RIL arm, Reliance Retail Ventures Limited (RRVL), announced the acquisition of majority 89 percent equity stake in Clovia with an investment of Rs 950 crore. RRVL will buy stake in Purple Panda Fashions, which owns and operates the Clovia business, through a combination of secondary stake purchase and primary investment, said a joint statement.
The bank’s board of directors has approved rights issue of up to Rs 130 crore.
State Bank of India
SBI has signed an agreement to provide $1 billion credit facility to Sri Lanka.
Housing Development Finance Corporation’s subsidiary HDFC Capital Advisors Ltd has entered into an agreement to buy 7.2 percent stake in Loyalie IT-solutions at Rs 28.16 per share.
The company’s board of directors has approved the sale of entire shareholding in subsidiary EIH Flight Services, Mauritius, for MUR 325 million (Rs 55.2 crore).
Gujarat Industries Power Company
The company has stopped power generation from its 145 MW combined cycle power plant, gas-based station-I at Vadodara, due to increasing price of natural gas after the beginning of Ukraine-Russia war. This plant uses natural gas as its fuel for generation of power. The company may resume operations once the gas prices are back to normal levels.
Cerebra Integrated Technologies
The company has executed an agreement with a potential purchaser from Dubai for the transfer of its entire shareholding of 86.5 percent in subsidiary Cerebra Middle East FZCO, Dubai. The company would like to focus on E-waste management now being the core business of the company. Cerebra will plan expansion in the said area.
The company has entered into licensing agreement with Medicine Patent Pool to manufacture & commercialise generic version of Pfizer Oral COVID-19 Treatment.
The company received licenses from Medicines Patent Pool to manufacture and market generic versions of Pfizer’s oral treatment nirmatrelvir. This drug will be co-packaged with ritonavir for treatment of COVID-19. The licenses are applicable for both active pharmaceutical ingredients and finished products, in tablet form, of nirmatrelvir; ritonavir.
Smallcap World Fund Inc acquired 6.4 lakh equity shares in the company through open market transactions on March 16. With this, its shareholding in the company stands at 5.02 percent, up from 4.31 percent earlier.
The company has received a work order from the Administration of Union Territory of Ladakh, for providing comprehensive, design, engineering and project management consultant services for various works. The estimated cost of the project is Rs 500 crore.