IREDA: Indian Renewable Energy Development Agency (IREDA), a state-owned entity, secured government approval to raise up to ₹4,500 crore by issuing equity shares through a qualified institutional placement (QIP). The government plans to dilute its stake in IREDA by 7 percent on a post-issue basis in one or more tranches. This approval came from the Department of Investment and Public Asset Management (DIPAM) following recommendations from a high-level committee.
REC: REC Ltd, a state-run company, signed agreements valued at ₹1.12 trillion to fund various renewable energy initiatives. The agreements, reached at a recent industry conclave, target projects scheduled for implementation over the next five years. The Memorandums of Understanding (MoUs) cover a wide array of green energy projects, including solar and wind hybrids, round-the-clock (RTC) solar and wind power, floating solar plants, ultra-mega renewable energy parks, and green hydrogen production. Other focus areas include hydroelectric projects, battery energy storage systems (BESS), and solar cell manufacturing.
Religare Enterprises: The Delhi High Court issued notices to the Registrar of Companies (RoC) and Religare Enterprises Ltd after MB Finmart, part of the Burman Family, challenged the RoC’s decision to extend Religare’s annual general meeting (AGM) by three months. The AGM, originally set for 30 September, was postponed to December without a stated reason. MB Finmart argued that the extension violated Section 96(1) of the Companies Act, which allows extensions only in “exceptional circumstances.” The court has set the next hearing for 21 October.
Aurobindo Pharma: Aurobindo Pharma announced its plan to acquire the remaining 49 percent stake in GLS Pharma Ltd for ₹22.5 crore, making it a wholly-owned subsidiary. The company entered into a binding agreement on September 18, 2024, with GLS Pharma and its promoters to purchase 5,90,361 equity shares at ₹381.12 per share. This acquisition will bring full ownership of GLS to Aurobindo Pharma, and the transaction is expected to be completed by December 31, 2024.
SBI: State Bank of India (SBI) raised ₹7,500 crore by issuing Basel III-compliant Tier 2 bonds to qualified institutional bidders. The issue attracted an overwhelming response, with bids exceeding 3 times the base issue size of ₹4,000 crore. The wide range of investors included provident funds, pension funds, mutual funds, and banks. SBI Chairman C S Setty noted that the strong participation reflected the trust investors have in India’s largest bank.
NTPC: NTPC will be a key stock to watch as it prepares to list its renewable energy subsidiary. The company aims to raise approximately ₹10,000 crore through the green energy IPO, and the draft papers for the listing have already been submitted.
BHEL, PFC: BHEL has paid a final dividend of ₹55 crore to the government, while Power Finance Corporation (PFC) reported a record dividend payout of ₹4,455 crore for 2023-24, with ₹462 crore going to the government.
Zee Entertainment Enterprises: Star India is seeking $940 million in damages from Zee Entertainment following the termination of an ICC TV rights deal. The arbitration process is ongoing, with Zee contesting the claims.
