Vodafone Idea: Mobile tower giant Indus Towers is learnt to have asked debt-ridden Vodafone Idea to clear outstanding dues and pay every month on time for continuity of business post-November, sources aware of the development said on Wednesday. The development comes after independent directors expressed concerns over the mounting dues of Vodafone Idea (VIL).
Hindustan Copper: Government-owned Hindustan Copper on Wednesday received shareholders' approval for a 23.20% dividend for fiscal FY22. The approval was granted at the 55th annual general meeting (AGM). The company has already determined eligible shareholders for the dividend benefit. The dividend will be paid on 26th October. Moreover, the company aims to increase production capacity up to 12.2 million tonnes in the first phase of expansion.
Punjab National Bank: Punjab National Bank will continue as a promoter of PNB Housing Finance Ltd (PNBHFL) even after the mortgage lender completes its rights issue, a top executive said. The public sector bank has already got Reserve Bank of India approval to infuse up to ₹500 crore for subscribing to PNBHFL shares in the proposed rights issue of up to ₹2,500 crore, expected by December.
IDBI Bank: The government may take a two-stage approach to privatize IDBI Bank, examining the eligibility of potential bidders in the first stage, followed by a second stage where transaction advisers will take charge of the sale. According to officials aware of the matter, discussions are on to finalize the upper limit of the total stake to be sold. However, the decision to sell a majority stake has already been made.
Ambuja Cements: Ambuja Cements, now controlled by billionaire Gautam Adani-led Adani Group, on Wednesday said it has created NDU with over 50 per cent shareholding in its subsidiary ACC Ltd as "collateral for loans taken by the company". The company has created a non-disposable undertaking (NDU) over 9.39 crore shares of ACC Ltd on September 26, 2022, said a regulatory filing by Ambuja Cements. NDU is different from the pledging of shares. Under NDU, one can sell the stocks, unlike pledging which prevents the sale of shares.
Edelweiss Financial Services: Edelweiss Financial Services (EFSL) mulls raising up to ₹400 crore through a public issue of bonds which opens next week. The base issue size is ₹200 crore with an option to retain oversubscription up to ₹200 crore. Under the issue, the company will issue secured redeemable non-convertible debentures (NCDs) of the face value of ₹1,000 each.
UCO Bank: State-owned UCO Bank is in the process of opening a special Vostro account with Russia's Gazprombank for settlement of trade in Rupee against the backdrop of sanctions imposed by western countries on Russia following its invasion of Ukraine. "The deal between UCO Bank and Gazprombank comes as the Reserve Bank of India implements a system to facilitate international payments through special Vostro accounts to promote trade in Rupee," UCO Bank MD &CEO Soma Shankara Prasad told PTI on Wednesday.
Hindustan Motors: C K Birla-owned Hindustan Motors Limited on Wednesday said the company, which stopped production in 2014, has paid off most of the liabilities other than a few employee liability and has been able to reduce accumulated losses, a company official said. Director of HM Uttam Bose, who chaired the company's AGM here, said the company is investing its resources in future technology, which is the electric vehicle (EV).
Bharti Airtel: Airtel Payments Bank has started rolling out 1.5 lakh micro ATMs in a phased manner across tier 2 cities and semi-urban regions to facilitate cash withdrawal for its customers, the company said on Wednesday. The Bank will gradually expand its service to cover more banking points in a phased manner. "Initially, the bank will place 1,50,000 units in Tier II cities and semi-urban regions. These regions typically have a high demand for cash withdrawal services but limited access to ATMs," the company said in a statement.
Sangam India: Textiles and apparels company Sangam India (Ltd) on Wednesday informed that the company has allotted 5 lakh shares to market veteran Madhusudan Kela's wife Madhuri Madhusudan Kela on 5 lakh warrant conversion at ₹180 each. Shares of Sangam India fell more than a per cent to ₹282 apiece on the BSE in the afternoon deals. These equity shares allotted on conversion of the warrants shall rank pari passu, in all respects with the existing equity shares, the company further informed.
