-crore construction work order to Ahluwalia Contracts for development of a luxury housing project in Gurugram. The project, ‘De-luxe DXP’, is located in Sector 37D, Dwarka Expressway, Gurugram. The total developable area is 28.12 lakh square feet, Signature Global said in a statement on Sunday.
Tata Power-led Odisha Discoms has awarded contracts worth ₹11,481 crore to local contractors and suppliers, a PTI report quoting an official said. The joint venture between Tata Power and the Odisha government, has placed orders worth ₹8,690 crore with local MSMEs and ₹2,791 crore with non-MSMEs over the past three years, since taking over the state’s power distribution operations.
Cash-strapped domestic carrier SpiceJet plans to raise ₹3,200 crore through QIP, warrants and capital infusion by the promoter, the airline said in a presentation on Friday. The funds will be utilised in taking back the grounded fleet in operations, liability settlement, new fleet induction and other general purposes, SpiceJet in the presentations.
Five promoters of Metro Brands Ltd on Friday pared a 2.19 per cent stake in the company for ₹749 crore through open market transactions while Kotak Mahindra MF, and Citigroup Global Markets Mauritius picked up stakes in the firm. According to block deal data on the National Stock Exchange (NSE), Alisha Rafique Malik, Farah Malik Bhanji, Sabina Malik Hadi, Zarah Rafique Malik and Zia Malik Lalji offloaded a total of 59.50 lakh shares or a combined 2.19 per cent stake in Metro Brands. The shares were sold at an average price of ₹1,260.
Shareholders of Godfrey Phillips India Ltd have approved a special resolution for the re-appointment of Bina Modi as Managing Director of the company with a majority of 86.6 per cent votes. The shareholders also approved a special resolution for the appointment of her daughter, Charu Modi, and fixing her remuneration with the required votes, according to the scrutiniser’s report submitted by the company to the bourses.
Peak XV Partners, formerly Sequoia Capital India and SEA, on Friday, divested a little over 22 per cent stake in Indigo Paints to investors like Morgan Stanley, Mercer and HDFC MF for ₹1,557 crore via open market transactions. Venture capital firm Peak XV Partners, through its affiliates, Peak XV Partners Investments IV and Peak XV Partners Investments V, offloaded a total of 1.05 crore shares, amounting to a 22.04 per cent stake in Pune-headquartered Indigo Paints, as per the bulk deal data on the NSE. The shares were sold in the price range of ₹1,475.96-1,489.35 apiece, taking the transaction value to ₹1,557.05 crore.
AU Small Finance Bank (AU SFB) and state-owned United India Insurance Company (UIIC) have announced a strategic partnership to distribute general insurance solutions to the bank’s customers. It includes motor insurance, personal accident insurance, crop insurance, property insurance, shopkeeper insurance, cyber incident insurance, and more, a joint statement said.
Nykaa has appointed Sukhleen Aneja as Senior Vice-President and Business Head for Kay Beauty. Kay Beauty is Nykaa’s celebrity beauty brand launched in partnership with Katrina Kaif. Announcing Aneja’s appointment, Nykaa, in a release, said her role will focus on propelling growth for Kay Beauty in international markets on the back of a successful launch in India.
Suzlon Energy has acquired a 51 per cent stake in Renom, making Renom a subsidiary of the company.
Wardwizard Innovations & Mobility on Friday said it will set up a joint venture in Saudi Arabia to establish two plants to assemble electric vehicles. The company has received a Letter of Intent (LoI) from Saudi Arabia to form a joint venture, the Vadodara-based electric vehicle maker said in a statement.
Mazagon Dock Shipbuilders has bagged pipeline repair order worth ₹1,486 crore from ONGC.. The project will be executed on an engineering, procurement, and construction (EPC) reimbursable basis.
Suven Pharma has informed the exchanges that the US drug watchdog USFDA’s has issued an EIR for Hyderabad-based manufacturing facility of arm Casper Pharma. The inspection is classified as Voluntary Action Indicated (VAI) and closed. The facility was inspected between July 8-12.
Ami Organics has announced that its manufacturing facility in Surat has successfully passed the Good Manufacturing Practices (GMP) inspection conducted by the Pharmaceutical and Medical Devices Agency Japan. The facility has been declared GMP compliant.