Adani Group: Adani Group on Monday denied a media report that said the conglomerate was in talks with global credit funds to raise up to $400 million in debt against some of its Australian assets, calling it totally false and untrue. The Indian ports-to-power group operates the Carmichael coal mine, the North Queensland Export Terminal (NQXT), as well as a solar farm in Australia. The NQXT, a major port for Queensland coal exports controlled by the Adani family trust, is being considered to raise funds to repay promoter debt, ET reported, citing sources aware of the fund-raising.
Zee Entertainment: Amidst the stay order of NCLAT on the insolvency proceedings, the National Stock Exchange of India (NSE) on Monday said, Zee Entertainment (ZEEL) shall move out of the IBC framework and the corresponding surveillance actions on the company will be reverted. Also, the exchange informed that futures and options contracts for May 2023 expiry would be made available for trading in ZEEL from February 28th. Accordingly, NSE said, the scrip ZEEL shall move out of the IBC framework and the corresponding surveillance actions on ZEEL shall be reverted.
Spice jet: Low-cost carrier SpiceJet Ltd said Carlyle Aviation now holds a 7.5% stake in the airline after converting $100 million of outstanding dues into equity. Carlyle also acquired compulsorily convertible debentures in SpiceXpress, the airlineu2019s cargo arm. SpiceJet said it now plans to hold discussions with other lessors to further deleverage its balance sheet. Smaller airlines were dealt a severe blow during the pandemic, as the government grounded planes and imposed travel restrictions.
Vodafone Idea: Telecom operator Vodafone Idea on Monday said that the company has allotted 12,000 optionally convertible debentures (OCDs) of the face value of u20b910,00,000 to ATC Telecom Infrastructure Private Limited. The company said the capital raising committee of the board of directors has allotted a total of 12,000 unsecured, unrated, and unlisted optionally convertible debentures of u20b910,00,000 each, i.e., of u20b91,200 crore to ATC Telecom.
Dr. Reddy’s Laboratories: Dr. Reddy’s announced on Monday that it has agreed to buy Mayne Pharma’s US generic prescription product portfolio for $105 million, according to an exchange filing. Dr. Reddy’s will make an upfront cash payment of $90 million, as well as contingent payments of up to $15 million, inventory consideration, and credits for certain accrued channel liabilities to be determined on the closing date. The portfolio consists of approximately 45 commercial products, four pipeline products, and 40 approved non-marketed products, including several generic products aimed at women’s health.
Source: BQ Prime
Wipro: Wipro Ltd on Monday announced four strategic global business lines as it looks to deepen alignment with clients’ evolving business needs and tap emerging opportunities in high-growth market segments. The new model sharpens focus on strategic growth areas of cloud, enterprise technology and business transformation, engineering, and consulting, Wipro said in a release. The changes will be effective from April 1, 2023. Wipro Managing Director and CEO Thierry Delaporte said the company is now doubling down on its strategic bets to take growth to its next phase.
Mahindra Logistics: Mahindra Logistics on Monday announced that the company’s chief financial officer and key managerial personnel Yogesh Patel has resigned. The company said that it has accepted the resignation of Yogesh Patel on 27 February 2023 and he will be relieved of his duties on 10 March 2023. Mahindra Logistics said it is in the process of appointing a new chief financial officer and the same will be communicated to the stock exchanges in due course.
Drone Acharya: Drone Acharya Aerial Innovations Ltd on Monday announced that the company has partnered with Ahmedabad-based Gridbots Technologies Private Limited, for the manufacturing of drones and other purposes. Drone Acharya Aerial Innovations said that the company has partnered with Gridbots for manufacturing drones, to develop more products and new technologies, cross-selling products and services developed together and which are offered currently, and for mutual sharing of technology, knowledge, network, and resources for projects.
Source: Zee Business
Dalmia Bharat: Dalmia Cement (Bharat) Ltd bagged a block in Madhya Pradesh on the first day of the latest round of commercial coal mine auction held on Monday. Of the 10 mines put on auction on the first day, Shree Cement made the highest bid for a coal mine in Chhattisgarh. While Rungta Sons Pvt Ltd emerged as the highest bidder for a coal mine in Odisha, Samlok Industries Pvt Ltd made the highest bid for a mine in Maharashtra.
Triveni Glass: Triveni Glass Ltd will invest u20b91,000 crores to set up an 840 metric tonnes per day capacity solar glass manufacturing plant in Andhra Pradesh, the government said on Monday. The glassmaker will set up the plant at Pangidi in the East Godavari district, which will create 2,000 jobs. Triveni Glass managing director Varun Gupta met Chief Minister Y S Jagan Mohan Reddy today and deliberated on investments in the southern state, which is on the cusp of holding the Global Investorsu2019 Summit in Visakhapatnam on March 3 and 4, an official statement said.
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