Mining conglomerate Vedanta has received approvals from the majority of its creditors for a proposed demerger of businesses, marking an important step in the company’s plan to split into six independent listed companies.. A PTI report, after reviewing the transcript of recent bondholder conference call, said “I am happy to let all of you know that we have received the 52 per cent plus the additional percentage, which is required for us to reach 75 per cent. We have crossed that threshold as well. Most of the lenders have approved it,” a senior Vedanta executive said in a recent bondholder conference call.

Hero MotoCorp on Thursday said it will acquire an additional 2.2 per cent stake in Ather Energy for Rs 124 crore. Investment is being made in the form of purchase of additional shares from an existing shareholder of Ather Energy for acquisition of up to 2.2 per cent, Hero MotoCorp said in a regulatory filing. The acquisition entails an investment of up to Rs 124 crore and is expected to be completed by July 31, 2024, it added. Hero MotoCorp currently holds a 39.7 per cent stake in Ather Energy.

ITC on Thursday said it has received shareholders’ approval to demerge ITC Hotels into a separate entity. Shareholders of ITC, in a virtual meeting held on Thursday through video conferencing/other audio-visual means, approved the resolution for the scheme of arrangement between ITC Ltd and ITC Hotels Ltd, the Kolkata-headquartered firm said in a regulatory filing.

Leading FMCG maker Hindustan Unilever Limited (HUL) on Thursday announced the appointment of Arun Neelakantan as Executive Director, Customer Development. Neelakantan (43) will be taking over from Kedar Lele, who will be pursuing an external opportunity, according to a statement from the company. The changes would be effective from July 1, 2024.

Housing and Urban Development Corporation Ltd (HUDCO) on Thursday said it has signed a pact with IIFCL to collaborate for extending infrastructure co-financing and other services.

Securities and Exchange Board of India (SEBI) has issued an administrative warning to ICICI Bank on the outreach undertaken by it regarding the  delisting of equity shares of ICICI Securities(I-Sec). SEBI said it received several complaints from shareholders of I-Sec allegingthat they have received multiple calls I messages from the bank officials to vote in favour of the delisting scheme.

Wipro has won a $500-million contract with a US communication service provider. This five-year contract marks the company’s first big win after the new CEO Srini Pallia took over the reins, indicating Wipro’s comeback after lagging behind its peers.  Wipro will provide managed services for select products and industry-specific solutions, according to an exchange filing. The company has yet to provide further details.

Tata Chemicals Europe Ltd, a subsidiary of Tata Chemicals Ltd, has been fined £1.1 million by the Chester Crown Court in the United Kingdom. The fine pertains to a safety incident that occurred in 2016, which led to the injury and subsequent unexpected death of a contractor.

Andhra Pradesh Pollution Control Board (APPCB) has accorded its approval to Andhra Paper (consent to operate) for additional pulp capacity of 27,500 TPA in addition to existing capacity of 2,00,000 TPA (licensed capacity) which is in line with Environment Clearance previously approved by Ministry of Environment & Forest for Climate Change (MOEF). The additional capacity will boost the PULP production and reduce dependency on imports & recycled pulp.

Indian Gas Exchange (IGX), subsidiary of Indian Energy Exchange (IEX) traded 4.92 million MMBtu (124 MMSCM) gas volume in May’24, higher by 99% MoM & 480% on YoY basis. Trade volumes were high mainly due to an increase in gas demand from gas-based power plants amid hot weather and directives from the government to maximise their output to address the growing demand for electricity. A total of 96 trades were executed in May’24. During the month, 32 trades (maximum number) were executed in Monthly contracts, followed by 29 trades in Daily contracts and 19 trades in Weekly contracts, other contracts were Fortnightly, Weekday & Day-Ahead.

The Board of Valor Estate Limited (VEL) has approved a Composite Scheme of Amalgamation and Arrangement inter alia amongst VEL, Shiva Realtors Suburban Private Limited (being renamed as Advent Hotels International Private Limited) (Advent), Esteem Properties Private Ltd. (Esteem), and their respective shareholders and creditors (Composite Scheme) in terms of which, Esteem (a WOS of VEL) shall merge with VEL and VEL will demerge its hospitality business into a separate legal entity - Advent, currently a wholly-owned subsidiary of VEL. VEL’s existing shareholding in Advent will be cancelled as an integral part of the Composite Scheme. Advent will subsequently be listed and have a mirror shareholding of VEL, subject to the receipt of necessary approvals.

Pidilite Ventures Pvt. Ltd. (PVPL), wholly owned subsidiary of Pidilite Industries Limited, has divested its entire shareholding in Climacrew Private Limited (CPL), Associate company to existing and new shareholder(s) of CPL. Accordingly, CPL ceases to be an Associate Company of PVPL.

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