InterGlobe Aviation: Rakesh Gangwal, the co-founder of India’s biggest airline, IndiGo, will sell up to a 2.8% stake in Interglobe Aviation Ltd through a block deal that will fetch him at least $250 million, according to deal terms reviewed by Mint. The selling shareholders include Rakesh Gangwal, Shobha Gangwal and The Chinkerpoo Family Trust, collectively the Rakesh Gangwal promoter group, which owned a 36.6% stake in the airline as of 30 June.
Zee Entertainment: The Mumbai bench of the National Company Law Tribunal (NCLT) has allowed Zee Entertainment Enterprises to hold a shareholders’ meeting next month for the proposed merger with broadcaster Sony. In July, Zee, the broadcasting and entertainment conglomerate received approval from the BSE and the NSE for its proposed merger with Culver Max Entertainment. However, last week, it was reported that the Competition Commission of India raised concerns around the “bargaining power" the merged entity may enjoy, and said the matter merited further investigation.
Bharti Airtel: Singtel entities on Wednesday have jointly offloaded a 1.76 per cent stake in Bharti Airtel for about ₹7,128 crore, according to sources. Bharti Airtel promoter Bharti Telecom Ltd has bought a 1.63 per cent stake from Singtel entity Pastel Ltd for ₹6,602 crore through an open market transaction. According to the bulk deal data available with the National Stock Exchange (NSE), Bharti Telecom purchased 9,62,34,427 shares, amounting to a 1.63 per cent stake in the company.
TCS: Telecom gear maker Nokia has selected Tata Consultancy Services for redesigning its employee management system across 130 countries where it operates, the IT company said on Tuesday. Under the agreement, TCS will redesign Nokia's human capital management processes and deploy a new cloud-based platform to drive simplification for a better employee experience.
Adani Green: Gautam Adani, the world’s third richest man, on Wednesday said his group would set up three gigafactories as part of its commitment to invest $70 billion in green energy and related businesses. This will lead to one of the world’s most integrated green energy value chains, Adani said. Adani added that these gigafactories and planned investments will generate an additional 45 gigawatts (GW) of renewable energy to add to the group’s existing 20GW capacity and 3 million tonnes of hydrogen—all of which will be completed before 2030.
Maruti Suzuki: Leading automobile manufacturer Maruti Suzuki will consider the SUV segment as a key area to lift its overall market share in the country, a senior company official said on Wednesday. Presently, the company's overall market share is under 45% and the target is to lift it to 50 per cent. Senior Executive Director of Maruti Suzuki Shashank Srivastava told reporters here that in the non-SUV segment, the company has a market share of more than 65% while in the SUV segment is not big. The company's basic objective is to lift the overall market share to 50%.
Aditya Birla Fashion: Aditya Birla Fashion and Retail Limited (ABFRL) on Wednesday said market regulator SEBI has granted it exemption over the listing of shares worth ₹2,195 crore allotted to Caladium Investment Pte Ltd, a foreign portfolio investor. Based on the in-principle approval received from the stock exchanges, the Aditya Birla Group firm had made an application to the stock exchanges who approached SEBI and sought an exemption under Rule 19(7) of the SCRR from Rule 19(2)(b), in relation to the proposed listing of warrants pursuant to the preferential issue of the company.
Mindtree: Mindtree, a Larsen & Toubro Group company, is planning to set up a development centre in Kolkata, which could create employment opportunities for 15,000-20,000 people in the next four-five years, a company official said here on Wednesday. The IT services firm has already onboarded 1,700 people in its existing facility in the West Bengal capital so far, he said. The IT company had in March announced the opening of its first development centre in Kolkata.
Bank of Maharashtra: State-owned Bank of Maharashtra (BoM) on Wednesday said it has raised ₹710 crore from bonds to fund business growth. The fund raised via Basel III compliant Additional Tier 1 (AT1) bonds of ₹710 crore (including green shoe option of ₹610 crore) is at a coupon rate of 8.74 per cent, the bank said in a statement. The issue garnered an overwhelming response from investors with subscriptions of 10 times against the base issue size of ₹100 crore.
Salasar Techno Engineering: Salasar Techno Engineering on Wednesday said its board has approved a proposal to raise around ₹82 crore through the issuance of equity shares to qualified institutional buyers. The proposal was approved by the fundraising committee of the company's board at its meeting held on Tuesday, Salasar Techno Engineering said in a statement.
