Kotak Mahindra Bank, Power Grid Corporation of India and VST Tillers Tractors to see some action today

Kotak Mahindra Bank has completed the acquisition of a nearly 10 per cent stake in KFin Technologies for around Rs 310 crore. In September, the bank had informed about subscribing to 1,67,25,100 equity shares in KFin Technologies for a consideration of approximately Rs 310 crore, translating into an equity shareholding of 9.98 per cent.

Power Grid Corporation of India’ board (PGCIL) has approved investments proposals worth around Rs 552 crore. These investment proposals worth Rs 552 crore include capital expenditure for procurement of telecom equipment and associated power system for augmentation of telecom backbone and access network with an estimated cost of Rs 429.24 crore based on June 2021 price level with commissioning schedule of 24 months from the date of award. It also approved the proposal for a regional system strengthening scheme to mitigate the overloading of 400 kV NP Kunta-Kolar SIC line at an estimated cost of Rs 122.71 crore including IDC of Rs 3.39 crore based on June 2021 price level scheduled to be commissioned by October, 2022.

VST Tillers Tractors has further decided / agreed to invest $1.6 million in Series B preferred Stock of Zimeno Inc, a company incorporated in the State of California, The United States of America (USA) for development and access to electric Tractor Technology. The company is holding about 2% shares in the Zimeno Inc before this investment. Now, the company will further invest in Series B preferred Stocks to retain same shareholding percent in the investee company.

Bharat Forge has promoted and incorporated a wholly owned subsidiary in Australia namely Kalyani Strategic Systems Australia (KSSAPL) on November 10, 2021. KSSAPL is incorporated as a wholly owned subsidiary of KSSL with an objective of exploring new business opportunities and diversifying our existing product portfolio in the defence and aerospace industry.

Adani Enterprises’ Wholly Owned Subsidiary (WOS) -- Adani Infrastructure has incorporated a WOS namely, ‘Mundra Solar Technology’ on November 9, 2021. Mundra Solar Technology is incorporated as WOS with an objective of designing, development, construction, implementation, commissioning, operation and maintenance of solar photovoltaic equipment, solar photovoltaic projects, and Engineering Procurement, Construction (EPC) of Solar Projects and ancillary projects including thin film, polysilicon, Ingot &-Wafer, Cell, Module etc. manufacturing facilities, nano electronics products, telecom products and cells and modules in renewables, electronics sector and other sectors.

Bhageria Industries has acquired land admeasuring 13,957 Sq. m. (i.e. Plot No. E137) from Maharashtra Industrial Development Corporation (MIDC), Tarapur for future expansion and new projects. The company has already made necessary payments to MIDC. A lease agreement to this effect has been entered between MIDC and the company for 95 years on November 9, 2021.    

UCO Bank has entered into a co-lending agreement with Aadhar Housing Finance to offer home loans at competitive rates. The partnership aims at providing easy and convenient home finance solutions to customers from the economically weaker sections of society.