Tech Mahindra will acquire 70% stake in Cerium Systems for Rs245cr. The company will acquire the remaining 30% stake over the next two years subject financial performance of the target company.
Vedanta will acquire Ferro Alloys Corporation Ltd. for Rs280cr. The target company is in the business of producing Ferroalloys and owns a Ferrochrome plant with capacity of 72,000 TPA, two operational chrome mines and 100 MW of Captive Power Plant through its subsidiary—Facor Power.
The Securities and Exchange Board of India disposed of an alleged insider trading case against former independent director of SpiceJet, KR Sasiprabhu, saying the charges could not be established against him, according to PTI report.
The Reserve Bank of India approved the appointment of Arun Tiwari as part-time Chairman of IndusInd Bank for a period of three years with effect from Jan. 31.
Camlin Fine Sciences’ China joint venture’s manufacturing facility’s re-starting of operations has been deferred from Feb. 2 to Feb. 10. The China government has directed all industries operating in Zhejiang province to reopen from Feb. 9 to control pneumonia outbreak.
Power Grid’s board approved investment approval for transmission system for renewable energy projects in Rajasthan for Rs562.86cr.
Magma Fincorp Board approved lending Rs100cr in company’s arm Magma Housing Finance to augment its lending business.
Eveready Industries said that it has completed the sale of its land at Hyderabad for Rs100cr to Nuland Technologies.
Shilpa Medicare received approval for cancer drug lenvatinib mesylate capsules in India. Company will commercialize the product under the brand name of Lenshil.
NHPC Board to consider raising capital via debt rose to Rs1,000cr on Feb. 7.
Cholamandalam Investment & Finance Board approved the closure of QIP issue. The company approved the issue price at Rs320 per share, which is at a discount of 2.3% to closing prices on Jan. 31, aggregating to Rs900cr. Key allottees include Government of Singapore, ICICI Pru MF, Aditya Birla Sun Life MF and Monetary Authority of Singapore.
Coromandel International Board approved deferment of the merger of its wholly-owned arm Dare Investments and Liberty Pesticides with self. The company has decided to end its joint venture with SQM and will acquire the entire stake (50%) of the outgoing partner SQM. The JV engaged in manufacturing of water-soluble fertilisers.
Bay Capital decreased stake from 9.1% to 6.06% on the Gati.
Weslpun Corp and Laptev Finance extend the long stop date for their business transferred agreement till March 31. Last year to the company had entered into an agreement to sell its Plates and Coil Mill Division to Laptev Finance for Rs848.5cr. Laptev Finance has already released 50% of the amount i.e. Rs424.25cr of the advance to the company.
Black Rose Industries completed the expansion of acrylamide capacity and commenced to the commercial production at the expanded plant. Company has installed the next phase of additional capacity for the manufacture of polyacrylamide liquids and commenced production at the facility.
SMS Pharma’s API facility received zero observations after the EDQM inspection program.
Sadhana Nitro Chem board approved a share split in 5:1 ratio.