Good afternoon,
Markets are trading in the green with the NIFTY50 trading above the 19,750 level, as of 12:15 pm Here are the top stories for the day!
Glenmark Pharma sells API business to Nirma
Glenmark Pharma has sold its API unit to FMCG maker Nirma for ₹5,651.5 crore. According to market experts, the deal value is lower than expected. This deal will help Glenmark Pharma reduce its debt. It has retained some stake in the unit, while Nirma plans to buy more stake from the public.
Vedanta raises funds via bonds to tackle debt woes
Vedanta has raised ₹2,500 crore via non-convertible debentures (NCDs) to ease its cash crunch. The bonds will have a value of ₹1 lakh each and will trade on the stock markets. Vedanta’s parent company, Vedanta Resources Ltd., has a debt of $6.3 billion to pay in four years.
HDFC AMC gets nod to buy stake in five banks
The RBI has allowed HDFC AMC to buy up to 9.5% stake in DCB Bank, Equitas Small Finance Bank, The Federal Bank, Karur Vysya Bank and City Union Bank. HDFC AMC has one year to complete the stake purchase.
South Indian jeweller launches IPO Today
Manoj Vaibhav Gems ‘N’ Jewellers Limited, has opened its IPO today. The price band is ₹204 to ₹215 per share. The company plans to raise ₹270.20 crore from the IPO, which will close on 26 September 2023.