The company’s subsidiaries – Mahanadi Mines and Minerals Private Ltd and MP Natural Resources Private Ltd – are declared as successful bidders for coal blocks – Bijahan and Gondbahera Ujheni East coal block in Odisha and Madhya Pradesh respectively, by the Government of India. The revenue sharing with the government will be 14 percent for the Bijahan coal block and 5 percent for the Gondbahera Ujheni East coal block.
The telecom operator will acquire around 4.7 percent stake in Indus Towers from Euro Pacific Securities, an affiliate of Vodafone Group Plc, at a price of Rs 187.88 per share. The total transaction cost stands at Rs 2,388.06 crore.
The state-owned natural gas distribution company on March 31 will consider the proposal of buy-back of the fully paid-up equity shares.
The board has approved the issuance of 1,32,07,548 equity shares to PI Opportunities Fund, an affiliate of Premji Invest, an investment arm of Azim Premji’s endowment and philanthropic initiatives, at an issue price of Rs 265 per share. This transaction will fetch the company Rs 350 crore which will be largely utilised towards meeting the organic and inorganic expansion plans of the company along with funding its general corporate purposes.
The company has acquired “Dermicool”, one of the leading brands in the prickly heat powder and cool talc category, from Reckitt Benckiser Healthcare (India). The acquisition cost stood at Rs 432 crore which is funded through internal accruals
Axis Bank has protested against its exclusion from Reliance Capital’s insolvency process, claiming that it is a financial creditor of the company and should be included in the committee of creditors, a report said. It made the demand in a communication to the Reserve Bank of India-appointed administrator for the company, the report said.
PVR and INOX Leisure
Two of India’s biggest cinema exhibition brands – PVR and INOX Leisure – have announced they would merge their might to deliver an “unparalleled” consumer experience with a network of more than 1,500 screens. The new entity would be named PVR INOX with the branding of existing screens to continue as PVR and INOX, respectively.
G R Infraprojects
The company has emerged as L-1 bidder for road project comprising up-gradation to four-lane with paved shoulder of NH-341 from Bhimasar to Anjar – Bhuj in Gujarat on Hybrid Annuity Mode. The bid cost of the project is Rs 1,085 crore and the said project is going to be completed within 730 days from the appointed date.
The airline company has resumed International flight schedules from various cities in India, on more than 150 routes in phases through April.
Fino Payments Bank
The Reserve Bank of India has granted approval for referring customers of Fino Payments Bank to Finwizard Technology for mutual fund distribution, and 5paisa Capital for demat & trading services under referral arrangement.