Shaoorji Pallonji and Co has repayed Rs 12,450 Cr to all its lenders to achieve an early OTR exit according to an official press statement from the company. “SPCPL on 31st March repaid all its lenders Rs 12,450 Cr to achieve an early exit from the COVID One-Time-Resolution (OTR) plan” the statement said. SPCPL’s OTR … Read more
Mahindra Logistics (ML) has announced strategic investment into Zipzap Logistics Pvt Ltd. Key points to note – Founded in 2018 and headquartered in Hyderabad, ZipZap is a tech enabled last-mile delivery logistics company operating under the brand name Whizzard. Â Total deal value is Rs 71.7 crore in lieu of which ML will get 60% stake … Read more
Kalpataru Power Transmission (KPTL) has announced to merge it’s subsidiary, JMC Projects with itself. Key points to note – KPTL currently owns 67.75% of JMC. It’s an equity merger and the swap ratio is determined as 1 share of KTPL for every 4 shares of JMC. Their respective last closing prices were Rs 389 and … Read more
The State Bank of India (SBI) on Sunday said that it had filed a complaint against ABG Shipyard — regarding a massive Rs 22,842 crore bank fraud — with the CBI in November 2019. It added that a second and more comprehensive complaint was filed with the agency in December 2020. The bank, in a … Read more
The engineering procurement and construction (EPC) company that went into liquidation, is set to be acquired by Hyderabad businessman Ponguleti Prasad Reddy along with consortium members for Rs 1200 crore. This would imply a recovery of 8% for lenders. IVRCL was pushed into liquidation after lenders rejected two separate resolution plans submitted by Shankar Sharma … Read more
Gati is targeting to become a Rs 3,000 crore revenue company in the next three years – it’s Chief Executive Officer Pirojshaw Sarkari has said. Key points to note – Company reported revenues of Rs 1,488 crore during trailing twelve months ended September 30, 2021. The target therefore implies doubling of this number in 3 … Read more