Author: Legal Parivar

On September 27, IDFC Limited announced the approval of its Board of Directors for the amalgamation of its subsidiaries. The Board has finalized a composite scheme to merge IDFC Financial Holding Company Limited (IDFC FHCL) with IDFC Limited, followed by the merger of IDFC Limited with IDFC FIRST Bank Limited. The National Company Law Tribunal (NCLT) in Chennai sanctioned this amalgamation scheme on September 25, 2024. The mergers will take effect on the following dates: Key Dates and Details: Post-Amalgamation Changes: Earlier approvals for the merger included a nod from the majority shareholders of IDFC First Bank on May 17,…

Adani Green Energy Ltd (AGEL) announced on Thursday that it has finalized a 50:50 joint venture (JV) with TotalEnergies, as stated in an exchange filing. Under this partnership, TotalEnergies has invested USD 444 million in AGEL’s subsidiary to acquire a 50% stake in its solar projects located at the Khavda renewable energy plant in Gujarat, the largest of its kind globally. “We would like to inform that the company has signed a Joint Venture Agreement with TotalEnergies Renewables Singapore Pte Ltd (TotalEnergies) and Adani Renewable Energy Sixty Four Ltd (ARE64L),” AGEL mentioned in the filing. Both AGEL and TotalEnergies hold…

In an effort to enhance local supplies, the Food Minister announced on Thursday that India is considering an increase in domestic prices for ethanol and sugar. The petroleum ministry is currently reviewing the proposal. During a press interaction at an event, the minister stated that the government is “looking into a proposal to raise the minimum selling price of sugar,” which has remained unchanged at ₹31 per kg since February 2019. He also noted that sugar production for the 2024-25 season (October-September) is expected to be strong due to favorable monsoon conditions. The prices of ethanol, which are set by…

Ola Electric announced on Thursday its plan to establish 10,000 sales and service outlets by the end of 2025, aiming to enhance its presence in smaller cities and towns. The electric two-wheeler manufacturer has launched a network partner program designed to promote the EV revolution in tier-2 and tier-3 cities, where EV adoption is still relatively low. As part of this initiative, the company has onboarded 625 partners to broaden its sales footprint across India and intends to increase this number to 1,000 before the festive season this year. The company is committed to expanding its network by adding 10,000…

French President Emmanuel Macron has voiced strong support for India’s bid for permanent membership in an expanded United Nations Security Council (UNSC) during his address at the United Nations General Assembly in New York. “We have a Security Council that is blocked…Let’s make the UN more efficient and more representative,” Macron stated on Wednesday. He advocated for the inclusion of Germany, Japan, India, Brazil, and two African nations to become permanent members of the UNSC. This support follows Prime Minister Narendra Modi’s recent emphasis on the need for institutional reforms to achieve global peace and development at the ‘Summit of…

State-owned SJVN has signed two initial agreements with the Maharashtra government to invest ₹48,000 crore in developing pumped storage and floating solar projects in the state. The first agreement is a Memorandum of Understanding (MoU) with the Department of Water Resources, focusing on the development of five pumped storage projects (PSPs) with a total capacity of 8,100 MW. These include the 800 MW Kolmondapada, 1,500 MW Sidgarh, 2,000 MW Chornai, 1,800 MW Baitarni, and 2,000 MW Jalvara. The second agreement is with Maharashtra State Power Generation Company (MAHAGENCO) for a 505 MW floating solar project at the Lower Wardha Dam,…

On September 26, state-owned Indian Bank announced that its board has approved the raising of ₹5,000 crore through long-term infrastructure bonds to support various projects. The board sanctioned the issuance of additional long-term infrastructure bonds totaling up to ₹5,000 crore, in addition to the ₹5,000 crore already raised by the bank in FY25, as stated in a regulatory filing. This fundraising initiative will be executed in one or more tranches during the current or following financial year, depending on the need for financing or refinancing infrastructure and affordable housing projects, in compliance with relevant RBI guidelines and other applicable laws…

Lenders of Jet Airways have informed the Supreme Court that the Jalan-Kalrock Consortium (JKC) has not released the complete first tranche of a ₹350-crore deposit, which is a crucial condition for transferring ownership of the bankrupt airline. Led by the State Bank of India, the lenders also stated that the consortium has failed to meet any of the necessary conditions for the ownership transfer, prompting them to call for the cancellation of the bankruptcy resolution plan, which could potentially lead to Jet Airways being liquidated. Jet Airways, founded by Naresh Goyal, went bankrupt in April 2019 after it suspended all…

The ₹158-crore initial public offering (IPO) of Diffusion Engineers saw full subscription on the first day of bidding, September 26, reflecting strong investor interest. A total of 4.72 crore equity shares were purchased, oversubscribing the offer size of 65.98 lakh shares by 7.16 times. Diffusion Engineers, a company specializing in repairs and reconditioning services for heavy machinery and equipment, aims to raise ₹158 crore entirely through a fresh issue at the upper price band of ₹159-168 per share. As a result, all IPO proceeds (excluding issue expenses) will go directly to the company. Retail investors led the charge, bidding 11.24…

Defence PSU Bharat Electronics Ltd (BEL) and Tata Group’s Trent are set to enter the NSE’s benchmark Nifty 50 index in the upcoming September reshuffle, according to estimates from Nuvama Alternative & Quantitative Research. Conversely, LTIMindtree and Divi’s Laboratories are expected to be excluded from the index. The Index Maintenance Sub-Committee (Equity) of NSE Indices is making these changes as part of the semi-annual review of broad market indices. Only stocks eligible for trading in NSE’s Futures & Options (F&O) segment can be included in the Nifty 50 index. These adjustments could result in inflows of $500 million into Trent…