Biocon, Hero MotoCorp, JSW Steel, TVS Motor, Kotak Mahindra Bank, Poonawalla Fincorp

  • Biocon: The board of directors of Biocon Biologics Ltd, a significant subsidiary of the company, has approved the merger of Covidshield Technologies Pvt Ltd, a wholly owned subsidiary of Serum Institute Life Sciences, with BBL. Under the terms of the deal, BBL will offer an approximate 15% stake to SILS, at a post-money valuation of $ 4.9 billion. In return, BBL will have access to 100 million vaccine doses per year for 15 years and the rights to market the SILS vaccine portfolio for global markets. In addition, Adar Poonawalla will sit on BBL’s board of directors.

  • MotoCorp Heroes: Increase the prices of scooters and motorcycles up to 3,000 rupees from September 20. The company said the price hike was needed to offset the impact of steadily rising commodity costs. This is the fourth such price hike by Hero MotoCorp this year.

  • JSW steel: The company has raised $ 1 billion by issuing sustainability bonds in the offshore market. Issue composed of two tranches of 5.5 years and 10.5 years, each of $ 500 million. The 10.5 year tranche is valued at 5.05% while the 5.5 year tranche is valued at 3.95%. The proceeds will be used for capital expenditures and to refinance debt. Additionally, the price of JSW Steel’s SLBs may change if the company does not meet certain emission reduction targets by 2030.

  • Automotive company TVS: The company will take a controlling stake in EGO Movement in an all-cash deal through its Singapore unit, TVS Motor (Singapore) Pte. EGO Movement is a Swiss technology company with a portfolio of electric bikes, electric cargo bikes and electric scooters.

  • Kotak Mahindra Bank: Kotak Mahindra Group has acquired the auto loan portfolio of Volkswagen Group’s Indian captive finance subsidiary, Volkswagen Finance Pvt Ltd. Kotak Mahindra Prime to acquire passenger car and two-wheeler portfolio; KMB will acquire the utility vehicle portfolio from VFPL. With the acquisition, Kotak will have access to more than 30,000 customers with a total outstanding loan of around Rs 1,340 crore. All of these acquired loans are classified as standard loans under current RBI guidelines. In addition to standard loans, Kotak also acquired the NPA wallet from VFPL.

  • Hindustan copper: The offer for sale for non-commercial investors obtains a demand of 141% of the shares offered. Request at indicative price of Rs 116.12 per share. Therefore, the seller decided to exercise the oversubscription option in the amount of 1.99 crore, representing 2.06% of the total share capital, in addition to the size of the base offering of 4.83 crore d. ‘actions. The OFS for retail investors opens today.

  • Poonawalla Fincorp: Chief Executive Officer Abhay Bhutada resigned from the company’s board of directors effective September 16. The resignation came in the wake of SEBI’s insider trading allegations against Bhutada. Vijay Deshwal, Group CEO, Poonawalla Fincorp will continue to lead the operations of the company.

  • Small Ujjivan Financial Bank: RBI has approved the establishment of a “Special Administrative Committee” with three independent directors as members, to oversee the operations and administration of the bank in the absence of the CEO and CEO on September 16, 2021.

  • Indiabulls housing finance: The company approved Rs 231.48 per foreign currency convertible bond as the floor price for a $ 200 million issue that opened on Thursday.

  • Infosys: Frost Bank selected the company as a strategic partner to launch a new mortgage loan product offering.

  • KEI Industries: ICRA upgraded the rating of the long-term bank facilities to AA- / Stable from A + and the rating of the short-term bank facilities to A1 + from A1.

  • Balkrishna Industries: The company has started trial production at the Green Field Project in Aurangabad, Maharashtra with an installed capacity of 30,000 MT per year as well as a storage facility for raw materials and finished products.

  • Cosmo Films: Establishment of a new biaxially oriented polypropylene film production line in Aurangabad, Maharashtra, with a nominal capacity of 67,000 tonnes per year. The investment of Rs 350 crore required for the production line will be met by the internal accumulation of debt. The line is expected to begin production by fiscal year 2024-25. The company also declared a first interim dividend of Rs 25 per share for fiscal years 21-22.

  • Dhunseri companies: Approved the appointment of Vikash Jain as CFO on September 16 in place of Rajiv Sharma. The company also approved the incorporation of a new wholly owned subsidiary in the United States for the expansion and exploration of the cupcake business in the market. The company will make an initial investment of up to $ 1 million in equity.

  • Mangalore chemicals and fertilizers: The Board of Directors approved the appointment of Shuhabbrata Saha as Chief Executive Officer for a five-year term effective September 16.

  • Intellectual Design Arena: The company signed a multi-year digital transformation agreement with Resurs Bank, a market-leading Nordic bank in sales finance. The bank chose Intellect to implement Intellect Digital Core and iKredit360.

  • NCL Industries: CRISIL raised the long-term and short-term ratings of the company’s bank lending facilities from Rs 396 crore to A / Stable from A- and A1 from A2 + respectively.

  • World capital of Capri: The shareholders approved the fundraising by issuing shares or equity related securities totaling up to Rs 1,500 crore.

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