The government has approved the appointment of Rama Mohan Rao Amara for the position of managing director of the State Bank of India (SBI). Amara, Deputy Managing Director, State Bank of India, has been appointed as managing director for three years, with effect from the date of assumption of charge of the post, or until further orders, whichever is earlier, the lender said in a regulatory filing on Wednesday, citing a government notification.
ITC Ltd on Wednesday acquired stake in Oberoi and Hotel Leelaventure (HLV) from its wholly-owned arm, Russell Credit Ltd. The company has acquired 2.44 per cent of the share capital (comprising 1.52 crore shares of ₹2 each) of EIH and 0.53 per cent of the share capital (comprising 34.60 lakh shares of ₹2 each) of HLV from RCL,” ITC said in a regulatory filing. Post such acquisition, ITC’s shareholding in EIH and HLV aggregates to 16.13 per cent and 8.11 per cent of their paid-up share capital, respectively, it added.
Usha Madhukar Chandurkar, one of the promoters of Ipca Laboratories, on Wednesday divested a 1.6 per cent stake in the pharmaceutical company for ₹600 crore through an open market transaction. According to the bulk deal data, Chandurkar offloaded 40 lakh shares, amounting to a 1.6 per cent stake, in Ipca Laboratories at an average price of ₹1,501.52. Details of buyers of Ipca Laboratories’ shares could not be ascertained on the BSE.
Interarch Building Products, a pre-engineered building (PEB) solutions company, has announced a strategic partnership with Jindal Steel & Power Ltd (JSPL), one of the leading steel manufacturers. The collaboration will leverage Interarch’s expertise in design, engineering, manufacturing and project management alongside JSPL’s modern manufacturing facilities for the heavier structures, enabling the development of high-performance steel solutions. Together, the two companies aim to drive innovation in the construction industry by advocating for sustainable and efficient urban development practices.
MedPlus Health Services said its promoters – Lone Furrow Investments Private Ltd and Gangadi Madhukar Reddy (MD & CEO) – along with promoter entities (Dureleg Manufacturing Pvt Ltd., Gangadi Investment Private Ltd) have executed a Debenture Trust Deed with Catalyst Trusteeship Ltd (the Debenture Trustee) on December 17. The incremental pledge is for the purpose of refinancing of promoters’ existing debt (NCD), it said.
Asian Paints Ltd. said on Wednesday two of its senior executives — Shyam Swamy and Vishu Goel — have resigned due to ‘personal circumstances.’ The resignations were disclosed in separate filings to the stock exchanges. Swamy had served as the vice-president of home improvement, décor, services, and retailing, while Goel served as Associate Vice-President, Retail Sales, Commercials & Marketing.
Shriram Finance has announced a fund-raising of $1.277 billion in multiple currencies through the external commercial borrowing route. The fundraising in US dollar, euro, and UAE dirham executed in partnership with 12 banks features tenors of up to five years, an official statement said.
Welspun One has initiated the process of raising ₹4,000 crore, especially from global investors. It will also broaden the platform’s investor base and position it as a node for international investors seeking exposure to India’s rapidly evolving logistics landscape, Welspun One said. The fundraising is a key milestone in the company’s strategy to double its portfolio size from 16 million sq ft to around 32 million sq ft by 2028, the company said, adding that it has already identified a robust pipeline of around 8 million sq ft across multiple assets.
