Reliance Industries has filed Red Herring Prospectus (RHP) for the IPO of its subsidiary Jio Platforms (JPL) with the Registrar of Companies, Gujarat, at Ahmedabad. The IPO will open for subscription on October 21, and close on October 23.The IPO will include a reservation of equity shares worth up to ₹500 crore for eligible employees and up to ₹2,500 crore for eligible Reliance Industries shareholders.
The Cabinet Committee on Economic Affairs (CCEA) has approved the strategic restructuring and stake sale of IDBI Bank Ltd by Fairfax Financial Holdings Ltd, has been selected as the winning strategic buyer to acquire a 60.72% equity stake in the lender for a total purchase consideration of ₹52,878.0806181 crore. The strategic divestment involves the sale of a combined 60.72% equity stake held jointly by the Government of India (GoI) and the Life Insurance Corporation of India (LIC) andGovernment of India (GoI) Equity Transfer: 30.48% stake.
NLC India Renewables Limited (NIRL), a wholly owned subsidiary of NLC India Ltd, has participated in the tender floated by Department of Power, Government of West Bengal on behalf of West Bengal State Electricity Distribution Company Limited (WBSEDCL) for setting up of Standalone Battery Energy Storage Systems at multiple locations in West Bengal under Tariff-Based Competitive Bidding and emerged as a successful bidder for setting up of 50 MW/200 MWh Standalone Battery Energy Storage Systems at Arambag, Hooghly, West Bengal. Accordingly, NIRL has received Letter of Award from West Bengal State Electricity Distribution Company Limited (WBSEDCL) for the development of aforesaid project.
Dr Reddy’s Laboratories has informed the exchanges that the United States Food and Drug Administration (USFDA) has completed a pre-approval inspection (PAI) at its FTO-9 manufacturing facility in Visakhapatnam, Andhra Pradesh, and issued a Form 483 containing three observations.
The Himachal Pradesh High Court has quashed a show cause notice seeking ₹117.94 crore from Morepen Laboratories Ltd, ruling that the notice lacked statutory backing as it was issued under a provision that had already been omitted from the CGST Rules without any saving clause to sustain the proceedings.
Nitco Ltd has announced a significant update regarding its land monetisation plans at Kanjurmarg, Mumbai. The company confirmed the completion of conveyance and sale agreements with M/s. R Siddhatva Developers Private Ltd. The transaction pertains to land situated at Kanjurmarg, Mumbai, and involves M/s. R Siddhatva Developers Private Limited, a step-down subsidiary of Runwal Construction Private Ltd: Completion of 75% Land Conveyance: Following shareholder approval and fulfilment of precedent conditions, the company has completed the registration of the conveyance deed for 75% of the Kanjurmarg land. Nitco Limited has already received a consideration of ₹143 crore for this portion.
The board of Capri Global Capital Ltd has approved a proposal to raise up to ₹4,000 crore through the issuance of equity shares, debt securities, convertible securities, or warrants including rights issues, preferential issues on a private placement basis, public issues, qualified institutions placements, Foreign Currency Convertible Bonds (FCCBs), and External Commercial Borrowings (ECBs).
The Board of SMC Global Securities Limited has considered and approved the issue and allotment of up to 1,00,00,000 (One Crore) Fully Convertible Warrants on a preferential basis to entities belonging to the “Non-Promoter” category. The warrants will be issued for cash at an issue price of ₹106 per warrant, aggregating up to ₹106 crore.
Godavari Biorefineries Ltd has announced a major milestone in its research and development operations. The United States Patent and Trademark Office (USPTO) has granted a patent for the company’s patent application entitled “5-Hydroxy-1-4-Naphthalenedione for use in the treatment of cancer’. This newly granted patent provides intellectual property protection for a novel class of therapeutic compounds designed to effectively inhibit both cancer cells and cancer stem cells.
The board of Kronox Lab Sciences Ltd has approved the acquisition of a manufacturing plant admeasuring approximately 5,000 square meters located in the Dahej Special Economic Zone (SEZ). The asset target is situated at Plot Z/80, Dahej SEZ, and is being acquired from Axiom Chemicals Private Limited. The company clarified that it is acquiring the plant asset only, and Axiom Chemicals Private Limited as a corporate entity is not being acquired.
Aeroflex Industries Ltd, a leading manufacturer of flow control solutions with a growing presence in high-value liquid cooling systems for next generation AI data centres, today announced a capacity expansion programme with a total capital expenditure outlay of ₹202 crore. The investment will focus on expanding the Company’s manufacturing capabilities across SS Hose & Braiding, Assemblies and Liquid Cooling Skid Assemblies.Dr Reddy’s Laboratories
Suyog Urja, subsidiary of Enviro Infra Engineers, has received a Letter of Intent (LoI) from Arie Energy LLP for a EPC project worth ₹228 crore for the development of the 100 MW Ajani Wind Power Project in Latur, Maharashtra.
Om Power Transmission has received a Letter of Acceptance from Uttar Gujarat Vij Company for a turnkey contract worth ₹101.56 crore that involves converting the existing electrical line network into an underground cable network, along with associated works, in Ambaji.