Banks: The government seeks to dispose of ₹2 trillion worth of bad loans in next five years and has provisioned ₹30,600 crore guarantee to back security receipts issued by the newly constituted National Asset Reconstruction Company Ltd (NARCL) against the stressed assets.
Bharti Airtel: Chairman Sunil Mittal said Thursday that the telco will opt for moratorium, offered in telecom relief package, and redirect the cash flow to aggressively build networks. The telco has revised some of its popular plans to add a Disney+ Hotstar Mobile subscription at no extra cost for its prepaid customers.
Biocon: The company's unit, Biocon Biologics, on Thursday said it will offer around 15% stake to Serum Institute Life Sciences (SILS) at a post-money valuation of about $4.9 billion. SILS is a unit of Serum Institute of India.
Hero MotoCorp: The company will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from 20 September 2021. According to a statement released by the company, the price hike has been necessitated to offset the impact of steadily increasing commodity prices.
JM Financial: The company's unit JM Financial Products Ltd plans to raise up to ₹500 crore through public issue of bonds. The unit will come out with tranche I issue of secured, rated, listed, redeemable, non-convertible debentures of face value of ₹1,000 each with a base issue size of ₹100 crore. There will be an option to retain oversubscription of up to ₹400 crore, aggregating up to ₹500 crore.
JSW Steel: The steel maker on Thursday said it has raised $1 billion through issuance of Sustainability Linked Bonds (SLBs) in the overseas market. In a statement, JSW Steel said it has become the first company in the steel sector globally to issue a USD-denominated Sustainability Linked Bonds (SLBs).
Saregama India: The company plans to raise funds up to ₹750 crore through an additional issue of securities via options like private placement, preferential issue, public issue, or through qualified institutional placement, it said in a regulatory filing.
TVS Motor Co: The two wheeler maker has acquired a majority stake in EGO Movement, a Swiss e mobility solutions provider. TVS has acquired 7,719,786 common shares and 1,401,072 preferred shares in the Swiss company at CHF 1.825 per share, via TVS Motor (Singapore) Pte. Ltd.
Zee: The Board of Directors of ZEE Entertainment Enterprises Ltd, on Thursday, said that it strongly condemns the allegations made by certain proxy advisory firms against its former non-executive directors, Ashok Kurien and Manish Chokhani.
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