Mumbai - L&T Finance Holdings braces for a substantial stake sale amounting to Rs 1,500 crore ($180 million) by Bain Capital and BNP Paribas. The floor price for the block deal involving 8.82 crore shares has been set at Rs 169.19 per share, according to media reports.
Paytm's insurance foray takes a detour as IRDAI accepts the withdrawal of the fintech firm's application to register an associate company as a general insurance provider. Paytm will now focus on insurance distribution rather than manufacturing.
Corporate Actions and Approvals
Nestle India has approved the continuation of paying a 4.5% general license fee to its Swiss parent company.
The Chandigarh bench of NCLT has greenlit the merger of GMR Airports Limited and GMR Infra Developers Limited into GMR Airports Infrastructure Limited.
Sobha, the real estate firm, has obtained board approval for a proposed rights issue to raise approximately Rs 2,000 crore from eligible shareholders.
Expansion and Investments
Amber Enterprises, a household appliance maker, has acquired an additional 4.6% stake in IL JIN Electronics, a printed circuit board assembly manufacturer.
Exide Industries has invested Rs 74 crore in its wholly-owned subsidiary, Exide Energy Solutions Limited, by subscribing to equity shares.
Strategic Partnerships and Acquisitions
Whirlpool of India has joined forces with Hindustan Unilever for a marketing alliance between Surf Excel, a HUL brand, to enhance the laundry experience for Indian consumers.
360 ONE WAM, a financial services and stock broking firm, has entered into a definitive agreement to acquire ET MONEY, a digital wealth management platform, from Times Internet for Rs 365.82 crore.
BLS International Services' wholly-owned subsidiary, BLS International FZE, will acquire a 99% equity stake in Balozi Liaison Services, an Egypt-based company.
New Developments
MoneyBoxx Finance, a shadow lender, has opened new branch offices in Alote (Madhya Pradesh) and Pratapgargh (Rajasthan), effective June 12, 2024.
RedTape, a footwear manufacturing and marketing company, has commenced operations at its newly constructed warehouse in Howrah, West Bengal.
Integra Essentia has secured fresh orders worth Rs 2100 crore for its agro and infrastructure business segments.
