Grid Equipments, the promoter of GE Vernova T&D India, formerly GE T&D India ltd, on Monday said it will divest up to 8.38 per cent of its holding in the company through an offer for sale (OFS) mechanism. The proposed OFS will open on Tuesday and conclude on Wednesday. The sale will involve a base offer of 1.4 crore equity shares (5.47 per cent of paid-up equity) with an option to oversubscribe by an additional 74.51 lakh shares (a 2.91 per cent stake), collectively amounting to 2.14 crore shares, amounting to an 8.38 per cent with a face value of Rs 2 each. The seller has fixed a floor price of Rs 1,550 per share. The transaction will be executed through a separate trading window on the BSE and the NSE, the company said in a regulatory filing exchanges.

HDFC Life Insurance on Monday said there have been some instances of data leaks and assessing potential impact of this breach. “We have received communication from an unknown source, who has shared certain data fields of our customers with us, with mala fide intent,” HDFC Life said in a regulatory filing. The company has initiated an information security assessment and data log analysis, it said.

New India Assurance has secured a favourable ruling from the Income Tax Department for assessment years 2013-14 to 2019-20. The orders passed following appeals to the Commissioner of Income Tax (Appeals), entitle the company to a cumulative tax refund of ₹1,945.08 crore, including ₹489.22 crore as interest. The company added that it is actively engaging with tax authorities to expedite the release of the refund

State-run Power Grid Corporation on Monday said it has emerged as the successful bidder for an inter-state transmission project -- ‘Transmission System for evacuation of power from Rajasthan REZ Ph-IV (Part-4: 3.5 GW): Part A’. The project comprises of establishment of 765/400kV sub-station at a suitable location near Ghiror (Distt. Mainpuri) in the State of Uttar Pradesh, 765kV & 400kV Transmission lines traversing in the States of Rajasthan & Uttar Pradesh, augmentation and bay extension works at under-construction and existing sub-stations in the States of Rajasthan & Uttar Pradesh, a BSE filing said.

Express logistics operator Allcargo Gati on Monday announced the launch of a direct delivery service via air to Imphal in North-east and Varanasi (Uttar Pradesh) from key metro cities including Mumbai, Delhi, Ahmedabad, Bengaluru, Hyderabad, Pune, Chennai, and Kolkata.

Wipro on Monday said it has appointed Omkar Nisal as the chief executive officer for its Europe strategic market unit (SMU), with immediate effect. Nisal, who will also become a part of the Wipro executive board, will report directly to company CEO and MD Srini Pallia, according to a company statement.

Hitachi Energy India on Monday said its consortium with BHEL has been awarded a project by Power Grid Corporation to design and execute high voltage direct current (HVDC) link from Khavda to Nagpur. The scope of the project includes converter transformers, AC/DC control and protection, gas-insulated high-voltage switchgear, thyristor valves, 765kV/400kV substation and auxiliary systems to be delivered by the consortium, a statement said.

The board of Hindustan Unilever Ltd has approved the demerger of the ice cream business, which owns brands such as Kwality Wall’s, Cornetto and Magnum, into an independent listed entity. The existing shareholders of the FMCG major will receive shares in the new entity in proportion to their shareholding in HUL. The proposal is subject to the necessary approvals and procedures to be followed in accordance with the applicable laws, HUL statement said.

Vedanta said it will launch its second dollar bond issuance in two months, All eyes are on the response, as the $500 million issue comes amidst Adani controversy. The notes will feature call options, adding flexibility for Vedanta.

Ashoka Buildcon has received a Letter of Award (LOA) worth Rs 1,391 crore for a Hybrid Annuity Mode (HAM) road project in West Bengal from the National Highways Authority of India (NHAI). 

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