IGI Logo

Key News

HDFC twins merge in $40-bn deal; amalgamation may take 15 to 18 months

A merger, which was in the making for years, has finally fructified in a $40- billion deal to create a banking behemoth. The country’s largest housing finance company and the biggest private sector bank announced on Monday that their boards have approved an all-stock amalgamation of HDFC Ltd into HDFC Bank, subject to regulatory approvals. At present, HDFC is the parent company of the bank.

The merger will be a two-step process wherein, HDFC Investments Ltd and HDFC Holdings Ltd, which are wholly-owned subsidiaries of HDFC, will be merged with and into HDFC. Then HDFC will be merged with HDFC Bank. HDFC and its two subsidiaries currently hold 21 per cent of the share capital of HDFC Bank. HDFC shares will be extinguished after the merger.

Vodafone raises stake in debt-ridden Vi to 47.61% through Prime Metals

British telecom major Vodafone has raised its stake in debt-ridden Vodafone Idea Limited to 47.61 per cent through its subsidiary Prime Metals, a regulatory filing said on Monday.

The company earlier held 44.39 per cent stake in Vodafone Idea Limited (VIL).

"Prime Metals held 2,18,55,26,081 equity shares, representing 7.61 per cent of the equity share capital, of Vodafone Idea Limited (the "company"). PML has acquired 570,958,646 equity shares of the company through allotment of equity shares pursuant to a preferential issue of the company," the filing said.

Sterling Holiday Resorts appoints Vikram Lalvani MD & CEO

Leisure hospitality player Sterling Holiday Resorts Ltd on Monday said it has appointed Vikram Lalvani as its new Managing Director and CEO with effect from April 1, 2022. He takes over from Ramesh Ramanathan, who continues to be the Chairman of the company, Sterling Holiday Resorts said in a statement.

Mankind Pharma forays into agri-tech space, plans to invest Rs cr200ore

Mankind Pharma on Monday announced its foray into the agri-tech segment, with plans to invest up to Rs 200 crore in the first two to three years.

The company has set up a new arm Mankind Agritech Pvt Ltd, which will offer a variety of crop care solutions to Indian farmers, including weedicides, insecticides, fungicides, plant growth regulators and biologicals, Mankind Pharma said in a statement.

IndiGo flight makes emergency landing at Nagpur due to 'technical snag'

An IndiGo Nagpur-Lucknow flight returned to the origin after take-off following a suspected momentary technical snag, said the airline on Monday. The airline further informed that all the passengers were safe after the return of the flight to Nagpur airport.

"IndiGo's Nagpur-Lucknow flight, returned to origin after take-off, following a suspected momentary technical snag, today. The pilots followed the standard operating procedures and returned safely to Nagpur airport. All passengers are safe," said the airline.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at http://www.aretesecurities.com/
SEBI Regn. No.: INM000012740

Above views are of the author and not of the website kindly read disclaimer