Axis Bank: Axis Bank has signed a Share Purchase Agreement with IFCI for acquistion of 73,28,334 equity shares (13.67% of total outstanding shares) of face value of Rs.10 per share in Assets Care and Resconstruction Enterprise Ltd (ACRE) from IFCI at Rs.31 per share, resulting in a total cash consideration of Rs.22.72 crore. The above transaction is subject to requisite regulatory approvals, including from RBI.
Karur Vysya Bank: The board of directors of private sector Karur Vysya Bank will meet on Monday to consider a stock split. The board will consider the feasibility of sub-division of equity shares
South Indian Bank: RBI has restricted overseas investors to make further investment in South Indian Bank as the prescribed foreign shareholding limit has reached the trigger limit.
Power Grid: Power Grid Corporation said its board has approved investment of Rs.562.25 crore for system strengthening in the Southern region.
ICICI Prudential Life Insurance: ICICI Prudential Life Insurance will hit the capital market on Monday.
Future Group, Heritage Foods: Future Group is in advanced talks to acquire the retail business of Heritage Foods, a deal that will give Kishore Biyani sway over a network of more than 100 grocery outlets in Hyderabad, Chennai and Bengaluru, as per media reports.
United Breweries Holdings Ltd: Vijay Mallya remains in “full control” even after relocating to the UK, his UB Group’s holding firm United Breweries Holdings Ltd (UBHL) has said while disclosing remuneration totalling Rs. 1.6 crore, as per media reports.
State Bank of India: The bank reported a 25.9% decline in its advance tax payment for Q2FY17. The bank paid Rs.12 bn as advance tax, compared with Rs16.20bn in the corresponding period last year, as per media reports.
Dr Reddy’s Laboratories Ltd: The pharma company has expanded its collaboration with Amgen in India to market and distribute three of the latter’s medicines in the domestic market.
International Finance Corporation: IFC is planning to invest up to USD40mn (around Rs2.60bn) in Ujjivan Financial Services in the form of a senior debt investment.
NTPC: NTPC has requested the government to allow surplus coal at its Badarpur thermal power plant in Delhi to be utilised for a power unit in Madhya Pradesh, as per media reports.
Mahanagar Gas Ltd: MGL has revised its rates for compressed natural gas (CNG) and domestic piped natural gas (PNG) after the Maharashtra government hiked VAT by 1% to 13.5%.
Themis Medicare: The company has signed an agreement with Nevakar LLC to further develop, manufacture and market latter's injectable products in the US and some other select countries.