Hot Stocks: Glenmark Pharma, Wipro, Vedanta, ICICI Lombard and others in today’s news
Zuari Industries stocks : The company announced that its board of directors will consider a fundraising proposal on September 26. The funds will be raised by issuing non-convertible debentures (NCDs) in the form of private placement.
Vedanta: The mining company has received board approval to raise up to Rs 2,500 crore through non-convertible debentures (NCDs) in one or more tranches on a private placement basis.
Glenmark Pharmaceuticals: The global pharmaceutical company has entered into a definitive agreement with Nirma to sell 75% stake in its subsidiary Glenmark Life Sciences (GLS). The company will sell stake for Rs 5,651.5 crore at a price of Rs 615 per share. Following the stake sale, Glenmark Pharma will hold 7.84% stake in GLS and Nirma will make a mandatory open offer to all public shareholders of GLS.
ICICI Bank: The country’s second-largest private sector lender has signed an agreement to invest around Rs 5 crore in Quantum CorpHealth, a healthcare platform. The transaction will be executed through shares and compulsorily convertible preferred shares (CCPS). Post the investment, the bank will hold 9.99% stake in Quantum CorpHealth by subscribing to 100 shares and 3,33,200 CCPS.
Infosys: The country’s second largest IT services provider will introduce its Finacle digital banking suite, Infosys Finacle, part of EdgeVerve Systems, to Guaranty Trust Bank of Nigeria, the banking subsidiary of Guaranty Trust Holding Company Plc. Guaranty Trust Bank will use Infosys Finacle for its multinational digital transformation programme.
InterGlobe Aviation: IndiGo and British Airways have signed a codeshare agreement to further boost ties between India and the UK. With this codeshare partnership with IndiGo, British Airways will now be able to add three additional routes to its existing network.
Tech Mahindra: The IT solutions company has approved the merger of Tech Mahindra Credit Solutions Inc. with its parent company Tech Mahindra (US) Inc. Tech Mahindra (America) Inc. is a wholly owned content subsidiary of Tech Mahindra. This merger of both the entities will optimize operating costs and reduce compliance risks.
Wipro: Jatin Praveenchandra Dalal has resigned as CFO of the company with effect from November 30 to pursue other career opportunities. The IT services company has appointed Aparna C Iyer as Chief Financial Officer with immediate effect. Aparna will report to CEO Thierry Delaporte and will join Wipro’s executive board. He has deep experience in financial risk management, capital allocation, fundraising, and driving business strategy and growth. Previously, Aparna served as Senior Vice President and CFO of Wipro FullStride Cloud.