HDFC Bank: The country’s largest private lender proposes to double its network of branches in the next three to five years by adding 1,500 to 2,000 branches annually, which would akin to adding a new every five years.
Hero MotoCorp: The two-wheeler maker has further strengthened its operations in Turkiye with the launch of Euro-5 compliant variants of its three vehicles in the country.
PVR, Inox Leisure: The multiplex operators said that they have received clearances for their merger from bourses NSE and BSE. Both companies announced to receive a letter with ‘no adverse observations’ from BSE and National Stock Exchange of India in relation to the scheme of amalgamation.
Yes Bank: At a time when concerns are being raised about lenders delaying deposit rate hikes amid the overall rate increases, the private lender Tuesday introduced a product where the interest earned on a term deposit is linked to the RBI‘s repo rate.
Astral: The plastic and pipe company has subscribed to optionally convertible debentures of Rs 194 crore allotted by Gem Paints, and has appointed majority directors on the board of Gem Paints, and Esha Paints. Accordingly, Gem Paints and Esha Paints have become a subsidiary and step-down subsidiary of the company, respectively.
Biocon: The pharma company’s arm, Biologics, denied allegations of bribery against the company and its officials regarding approval for one of its products in India, asserting that it follows the due process to get nod from regulators.
Greenlam Industries: The plywood board and laminates company has executed a share subscription agreement with Smiti Holding and Trading Company for allotment of up to 63.1 lakh equity shares at a price of Rs 309 per share. Smiti Holding is an investor and will get shares on a preferential basis.
Jain Irrigation Systems: The micro irrigation systems company said its global irrigation business will be merged with Temasek-owned Rivulis in a cash-and-stock deal, a move that will help the company reduce its consolidated debt by Rs 2,700 crore or around 45 per cent.
South Indian Bank: The private sector lender is planning to raise up to Rs 2,500 crore to shore up its capital base for business growth and meet regulatory norms. The bank’s shareholders had given approval for this fundraise in the previous AGM last fiscal, however, the bank did not raise the funds.
Future Enterprises: The debt-ridden firm has defaulted on payment of interest of Rs 6.07 crore for its non-convertible debentures. The due date for payment was June 20, 2022. The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures was due on June 20, 2022.
Filatex India: The rating agency CARE revised its credit rating on the textile company’s long-term bank facilities to A+, from ‘A’, with a stable outlook.