Shareholders of Reliance Infrastructure have approved the company’s plan to raise ₹6,000 crore through a preferential issue of shares and qualified institutional placement (QIP). Of this, ₹3,014 crore will be raised through preferential allotment of shares or convertible warrants and ₹3,000 crore by QIP.
Kotak Mahindra Bank has said it will acquire foreign lender Standard Chartered Bank’s ₹4,100-crore personal loan portfolio for an undisclosed sum. The private sector bank will pick up the entire quantum of the foreign lender’s personal loans classified as “standard advances” and the transaction is expected to be completed in three months, as per a statement. Terming it as a “high-quality loan book”, the statement from Kotak Mahindra Bank said the deal aligns with its strategy to “transform for scale and focus on customer-centric growth” and will help drive its retail assets growth.
The board of HDFC Bank has approved share sale worth ₹12,500 crore comprising ₹10,000 crore offer-for-sale (OFS) related to its subsidiary HDB Financial Services. The initial public offering (IPO) will be for such number of equity shares of face value of ₹10 each of HDB Financial Services, aggregating up to ₹12,500 crore comprising a fresh issue of ₹2,500 crore and an OFS aggregating up to ₹10,000 crore, HDFC Bank said in a regulatory filing. The price and other details of the proposed IPO will be determined in due course by the competent body, it said.
JSW Steel along with JFE Steel Corporation has acquired thyssenkrupp Electrical Steel India for ₹4,051 crore. Thyssenkrupp India has a manufacturing facility in Nashik, Maharashtra, to produce grain-oriented electrical steel.
To strengthen its global presence, homegrown Jindal Group is talks with Vitkovice Steel to acquire 100 per cent stake in the Czech-based company, according to a PTI report. The group is expected to complete the acquisition by the end of this fiscal year through its arm Jindal Steel International, sources said. It will be Jindal Group’s first acquisition in Europe.
Nexus Select Trust, a REIT backed by rent yielding retail assets, will acquire a shopping mall in Bengaluru for ₹877 crore. The asset consists of a fully functional mall having a total area of 0.45 million sq ft from Blue Horizon Hotels as well as land on which the mall is constructed, presently owned by A S Muniswamy Raju HUF. The acquisition by Nexus Select Trust will be through its special purpose vehicle Vijaya Productions Pvt Ltd.
Godrej Properties has acquired a 3-acre land parcel in Vastrapur, Ahmedabad, with a development potential of 0.9 million square feet of saleable area. Based on current business projections, the estimated booking value for the project is around ₹1,300 crore. The development will primarily feature premium residential apartments in various configurations.
State-owned BEML and PFC have signed an agreement to finance and execute critical infrastructure projects, particularly in the areas of defence, rail transportation and infrastructure development. The Memorandum of Understanding (MoU) was signed between BEML CMD Shantanu Roy and Parminder Chopra, CMD of PFC, in the national capital on Friday, BEML said in a statement.
The board of Gland Pharma has appointed Shyamakant Giri as CEO with effect from January 15, 2025. Giri is currently the President (India Business & Emerging Markets) of Amneal Pharmaceuticals, responsible for the commercial expansion and growth in India and Rest of the World markets.
Electronics Mart India has commenced the commercial operations of a new multi brand store under the name “ELECTRONICS MART” in Pitampura, Delhi.
Results calendar: CG Power, Bajaj Housing Finance, Union Bank of India, 360 ONE, Authum Investment, HFCL, Gravita India, Supreme Petrochem, Maharashtra Scooters, City Union Bank, Route Mobile, Aurinpro Solutions, Jana Small Finance Bank, Cyient DLM, Bhansali Engg, Swaraj Engines, Mahindra Logistics, Solara Active Pharma, Wendt, Rajratan Global Wire, NELCO, Vinyl Chemicals, Artson Engg.