In News

In News

Adani Power: The company has announced withdrawal of its delisting offer. Its shareholders had approved the delisting of company's shares on the BSE and NSE in July 2020, and had submitted application for approval for the delisting to the exchanges in January 2021. However, the company has not received in principle approval of the exchanges, due to which it is withdrawing offer for delisting on account of delay and commercial viability. 

ACC, Ambuja Cements: The Adani Group, through its special purpose vehicle Endeavour Trade and Investment, has completed the acquisition of Ambuja Cements & ACC. With this, it has become the second largest cement player in India. The transaction involved the acquisition of Holcim's stake in Ambuja and ACC along with an open offer in both entities. The value of the Holcim stake and open offer consideration for Ambuja Cements and ACC is $6.50 billion. Soon after Adani's takeover, the two cement firms announced the resignation of their board of directors, including the CEOs and CFOs. The board of Ambuja Cements approved an infusion of Rs 20,000 crore into Ambuja by way of preferential allotment of warrants. 

Indus Towers: Bimal Dayal has tendered his resignation as Managing Director & CEO of the company and as a Director from the Board. Till the time the aforesaid vacancy is filled, Tejinder Kalra, the Chief Operating Officer and Vikas Poddar, the Chief Financial Officer will be jointly responsible for the functioning of the company under the guidance of the board and the Chairman. 

Tata Power: Resurgent Power Ventures Pte Ltd completed acquisition of South East UP Power Transmission Company (SEUPPTCL). Resurgent Power Ventures Pte Ltd is a joint venture based out of Singapore, wherein 26 percent shareholding is held by Tata Power through its wholly owned Singapore based subsidiary. SEUPPTCL was incorporated as a special purpose vehicle formed by UP Power Transmission Company Limited (UPPTCL) in 2009 to implement and operate the specified intra-state transmission system for a period of 35 years under public private partnership model on build-own-operate-maintain & transfer (BOOT) basis. Now, SEUPPTCL has become a wholly owned subsidiary of Resurgent Power. 

SAL Steel: The company is going to supply ferro chrome to AIA Engineering. For the same, it has entered into a supply agreement for 3 years with AIA Engineering on a non-exclusive basis, while AIA Engineering has also agreed to provide a secured inter corporate deposit of Rs 125 crore to the company which will be used by the company to repay its loan or for working capital requirements. 

Granules India: The company has decided to open its share buyback offer on September 27 and the offer will close on October 11. The company will buy back shares worth up to Rs 250 crore and the buyback price has been fixed at Rs 400 per share. 

HDFC Life Insurance Company: The company has received approval from National Company Law Tribunal for merger of Exide Life Insurance Company with itself