AU Small Finance Bank

The bank has submitted an application to the Reserve Bank of India (RBI) seeking approval for a voluntary transition from a small finance bank to a universal bank.

Mankind Pharma

The company has executed a Business Transfer Agreement to transfer its over-the-counter (OTC) business undertaking on a slump sale basis to its subsidiary, Mankind Consumer Products (MCPPL).

Cipla

M K Hamied has resigned from his position as Vice Chairman and Non-Executive Director of the pharma company, effective October 29, due to age and health reasons. The Board has appointed Adil Zainulbhai and Abhijit Joshi as additional non-executive directors of the company, effective September 3.

NHPC

The company has signed a Memorandum of Understanding (MoU) with the Department of Water Resources (WRD), Maharashtra Government, for the establishment of energy storage systems (pumped storage systems) along with other renewable energy sources (such as solar/wind/hybrid) with a total capacity of 7,350 MW.

BGR Energy Systems

The company has received two orders from the GST Department in Tiruvallur, demanding a tax of Rs 480.25 crore (including interest and penalty) for FY20. It is in the process of filing an appeal before the said authority.

Sudarshan Chemical Industries

Sudarshan Chemical is in the race to acquire its German competitor, Heubach GmbH, which filed for insolvency in Germany on April 23, 2024, due to a high debt burden, reports CNBC-TV18 quoting sources. Sudarshan Chemical is likely to have submitted a bid to the insolvency administrator.

Godfrey Phillips India

The company has signed a term sheet for the sale of its retail business 24Seven to retail startup New Shop, reports CNBC-TV18 quoting sources The deal is expected to close by the end of September. Under the term sheet, the process to transfer shops to New Shop, which operates 160 stores across 35 cities round the clock, has already begun.

General Insurance Corporation of India

The Government of India will be selling a 6.78% stake (including a greenshoe option of 3.39%) in GIC Re via an offer-for-sale (OFS) on September 4-5. The OFS will open for non-retail investors on September 4, while retail investors and employees can participate on September 5. The floor price has been set at Rs 395 per share.

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