In News

In News

IDFC: Market watchdog Sebi has approved the change in control of IDFC Mutual Fund. In April 2022, the board of directors of IDFC and IDFC Financial Holding Company had approved the divestment of IDFC Asset Management Company and IDFC AMC Trustee Company to the consortium. The consortium comprised Bandhan Financial Holding, Lathe Investment Pte. Ltd. (affiliate of GIC), Tangerine Investments, and Infinity Partners (affiliates of ChrysCapital).

Biocon: Biocon Biologics and its subsidiary completed the acquisition of the biosimilars businesses and assets of Viatris Inc. Biocon subsidiaries acquired businesses through the purchase of 100 percent stake in Biosimilar NewCo (BNCL), a company incorporated in the United Kingdom; and subscription to 100% stake in Biosimilar Collaborations Ireland (BCIL), a company incorporated in Ireland. With this, BNCL and BCIL have become step-down subsidiaries of Biocon Biologics and indirect subsidiaries of Biocon. The multi-billion-dollar and value accretive transaction included upfront cash payment of $2 billion and issuance of CCPS worth $1 billion.

Usha Martin: Promoter Peterhouse Investment Ltd and PACs offloaded 2.5 lakh shares or 0.08 percent stake in Usha Martin via open market transactions on November 29. With this, its shareholding in the company reduced to 1.13 percent, down from 1.21 percent earlier.

Kilpest India: Subsidiary 3B BlackBio Biotech India signed a non-binding letter of intent to acquire 100 percent stake in a Europe-based life science products manufacturer. An exclusivity period of 60 days has been agreed upon between the parties to complete due diligence.

Gland Pharma: The pharma company through its wholly owned subsidiary Gland Pharma International PTE. Ltd, Singapore, has entered into a Put Option Agreement to acquire 100 percent of Cenexi Group. Cenexi Group will be acquired for an equity value of up to 120 million euro. Cenexi, along with its subsidiaries, is engaged primarily in the business of contract development and manufacturing organisation (CDMO) of pharmaceutical products with expertise in sterile liquid and lyophilized fill finished drugs.

Bharat Bijlee: Life Insurance Corporation of India sold a 2.15 percent stake in Bharat Bijlee via open market transactions. With this, LIC's shareholding in the company reduced to 4.54 percent, from 6.69 percent earlier.

Inox Green Energy Services: Inox Wind and its subsidiary Inox Green Energy Services, as part of the strategic initiative to deleverage their respective balance sheets, have recently paid Rs 250 crore and Rs 161 crore (aggregating to Rs 411 crore) towards reducing their debt. Consequently, the corporate guarantees given by Gujarat Fluorochemicals, have also got reduced to that extent. Both companies are in the process of further reducing their debt in due course.