360 One WAM, formerly IIFL Wealth Management, has agreed to acquire mutual fund investment app ET Money for about Rs 365.82 crore. While Rs 85.83 crore will be paid in cash, the balance in stock.
Media buzz is that Private equity major Bain Capital, through its affiliates BC Asia Investment VI and BC Asia Growth Investment, is likely to exit L&T Finance. It currently holds 3.54 per cent stake.
Nestle India will pay royalty at the current rate of 4.5 per cent of net sales and net of taxes to its parent Nestle S.A. The company’s board on Wednesday approved a proposal of continuation of payment of general licence fees at the existing rate of 4.5 per cent to Société des Produits Nestlé S.A, a BSE filing stated. On May 17, Nestle India’s shareholders had rejected a proposal of the company to hike the royalty payment rate to 5.25 per cent of net sales, net of taxes in a staggered manner over a period of five years.
Lupin Ltd has signed a licence and supply agreement with OLIC (Thailand) Ltd, a subsidiary of Japanese pharmaceutical company Fuji Pharma Co Ltd, to market Nextstellis in Vietnam and the Philippines. Nextstellis is a novel combination medication to prevent pregnancy. The new addition to Lupin’s women’s health portfolio will strengthen the company’s plans to expand healthcare options worldwide, said Fabrice Egros, Lupin President (Corporate Development and Growth Markets).
Brigade Group, a leading real estate developer, has announced a major expansion in Chennai with projects across commercial, residential, retail, and hospitality segments, involving a total outlay of Rs. 8,000 crore over the next 6-7 years. One of the key projects is the Brigade Icon, which will offer residential, retail, and office spaces. Set to be the tallest building on Anna Salai, featuring ground plus 38 floors and located on land acquired from Sundaram Motors, the 5-acre property will house two towers, one for residential and the other for office space. The construction work has commenced.
Gensol Engineering Ltd.has emerged as a successful bidder for 250 MW/500 MWh standalone Battery Energy Storage Systems (BESS) project from Gujarat Urja Vikas Nigam Limited (GUVNL) worth Rs 1340 crore. The project will supply electricity on an “On-Demand” basis to Gujarat State’s DISCOMs during peak and off-peak hours, thereby extending renewable energy availability beyond solar hours, fulfilling Energy Storage Purchase Obligations, and enhancing grid resilience. The project will deliver 250 MW/500 MWh energy for two charge/discharge cycles per day. There is a greenshoe option of awarding second tranche of 250 MW/500 MWh at the discretion of GUVNL at the same terms and conditions; in case of exercise of greenshoe option the project could reach 500 MW / 1000 MWh, potentially generating a total revenue of approximately Rs 2680 Crore over the 12-year Battery Energy Storage Purchase Agreement (BESPA) tenure,.
Mankind Pharma is likely to be making a bid in a consortium to acquire Bharat Serums and Vaccines (BSV), which has been put on the block by Advent International, sources said. The Delhi-based pharmaceuticals company is understood to be in talks with several global private equity firms for a collaboration and to make a joint bid, sources said. Top PE firms, who are active and have a large presence in India such as Blackstone Inc, KKR, Permira, Bain Capital, Carlyle and some others are interested in buying BSV and submitted their non-binding bids last month.
Washing machine maker Whirlpool of India and Hindustan Unilever Ltd have announced a new marketing alliance for Surf Excel, the laundry brand of the leading FMCG maker. As per the alliance, both brands will have joint marketing initiatives
Exide Industries has invested an additional Rs 75 crore in the equity share capital of its wholly-owned subsidiary, Exide Energy Solutions, through a rights issue. This brings the total investment made by the company in Exide Energy Solutions to Rs 2,452.24 crore.
The Securities and Exchange Board of India (SEBI) has fined Pawan Singh Rs 25 lakh and barred him from taking a director’s post in a listed company for two years. Pawan Singh is the former MD & CEO of the PTC India Financial Services . Additionally, SEBI has fined Rajib Kumar Mishra Rs 10 lakh and barred him from taking a director’s post in a listed company for six months.
Torrent Pharma has said that the USFDA conducted a pre-approval inspection and a GMP inspection at its Indrad facility from June 3 to June 12. Following the inspection, the company received a Form 483 with five observations. The company noted that none of the observations are related to data integrity.
Dr. Reddy’s Laboratories has announced that its step-down wholly-owned subsidiary, Dr. Reddy’s USA, has entered into a license agreement with Ingenus Pharma. Under the agreement, the latter has obtained exclusive rights to commercialise Cyclophosphamide Injection RTD from Ingenus.
Saksoft plans to acquire 100% equity in Augmento Labs, aiming to enhance its capabilities and presence in the product engineering space. The total acquisition cost is Rs 100 crore, including an upfront cash consideration of Rs 35 crore and the remaining as earnout consideration based on performance over two financial years.
Bondada Engineering has received an order worth Rs 939 crore from NLC India Ltd to set up a solar power plant at Khavda in Gujarat. The company has received an order for balance of system work for setting up a 600 MW grid-connected solar power plant.
The board of Sobha has approved to raise Rs 2,000 crore through a rights issue. The company intends to issue 1.21 crore rights equity shares on a partly-paid basis.
Kalyani Cast Tech Limited has received a several orders from different customers having a substantial aggregate value of Rs. 80 crore, each with unique specifications and delivery deadlines.
Automotive Axles has executed a Sale Deed on June 12, effecting the sale of the Company’s Industrial land measuring 93,032.84 Sq.mt situated at Plot No. 70 & 71, Smart Industrial Park, (Near NATRIP) Industrial area, Pithampur District Dhar (M.P.) for a consideration of Rs. 12.75 crore to Swara Baby Products Private Limited on such terms and conditions mentioned therein.
BLS International FZE, Wholly owned subsidiary of BLS International Ltd has enter into share transfer agreement to acquire 99% equity share of Balozi Liaison Services, A company incorporated under the law of Egypt, Consequent to the said acquisition of the share capital of Balozi Liaison Services, Egypt, it will become a step down subsidiary of company.
