Reliance Industries | According to a report, the conglomerate and Walt Disney have signed a non-binding term sheet to merge their Indian media operations. Reliance-owned Viacom18 will establish a step-down subsidiary absorbing a significant portion of Star India’s stock, resulting in a 51%:49% share holding pattern. Reliance will own 51% & Disney 49% in the merged Indian media company, the report said.
Infosys | A global client of Bengaluru-based technology services provider Infosys Ltd. has decided to terminate the Memorandum of Understanding (MoU) signed in September, the latter said in an exchange filing. The MoU pertained to Infosys providing enhanced digital experiences, along with modernisation and business operations services, leveraging the company’s platforms and Artificial Intelligence (AI) solutions.
JK Tyre | JK Tyre & Industries announced closure of its Qualified Institutional Placement (QIP) issue through which it has raised ₹500 crore, it said in an exchange filing. The company’s board approved the allotment of 1.44 crore shares of face value of ₹2 each to eligible institutions. Issue price of the QIP was fixed at ₹345 per share, which is a 3.89% discount to the floor price of ₹358.
V-Guard Industries | A promoter of electricals and home appliances manufacturer V-Guard Industries on Friday sold a 1% stake in the company for ₹129 crore through an open market transaction. The shares were bought by Aditya Birla Sun Life Mutual Fund and Motilal Oswal Mutual Fund. Chittilappily Thomas Kochouseph offloaded 45 lakh shares, amounting to a 1.04% stake in V-Guard Industries, as per block deal data available with the National Stock Exchange (NSE).
UPL | Agrochemical firm UPL on Friday (December 22) said its board of directors has approved a proposal for raising funds amounting to ₹4,200 crore.
Biocon | Biotechnology major Biocon Ltd on Friday (December 22) said its subsidiary Biocon Biologics Ltd has signed a distribution agreement with Sandoz, granting the company the exclusive rights to promote, sell, and distribute “adalimumab BS for subcutaneous injection (FKB)” in Japan.
Talbros Automotive | Auto parts company Talbros Automotive Components Ltd (TACL) on Friday (December 22) said its board of directors has approved the divestment of its entire 40% stake in its joint venture company Nippon Leakless Talbros. Following the stake sale, Nippon Leakless will become the sole proprietor, holding 100% of the company. As part of this transaction, TACL is set to realise ₹81.8 crore for its 40% equity stake, valuing the joint venture company at ₹204.5 crore.
Anupam Rasayan | The specialty chemicals company has signed Letter of Intent (LoI) worth $61 million or ₹507 crore with one of the leading Japanese multi-national chemical company to supply new age polymer intermediate for a period of nine years.
Paytm | Statement from the company said that the AI-led transformation will result in a “slight” reduction in the operations and marketing workforce. The statement also said that the company will be able to save 10-15% employee costs. Core business may see manpower increase by 15,000 next year.
Wipro | Denies rumours of former L&T Infotech CEO Sanjay Jalona joining the company. The stock had gained 7% on Friday.
United Spirits / Radico Khaitan / Som Distilleries | The Gujarat government has allowed the consumption of liquor in hotels, restaurants, clubs offering wine and dine in GIFT City.
Adani Wilmar | Promoters intend to sell up to 1.24% stake in the open market to achieve Minimum Public Shareholding.
Aurobindo Pharma | USFDA issues 10 observations for Aurobindo Pharma’s arm Eugia’s East Winsdor, New Jersey manufacturing unit. The company says the observations are procedural in nature and will be responded to within the stipulated time. The pre-approved inspection was conducted between December 11-22, 2023.
PNC Infratech | Gets Provisional Completion Certificate (PCOD), 33 days ahead of schedule for rehabilitation and upgradation for Unnao-Lalganj section of new NH-31 under the Bharatmala Pariyojana.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
