Author: Legal Parivar

On September 27, global investors Morgan Stanley, Societe Generale, and Citigroup acquired a combined 2.8% stake in Sterling and Wilson Renewable Energy through open market transactions. In contrast, the company’s promoters sold a total of 7.13% of their holdings. Morgan Stanley Asia Singapore Pte purchased 20.25 lakh equity shares, while Societe Generale bought 20.1 lakh shares and Citigroup Global Markets Mauritius acquired 25.65 lakh shares, all at an average price of ₹623 per share. The promoters, Shapoorji Pallonji and Company, sold 5.78% of their stake at an average price of ₹623.28, and Khurshed Yazdi Daruvala divested 1.35% at an average…

PVC blend-based building materials manufacturer, Kumar Arch Tech, has submitted its draft papers to SEBI for a proposed ₹740 crore initial public offering (IPO). According to the filing on September 27, the IPO will consist of a fresh issue of shares worth ₹240 crore and an offer for sale (OFS) of ₹500 crore by the promoters. The Rajasthan-based company, which operates under the ECHON brand, may also raise ₹48 crore through a pre-IPO placement. If this placement occurs, the size of the fresh issue will be reduced accordingly. Kumar Arch Tech claims to be India’s largest manufacturer of PVC blend-based…

On Friday, Property Share, a small and medium real estate investment trust (SM REIT), submitted its draft documents to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) worth ₹353 crore. The primary purpose of the IPO is to fund the acquisition of the Prestige Tech Platina asset through Platina Special Purpose Vehicles (SPVs), with any remaining proceeds being used for general corporate purposes. This IPO will consist solely of a fresh issue of Platina units, with no offer for sale. ICICI Securities Limited will act as the sole lead manager, while Cyril Amarchand Mangaldas…

On Friday, the Bombay Stock Exchange (BSE) announced a revision in transaction fees for Sensex and Bankex options contracts within the equity derivatives segment, setting the new rate at ₹3,250 per crore of premium turnover. This updated fee structure will take effect from Tuesday, October 1. Transaction fees for other contracts in the equity derivatives segment remain unchanged. For Sensex 50 options and stock options, the transaction charge stands at ₹500 per crore of premium turnover, while no fees are applied to index and stock futures. Similarly, the National Stock Exchange (NSE) has introduced new transaction fees across various segments.…

Zomato’s Co-founder and Chief People Officer, Akriti Chopra, resigned from the company on September 27, 2024, after a 13-year tenure, as disclosed in a notification to the stock exchange. In her resignation letter addressed to CEO Deepinder Goyal, Chopra expressed gratitude for her journey at the company and wished Zomato and its initiative “Eternal” success. Chopra, who is also married to Blinkit CEO Albinder Dhindsa, is among several high-level executives who have recently left Zomato. Earlier, former CTO Gunjan Patidar, co-founders Mohit Gupta, Pankaj Chaddah, Gaurav Gupta, and others, including key leaders in the company’s new initiatives, had also stepped…

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…