Summary: In today’s business news, Abu Dhabi-based International Holding Company (IHC) has entered into a pact to dispose of its stake in Adani Green Energy and Adani Energy Solutions. Chola Investment Finance has launched a Qualified Institutional Placement (QIP) to raise funds, while Shreyas Shipping and Logistics has received a counter offer from Transworld Holdings. Emami has announced its entry into the juice category through a significant investment in Axiom Ayurveda Pvt Ltd. Piramal Pharma has successfully concluded a Good Manufacturing Practices (GMP) inspection conducted by the United States Food and Drug Administration. Infosys has received a demand notice from the Commercial Taxes Department, and Tamilnad Mercantile Bank has accepted the resignation of its managing director and CEO. Bharti Airtel-backed OneWeb has merged with Eutelsat Communications SA, and Saregama has acquired a majority stake in Pocket Aces.
Abu Dhabi-based International Holding Company (IHC) has reached an agreement to sell its stake in Adani Green Energy and Adani Energy Solutions. The value of IHC’s holdings in these companies stood at Rs 3,327 crore as of September 28. This move signals IHC’s decision to divest its investments in the Adani Group.
Chola Investment Finance has launched a Qualified Institutional Placement (QIP) to raise funds. The company aims to mobilize up to Rs 2,000 crore through the issuance of Compulsorily Convertible Debentures (CCDs). This fundraising initiative will support Chola Investment Finance’s growth plans and future endeavors.
Shreyas Shipping and Logistics has received a counter offer from Transworld Holdings. Previously, a reverse book-building process had valued Shreyas Shipping and Logistics shares at Rs 890. However, Transworld Holdings has presented a counter offer, valuing each share at Rs 400. The decision now lies with the public shareholders to accept the counter offer or maintain their original valuation.
Emami, a major FMCG company, has announced its entry into the juice category through an investment in Axiom Ayurveda Pvt Ltd. Emami acquired a 26 percent equity stake in the company, marking its expansion into the juice business. The financial details of the investment were not disclosed.
Piramal Pharma has successfully passed a Good Manufacturing Practices (GMP) inspection conducted by the United States Food and Drug Administration. The inspection focused on Piramal Pharma’s manufacturing facility in Bethlehem, USA. This achievement highlights Piramal Pharma’s commitment to maintaining high-quality manufacturing standards.
Infosys, the IT services company, has received a demand notice from the Commercial Taxes Department. The notice includes a demand for integrated goods and services tax (IGST), along with penalty and interest charges. Infosys will address the notice and ensure compliance with the tax regulations.
Tamilnad Mercantile Bank has announced the resignation of its managing director and CEO, S. Krishnan. The Board of Directors convened a meeting and officially accepted Krishnan’s resignation. The bank will now begin the process of selecting a new managing director and CEO.
Bharti Enterprise-backed OneWeb has merged with Eutelsat Communications SA, a satellite operator based in France. Bharti Enterprises emerged as the largest shareholder in this merger, holding a substantial 21.2 percent stake in the Eutelsat Group. This merger aims to strengthen the satellite communication capabilities of both companies.
Saregama, a music company, has acquired a majority stake of 51.82 percent in digital entertainment startup Pocket Aces. The deal was worth Rs 174 crore and was an all-cash transaction. Saregama plans to invest an additional Rs 15 crore into Pocket Aces and acquire an additional 41 percent stake within the next 15 months.
Sources: IHC, Chola Investment Finance, Transworld Holdings, Emami, Piramal Pharma, Infosys, Tamilnad Mercantile Bank, OneWeb, Saregama, without URLs.