Raymond Lifestyle Ltd will be listed on the stock exchanges on September 5 and aims to add 900 new outlets in three years. Following the demerger of its retail and lifestyle businesses, Raymond will have two listed entities. In a release on Tuesday, the company said it will get listed on the bourses on September 5. Existing investors of Raymond would be offered four shares of Raymond Lifestyle (RLL) for every five Raymond Ltd. shares (4:5 share swap ratio). 

Indian Energy Exchange (IEX) total trade volume rose 35.8 per cent year-on-year to 12,040 million units (MU) in August this year. The electricity volume increased 17.1 per cent year-on-year to 9,914 MU in August, an IEX statement said. According to the statement, IEX achieved total (trade) volume (including certificates) of 12,040 MU in August 2024, marking a 35.8 per cent year-over-year increase.

The government will dilute up to 6.78 per cent stake in General Insurance Corporation (GIC Re) at a floor price of Rs 395 per share. The offer for sale (OFS) for over 11.90 crore shares or 6.78 per cent stake will open on Wednesday for institutional investors. Retail investors will get to bid in the share sale offer on Thursday. At the floor price of Rs 395 a share, the share sale would fetch about Rs 4,700 crore to the exchequer. Shares of GIC Re closed at Rs 421.25, down 0.13 per cent over previous close on the BSE.

The Competition Commission of India (CCI) has granted its approval for Citrine Inclusion’s acquisition of stake in Utkarsh CoreInvest Ltd. Citrine is an investment holding company registered in Ireland. The firm is owned, controlled and managed by LeapFrog Group GP, a social impact focused private equity investment firm. “CCI approves the acquisition of shareholding in Utkarsh CoreInvest Ltd by Citrine Inclusion Ltd,” the regulator said. Utkarsh CoreInvest Ltd (UCL) is a RBI-registered core investment company. It is the holding company of Utkarsh Small Finance Bank.

Godfrey Phillips has signed a term sheet with the start-up New Shop for the sale of its retail business, 24Seven, according to sources familiar with the matter. The development marks a significant step in the company’s efforts to divest its retail operations

NHPC has signed a Memorandum of Understanding (MoU) with the Department of Water Resources (WRD) of the Maharashtra Government to establish energy storage systems, including pumped storage systems, along with other renewable energy sources such as solar, wind, and hybrid projects. The total capacity of these projects is set to reach 7,350 MW.

The CCI has also approved the proposed acquisition for the balance 51 per cent stake by Rane Holdings Ltd in Rane NSK Steering Systems Pvt Ltd. Rane Holdings Ltd (RHL) is engaged in the manufacturing and marketing of automotive components for the transportation industry including parts of steering and suspension systems, friction materials, and valv

State-owned MOIL on Tuesday said its manganese ore production rose 7 per cent to 7.24 lakh tonnes during April-August period of this fiscal. The company in an exchange filing said that it “has achieved production of 7.24 lakh tonnes during first five months of the current financial year (April to August 2024), registering a growth of 7 per cent over CPLY (corresponding period last year)“.

The National Company Law Appellate Tribunal has given a go-ahead to the outcome of the AGM of Finolex Cables, wherein shareholders voted against the reappointment of Deepak Chhabria on the company’s board. A two-member bench of the appellate tribunal said the consolidated scrutinizer’s report of the AGM of Finolex Cables Ltd (FCL) reflects that 72.34 per cent of votes were against resolution Number 4, which was for the reappointment of Deepak Chhabria.

AU Small Finance Bank (AUSFB) on Tuesday submitted an application to the RBI seeking approval for universal bank licence. The RBI in April invited applications from small finance banks meeting specified criteria, including a minimum net worth of Rs 1,000 crore, for becoming regular or universal banks. AUSFB submitted an application to the central bank seeking approval for voluntary transition from a small finance bank to universal bank on September 3, 2024, the lender said in a BSE filing. 

Cipla on Tuesday said MK Hamied has resigned as Vice Chairman with effect from October 29 due to age and health. The company said the board has also approved the appointment of Kamil Hamied as Non-Executive Director, with effect November 1, 2024.

Zee Entertainment Enterprises has informed the exchanges that it has received approval from the Ministry of Corporate Affairs, through the Office of the Registrar of Companies (ROC) in Mumbai, for an extension to hold its 42nd Annual General Meeting (AGM) for the financial year ended March 31, 2024.

Hitachi Energy  has said that it has received a tax demand totaling Rs 46.29 crore after an audit conducted by the Assistant Commissioner of Commercial Taxes (Audit). The demand includes Rs 24.41 crore in GST, Rs 19.43 crore in interest, and Rs 2.44 crore in penalties.

GlaxoSmithline Pharmaceuticals said that it has received an income tax refund of Rs 222.23 crore for the assessment year 2022-23. The refund was issued by the Income Tax Department under Section 143(3), and includes interest, according to the company’s statement.

Related Topics