Axis Bank: The private lender, after market hours on Friday, said its group executive and chief financial officer Jairam Sridharan stepped down as he plans to pursue other career opportunities. According to a regulatory filing, the bank’s nomination and remuneration committee have initiated the process of finding a successor to Sridharan.
Bharti Airtel: Parent Bharti Telecom Ltd has sought the government’s approval for a ₹4,900 crore investment from Singapore-based Singtel and other foreign entities. Sunil Bharti Mittal and his family currently own around 52% stake in Bharti Telecom. The fund infusion, if approved, will raise foreign stake in Bharti Telecom beyond 50%, according to a PTI report.
Reliance Capital: The company, after market hours on Friday, said it has apprised debenture holders of their legal position. The Anil Ambani-led firm has requested the debenture trustee to withdraw bankruptcy proceedings initiated before the debt recovery tribunal and sought for a meeting of debenture holders to consider a debt resolution plan.
Maruti Suzuki: The company increased its production in November by 4.33%, after having reduced output for nine straight months due to lower demand. According to a regulatory filing, India’s largest carmaker produced a total of 141,834 units in November as against 135,946 units in the same period last year. Passenger vehicles’ output in November was at 139,084 units as against 134,149 units in the year-ago period.
Yes Bank: Investors may watch this space as the board of the private lender is scheduled to meet on Tuesday to finalise its fundraising plans. The bank has indicated that it has so far received investment offers worth $3 billion from potential investors. Separately, Moody’s Investors Service on Friday downgraded the ratings for the bank with a negative outlook citing asset quality concerns and shrinking capital buffers.
Dish TV: Ratings agency Care Ratings has downgraded the Essel Group-owned media company’s banking facilities worth ₹850 crore to CARE D from CARE A4+. The rating was revised downwards after the company defaulted in payment of short-term loan due on 28 November.
Zensar Technologies: The company, after market hours on Friday, said it has partnered with Education Africa under its education and skills development program to support underprivileged local students of business management. The digital solutions and technology service company will support 15 students from the University of South Africa.
KNR Constructions: The company on Saturday said it has signed a concession agreement for KNR Palani Infra Pvt Ltd - HAM Project with National Highways Authority of India (NHAI).
Escorts: The company, after market hours on Friday, said ratings agency Crisil has reaffirmed its long-term rating on the company at AA- with a stable outlook. The short-term rating for the company and its commercial paper was reaffirmed at A1+.
Equitas Holdings: The company’s subsidiary Equitas Small Finance Bank approved issuance of 4.75 crore shares or 4.51% equity at ₹52.68 per share aggregating to ₹250 crore by private placement to IIFL Group, High Conviction Fund and Trivantage Capital.