Here are the major corporate developments making headlines today:
Shree Cement
The company’s income tax demand for FY22 has been reduced from ₹588.65 crore to ₹221.72 crore following a rectification order.
UltraTech Cement
The company’s MPS Committee has approved the sale of up to 2.01 crore equity shares (6.49% stake) in India Cements Ltd through a stock exchange mechanism. The floor price is set at ₹368 per share.
Jupiter Wagons
Subsidiary Jupiter Tatravagonka Railwheel Factory has received a letter of intent to supply 5,376 wheelsets for Vande Bharat Trains, with the order valued at approximately ₹215 crore.
Poonawalla Fincorp
The board has approved the issuance of non-convertible debentures (NCDs) worth up to ₹500 crore in dematerialized form through private placement.
Exide Industries
The company has invested an additional ₹100 crore in its wholly owned subsidiary, Exide Energy Solutions, via a rights issue. With this, Exide’s total investment in the subsidiary stands at ₹3,802.23 crore.
Tanla Platforms
The company has completed the buyback and extinguishment of 20 lakh equity shares at ₹875 per share, amounting to ₹175 crore. Post-buyback, its equity share capital has reduced from 13.46 crore to 13.26 crore shares.
AGI Greenpac
The company has received a disputed demand notice of ₹40.61 crore from Telangana Southern Power Distribution for surplus power procured between 2002 and 2022.
SBFC Finance
The board has approved the allotment of 20,000 redeemable NCDs of ₹1 lakh each, aggregating to ₹200 crore, on a private placement basis.
Poly Medicure
The NCLT has approved its resolution plan for the corporate insolvency of Himalayan Mineral Waters, allowing the company to proceed with the resolution process.
PTC India Financial Services
The company has signed a definitive agreement with EIE Renewables for the transfer of management of Vento Power Infra for ₹115.61 crore.
CAMS (Computer Age Management Services)
The company has received a no-objection letter from RBI to transfer its online payment aggregator business to CAMS Payment Services, its wholly owned subsidiary.
Crisil
Subsidiary Crisil Irevna UK has approved the incorporation of a wholly owned unit, Crisil Canada Inc, in Canada.
RailTel Corporation of India
The company has received work orders worth ₹15.42 crore from the Odisha Higher Education Department, and another worth ₹34.99 crore from the Kerala State IT Mission for SDC O&M projects.
Godrej Properties
The company has entered into an agreement to acquire 7% equity in Godrej Skyline Developers from existing shareholders.
Glenmark Pharmaceuticals
The company has completed its investment of ₹24 lakh in O2 Renewable Energy XXIV, raising its total stake to 32.95%, with a cumulative investment of ₹1.99 crore.
Reliance Industries
Subsidiary Reliance TerraTech has completed its voluntary winding-up process and filed a Certificate of Termination with the Secretary of State of Texas.
Embassy Developments
The company has issued and allotted 53.80 lakh equity shares to Bellanza Developers at ₹111.51 per share, after receiving the balance consideration of ₹44.99 crore (75% of the issue price).
Zota Health Care
The company has allotted 14,734 equity shares at ₹509 each to a non-promoter warrant holder, who paid the remaining 75% of the issue price.
Voltas
The company has signed a Business Transfer Agreement to transfer ongoing and defects liability projects from its overseas branches in Dubai and Abu Dhabi to its arm, Universal MEP Contracting.
Piramal Pharma
Subsidiary Piramal Healthcare has subscribed to 1,903 optionally convertible redeemable preference shares (OCRPS) of step-down subsidiary PPL Pharma, for a total of ₹1,626.49 crore.
Tech Mahindra
The company has incorporated a new wholly owned subsidiary, Tech Mahindra Regional Headquarters, in Saudi Arabia to provide strategic direction and management support to its units in Bahrain and Egypt.