ICICI Bank/ ICICI Securities
In a significant move, ICICI Securities announced on Thursday its transition into a fully owned subsidiary of ICICI Bank following the delisting process. According to ICICI Securities’ regulatory filing, the company’s Board of Directors approved the draft scheme of arrangement for the delisting of its equity shares. As a result, ICICI Bank will issue equity shares to the public shareholders of ICICI Securities, effectively making the company a wholly owned subsidiary of the bank.
BPCL
In a strategic move towards achieving its net zero carbon emission goals, Bharat Petroleum Corporation Ltd (BPCL), a state-owned enterprise, has revealed plans to raise up to Rs 18,000 crore through an equity shares rights issue. The funds generated from this initiative will be directed towards supporting the company’s environmentally sustainable projects.
Adani Total Gas
Adani Total Gas Ltd, the joint venture between billionaire Gautam Adani’s group and French energy giant TotalEnergies, has announced plans to invest INR 18,000 to 20,000 crore over the next 8 to 10 years to expand its city gas operations. The investment will focus on enhancing infrastructure for retailing compressed natural gas (CNG) to automobiles and providing piped gas to households and industries.
Reliance Capital
Reliance Capital, a troubled financial services company, has finally reached a resolution in its long insolvency resolution process as the Committee of Creditors (CoC) approved the proposal from IndusInd International Holdings Ltd (IIHL), part of the Hinduja Group. According to sources familiar with the matter, IIHL’s resolution plan received an overwhelming majority of votes, with 99.6 percent of the lenders in favor. The approval came after a voting process concluded on Thursday.
Reloy
Reloy, a proptech company backed by HDFC Capital, has successfully raised INR 7.2 crore from investors to expand its business operations. The firm specializes in assisting realtors in generating referral sales and aims to fuel its growth with this pre-series A2 funding round.
Power Grid
The government-owned electricity services company has obtained board approval for three investment proposals totaling Rs 389 crore. The company will allocate Rs 164.38 crore for setting up a specialized telecommunications network for NTAMC, Rs 115.09 crore for expanding the Western region under scheme XXXIII – Part A, and Rs 109.47 crore for enhancing ICT capabilities at Navsari (new) in conjunction with integrating an additional 7 GW of renewable energy power from Khavda RE park as part of Phase-III.
SBI Life Insurance Company
The SBI life insurance company has made an official announcement regarding the board’s approval for the re-appointment of Mahesh Kumar Sharma as the Managing Director (MD) and Chief Executive Officer (CEO).
Canara Bank
Canara Bank, a public sector lender, has obtained board approval for its capital-raising plan for the fiscal year 2024. The plan involves raising funds of up to Rs 7,500 crore through debt instruments. Specifically, the bank intends to raise capital during FY24 through Basel III compliant additional Tier I bonds amounting to Rs 3,500 crore and additional Tier II bonds amounting to Rs 4,000 crore.
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