HDFC Bank: The country’s largest private lender is proposing to double its network of branches over the next three to five years by adding 1,500 to 2,000 branches annually, which would equate to adding a new one every five years.
Hero MotoCorp: The two-wheeler manufacturer has further strengthened its operations in Turkiye with the launch of Euro-5 compliant variants of its three vehicles in the country.
PVR, Stainless Steel Leisure: The multiplex operators said they have been cleared for their merger of the NSE and BSE exchanges. Both companies said they had received a letter of “no negative comments” from BSE and the National Stock Exchange of India regarding the merger plan.
Yes Bank: At a time when concerns have been raised about lenders delaying raising deposit rates amid general rate hikes, the private lender introduced a product Tuesday where the interest on a term deposit is pegged to the RBI’s repo rate.
astral: The plastics and pipe company has subscribed to optional convertible bonds of Rs 194 crore allocated by Gem Paints, and has appointed majority directors to the boards of directors of Gem Paints and Esha Paints. Accordingly, Gem Paints and Esha Paints have become a subsidiary and a retiring subsidiary of the company respectively.
Biocon: The arm of the pharmaceutical company, Biologics, has denied bribery allegations against the company and its officials regarding approval for one of its products in India, claiming it is following proper procedure to get nods from regulators.
Greenlam Industries: The multiplex and laminate company has entered into a share subscription agreement with Smiti Holding and Trading Company for the allotment of up to 63.1 lakh shares at a price of Rs 309 per share. Smiti Holding is an investor and will receive 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 about 45 percent. .
South Indian Bank: The private sector lender plans to raise up to Rs 2,500 crore to bolster its capital base for business growth and meet regulatory standards. The bank’s shareholders had approved this fundraising at the previous AGM last fiscal year, but the bank has not raised the funds.
Future ventures: The debt-ridden company has defaulted on the payment of interest of Rs 6.07 crore on its non-convertible bonds. The due date for payment was June 20, 2022. The company is unable to meet its obligations in respect of the interest on non-convertible bonds due on June 20, 2022.
Filatex India: The rating agency CARE has revised its credit rating for the textile company’s long-term banking facilities to A+, from ‘A’, with a stable outlook.