Manappuram Finance has announced that Bain Capital will acquire an 18% stake in the company for ₹4,385 crore through a subscription of shares and warrants at ₹236 each, representing a 30% premium over the six-month average trading price. The deal will also trigger a mandatory open offer for the purchase of an additional 26% stake from existing shareholders. Depending on open offer subscription, Bain Capital’s stake post-investment will range between 18% and 41.7%.
Hero MotoCorp’s board has approved a strategic investment of up to ₹525 crore in Euler Motors Private Limited, acquiring a 32.5% stake in the electric three-wheeler company. The transaction is set to be completed by April 30.
Aditya Birla group chairman, Kumar Mangalam Birla, has announced that Hindalco will invest ₹45,000 crore in the copper and aluminium segments, as well as venture into the electric mobility materials space by establishing the country’s first copper foil facility for electric vehicles. The investment will focus on upstream operations and advanced, high-precision engineered products.
Bajaj Finance has appointed Anup Kumar Saha as its managing director, replacing Rajeev Jain, who will be re-designated as vice chairman for the next three years, effective April 1. Saha, currently serving as deputy managing director, will assume his new role on the same date until March 31, 2028.
In other news, Bajaj Housing Finance Ltd will receive inflows as part of the FTSE rebalancing adjustments set to take place towards the close of the trading session on Friday.
Furthermore, Mundra I Transmission Ltd, a project-specific special purpose vehicle, has been transferred to Adani Energy Solutions, following a successful bidding process. The asset, previously a wholly-owned subsidiary of PFC Consulting Ltd, was transferred to Adani Energy Solutions on March 20 for the development of a transmission system to supply power to green hydrogen/ammonia manufacturing potential in Mundra, Gujarat.
Zomato Ltd has received approval from the Ministry of Corporate Affairs to change its name to Eternal Limited, effective March 20, 2025. The name change applies only to the corporate entity and does not impact the company’s brand or app identity.
Moreover, Hindustan Construction Company Ltd and Tata Projects Ltd have secured a contract worth ₹2,470 crore from Tata Power Company for the construction of the Bhivpuri Off-Stream OpenLoop Pumped Storage Project in Maharashtra.
Sirca Paints India Limited has acquired the business undertaking of the Wembley Group for an aggregate purchase consideration of ₹81.50 crore.
In the IT sector, Indian IT stocks will be influenced by Accenture’s results, where the global IT services giant raised the lower end of its full-year revenue forecast but narrowed its guidance range due to uncertainties in discretionary spending.
Embassy Developments Limited has signed a ₹1,125 crore land transaction deal with Lam Research (India) for the sub-leasing and eventual divestment of a 25-acre land parcel in Bengaluru.
Unichem Laboratories has completed the Phase I capacity expansion of its API plant at Pithampur, adding 210 KL capacity with a ₹200 crore investment.
RINL (Rashtriya Ispat Nigam Ltd) has initiated discussions with an SBI-led consortium of banks for refinancing its high-interest long-term loans ahead of the second round of fund infusion of approximately ₹1,500 crore due in April.
Glenmark Pharmaceuticals Inc., USA, has received final approval from the U.S. FDA for Olopatadine Hydrochloride Ophthalmic Solution USP, 0.2%, which will be distributed in the US by Glenmark Therapeutics Inc.
RailTel Corporation of India has secured a new work order worth Rs 16.89 crore from the Ministry of Defence for laying optical fiber cables (OFC).
