SpiceJet seeks shareholders’ approval to hive off cargo, logistics business
SpiceJet Ltd has sought permission from its shareholders to transfer its cargo and logistics business to its subsidiary, SpiceXpress. All related assets and liabilities, including trademark, licenses, franchises, customer contracts, and distribution network will be transferred on a slump sale basis to SpiceXpress. The airline has also sought shareholders’ approval to raise up to Rs 2,500 crore through the issuance of shares via a Qualified Institutional Placement (QIP).
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RBI partially lifts technology-ban on HDFC Bank: Report
According to a report from CNBC-TV18, the Reserve Bank of India (RBI) has partially lifted the technology ban on HDFC Bank with effect from August 17. The central bank has allowed HDFC Bank to source new credit cards. However, the ban on digital launches will continue for the time being. In December 2020, the RBI had banned India’s largest private-sector lender from selling new credit cards and also launching new digital services due to a series of network outages.
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RBI introduces Financial Inclusion Index
The Reserve Bank of India (RBI) has introduced the Financial Inclusion (FI) index to capture the extent of financial inclusion in the country. The FI-Index has been conceptualised as a comprehensive index, incorporating details of the banking, investments, insurance, postal, and pension sectors in consultation with the government and respective sectoral regulators. This was part of the announcements made in RBI’s first bi-monthly monetary policy in April 2021.
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Dixon Tech to manufacture smartphones for Orbic in India
US-based smartphone maker Orbic has partnered with Dixon Technologies to manufacture its smartphones in India. The new Orbic Myra 5G UW will be the first 5G millimeter-wave (mmWave) product to be produced in India for export to the US. The smartphones will be manufactured at Dixon Tech’s facility in Noida. Dixon is one of the 14 local and global companies that has received approval from the Ministry of Electronics and IT under the Production Linked Incentive (PLI) scheme for IT hardware manufacturing.
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Sterlite Power Transmission files DRHP for Rs 1,250 crore IPO
Sterlite Power Transmission Ltd (SPTL) has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise ~Rs 1,250 crore via an IPO. SPTL is promoted by mining magnate Anil Agarwal and Twin Star Overseas. The company manufactures power products and is in the business of power transmission. The proceeds from the IPO will be used to repay or prepay certain borrowings availed by the company and Khargone Transmission Ltd (KTL).
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Dilip Buildcon gets financial closure of NHAI road project in Gujarat
Dhrol Bhadra Highways, a subsidiary of Dilip Buildcon Ltd, has received a financial closure letter from the National Highways Authority of India (NHAI) for a road project in Gujarat. The project consists of four laning of Dhrol-Bhadra Patiya section of NH-151A and Bhadra Patiya-Pipaliya section of NH-151A on a design, build, operate, and transfer (DBOT) basis. The bid project cost is Rs 882 crore.
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Caplin Point’s subsidiary gets approval from Brazil’s ANVISA
Caplin Steriles has received approval from Brazil’s National Health Surveillance Agency ANVISA for its sterile injectable manufacturing site near Chennai, Tamil Nadu. The approval grants the company access to register and market its products in Brazil, the largest pharmaceutical market in Latin America. Caplin Steriles is a subsidiary of Caplin Point Laboratories Ltd.
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Canara Bank opens Rs 2,500 crore QIP; floor price set at Rs 155.58 per share
Canara Bank has launched a Qualified Institutional Placement (QIP) of equity shares to raise ~Rs 2,500 crore. The lender’s Board of Directors has approved a floor price of Rs 155.58 per equity share for the QIP. The Capital Planning Process Committee of Canara Bank’s board will meet on August 23, 2021, to consider the issue price for the equity shares and the number of shares to be allotted to Qualified Institutional Buyers (QIBs).
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Zydus Cadila gets USFDA approval for cancer drug
Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market Lenalidomide capsules. The drug is used to treat various types of cancers. It works by slowing or stopping the growth of cancer cells. The drug will be manufactured at the pharma company’s formulation manufacturing facility at the SEZ, Ahmedabad.
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SBI Cards raises Rs 500 crore by issuing bonds
SBI Cards and Payment Services Ltd has raised Rs 500 crore by issuing bonds on a private placement basis. The company’s Stakeholders’ Relationship & Customer Experience Committee has approved the allotment of 5,000 fixed-rate, redeemable non-convertible debentures (NCDs) of the face value of Rs 10 lakh each, aggregating to Rs 500 crore. SBI Cards will offer a coupon rate of 5.7% per annum on the bonds.
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RailTel Corp secures two orders worth Rs 39 crore
RailTel Corporation of India Ltd has received two works of tunnel communication of Central Railway from Indian Railways. The total anticipated project cost of the work is Rs 38.83 crore. The order has to be completed within 12 months. RailTel is an Information and Communications Technology (ICT) company. It is a wholly-owned subsidiary of the Government of India and is run by the Ministry of Railways.
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