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Futures on the Singapore Exchange traded 82.5 points, or 0.44 percent higher, at 18,783.5, signaling that Dalal Street is headed for a positive start on Wednesday.
One97 Communication: The board of digital financial services company One97 Communications (OCL), which owns the Paytm brand, on Tuesday announced a Rs 850 crore share buyback program through the open market route to protect against falling share prices. Paytm shares ended at Rs 538.40 on BSE on Tuesday. The maximum size of repurchase of equity shares from the open market route through the Indian Stock Exchange is Rs 850 crore, excluding repurchase tax, at a price not exceeding Rs 810 per share.
HDFC Bank / HDFC: Mortgage lender HDFC Ltd on Tuesday said it has received exchange approval for the transfer of non-convertible debentures (NCDs) to its subsidiary HDFC Bank. This is part of its plan to facilitate the merger of HDFC Ltd with HDFC Bank. Touted as the biggest transaction in Indian corporate history, HDFC Bank on April 4 agreed to take over the country’s largest domestic mortgage lender in a deal valued at around USD 40 billion, creating a financial services titan.
Adani Transmission: Adani Transmission on Tuesday said it has merged its subsidiary Adani Cooling Solutions Ltd. of wholly owned subsidiaries. According to the regulations, the subsidiary companies were incorporated on Monday with an authorized share capital and an initial payment of Rs 1,00,000 each to operate the district cooling system business. The legal entity will start doing business in due course, it added.
Piramal Enterprises: Piramal Enterprises on Tuesday announced that its subsidiary Piramal Capital & Housing Finance Limited has acquired 100% stake in PRL Agastya Private Limited for a cash consideration of Rs 90 crore. PRL Agastya is involved in the business of construction and development of real estate projects. The purpose of the acquisition is to obtain office space.
Vedanta: The Vedanta Group on Tuesday said it has signed agreements with 30 Japanese technology companies to develop India’s semiconductor and glass manufacturing ecosystem. The agreement was signed at the Vedanta-Avanstrate 2022 Business Partner Summit held last week. in Tokyo, Japan. This meeting was attended by more than 200 representatives from more than 100 businesses around the world.
Is the bank: The private lender said private equity firms Carlyle Group and Advent have taken a 9.99 percent stake in the bank. The two private equity funds will jointly raise around Rs 8,896 crore in Yes Bank by converting the warrants into full equity.
Tata Power: Tata Power has received approval from shareholders to appoint former union secretary Rajiv Mehrishi as an independent director on its board. The special resolution for appointing Mehrishi as an independent director was passed with the required majority, according to a regulatory filing on Tuesday. Mehrishi is a retired Indian Administrative Service (IAS) officer of 1978 batch belonging to Rajasthan cadre and has extensive experience spanning 42 years.
Bank of Baroda: State Bank of Baroda (BoB) on Tuesday said it plans to sell its majority stake in Bank of Nainital. The bank’s board of directors has approved divestment of its majority stake in Nainital Bank Limited (NBL) and authorized the issuance of invitations to expression of interest (EOI) through preliminary information memorandum (PIM) from interested parties (IPs), the lender said in a regulatory filing. BoB currently holds 98.57 percent of NBL’s total share capital.
Kotak Mahindra Bank: Kotak Investment Advisors Ltd (KIAL) on Tuesday closed the Kotak Infrastructure Investment Fund (KIIF), a secondary investment fund type II (AIF) with a value of Rs 6,000 crore. The fund has already received commitments of Rs 5,328 crore from anchor investors, including the Canada Pension Plan Investment Board (CPP Investments) and the Asian Infrastructure Investment Bank (AIIB).
PTC India: Energy trading solutions provider PTC India on Tuesday said Mohammad Afzal has been appointed as director of the Ministry of Energy on its board. Afzal’s appointment was approved by the Commission on Circuit Amendment on December 12, 2022. He is Joint Secretary (Transmission) in the Ministry of Power. Afzal holds ME (First with Honors) in Power System Engg. Degree from University of Roorkee (now Indian Institute of Technology, Roorkee).
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