The board of Vodafone Idea has approved fund-raising of up to ₹45,000 crore through equity and debt, the telecom company said in an exchange filing on February 27. The company said it will raise ₹20,000 crore through a combination of equity or equity-linked instruments and the rest via debt. Promoters will also participate in the proposed equity raise. The company said it will call for a meeting of its shareholders on April 2, 2024, and post-shareholder approval, it expects to complete the equity fund raise in the coming quarter.
Zee Entertainment Enterprises Ltd on Tuesday said its board has expanded the scope of the independent advisory panel to include investigation assessment. The announcement comes amid a probe by market regulator SEBI against its promoters for alleged fund diversion.
ICICI Bank, through the stock exchange mechanism, has purchased 80,98,658 shares of ICICI Lombard General Insurance Company (Company), representing approximately 1.65 per cent of its equity share capital, for an approximate consideration of ₹1,356 crore. Following this, the bank’s shareholding in the company stands at approximately 49.5 per cent.
Tata Elxsi and Telefónica have announced the successful implementation of true cloud-native infrastructure management powered by ETSI Open-Source MANO (ETSI OSM). This milestone represents a significant evolution in network management, enabling operators to build intent-driven network systems with efficiency and agility.
Sion Investment Holdings Pte Ltd, promoter of CMS Info Systems, has sold 4,17,71,975 shares (representing approximately 26.66 per cent of the total issued and paid-up equity share capital) through a block deal on the exchange platform. Post the transaction, the shareholding of Sion in the company has become Nil. Meanwhile, global funds, including Societe Generale, Morgan Stanley, ADIA and Nomura have bought stakes in the deal.
Torrent Power has forayed into power transmission by bagging a project from PFC Consulting Ltd for the evacuation of power from renewable energy projects in Solapur, Maharashtra. The annual transmission charges of the project is ₹50 crore and the company will build the project on BOOT basis and operate it for 35 years. The project will be commissioned in 24 months.
Aether Industries Ltd, one of India’s leading specialty and fine chemical manufacturers, has appointed Dr James (Jim) W. Ringer as its new Chief Technology Officer with effect from March 1. Dr Ringer has already worked with Aether for the last 3 years as Business Development /Technology Leader (Americas). Previously, Dr. Ringer had a career spanning more than 30 years in R&D at the Dow Chemical Company (US).
Hindustan Zinc has announced the formation of new subsidiary Hindmetal Exploration Services Pvt Ltd for the company’s foray into strategic mineral exploration and diversification of its portfolio.
The board of IndoStar Capital Finance has approved a fund-raise of ₹456.6 crore via preferential allotment of warrants to Brookfield Asset Management through one of its private equity funds and Florintree Tecserv LLP. Brookfield and Florintree will invest ₹256.6 crore and ₹200 crore respectively to subscribe to approximately 13.95 million and 10.87 million warrants at a price of ₹184 a share. The company will receive 25 per cent of the warrant subscription amount following customary regulatory and shareholder approvals, with the remaining 75 per cent being received within subsequent 18 months.
GE T&D India has secured orders worth approximately ₹370 crore from Power Grid Corporation of India (PGCIL) for the supply of 765 kV Shunt Reactors for PGCIL’s transmission system projects in India. These projects aim to facilitate the integration of renewable energy into the national electricity grid and enhance electricity transmission within the country, including Rajasthan and Karnataka.
Salasar Techno Engineering has secured an order valued at over ₹200 crore from Zetwerk Business Private Ltd for supply of 25,000 MT of Solar Structures.