Mahindra Finance, Union Bank of India and Bharat Dynamics to see some action today

Mahindra & Mahindra Financial Services (Mahindra Finance) has completed the acquisition of the balance 20% of the Equity Share Capital aggregating 2,91,29,032 Equity Shares of Ideal Finance from its existing shareholders, resulting in an increase in the company's stake in Ideal Finance from 38.20% to 58.20%. Consequent to this investment, Ideal Finance has become a Subsidiary of the Company effective July 8, 2021.

Union Bank of India is issuing Basel Ill Compliant Debt Instruments in the nature of Debentures eligible for inclusion in Tier-2 Capital (Bonds) Series XXXl of Rs 500 crore with Green Shoe Option up to Rs 650 crore (maximum Rs 1,150 crore) on Private Placement basis. It will allot the bonds on July 9, 2021. The redemption date is set as July 9, 2036. The bonds with tenor of 15 years carry coupon rate of 7.25 per cent per annum.

Bharat Dynamics (BDL) has signed a contract worth about Rs 499 crore with Ministry of Defence for manufacture and supply of Akash Missiles to the Indian Air Force. With the present contract signed for supply of Akash to Indian Air Force, the order book position now stands at about Rs 8683 crore. The company is supplying Akash Missiles to Indian Army and Indian Air Force. With the announcement from the Union Cabinet regarding clearance of Akash Weapon System for Export, the Company is exploring to offer Akash for export to foreign countries.

Tata Motors has inked a two-year memorandum of understanding (MoU) with Jammu & Kashmir Bank, the largest commercial vehicle financier in the union territory of Jammu and Kashmir, in a collaborative effort to offer financing options to its customers. This partnership, with J&K Bank, will go a great distance in easing the vehicle financing process for company’s customers.

Coal India (CIL) has inked a pact for purchase of 11 Russian rope shovels for nearly Rs 1,642 crore. Electric rope shovels play a vital role in opencast mines for loading of material. In an ongoing process of modernising its ageing heavy earth moving machinery fleet, the company on closed a deal valued at nearly Rs 1,462 crore for purchase of 11 20-cubic metre electric rope shovels.

Axis Bank and NIIT Institute of Finance Banking and Insurance (NIIT IFBI) have launched a fintech professional programme to build future-ready professionals for the private sector lender. The programme offers graduates with zero to three years of experience an opportunity to join Axis Bank as a deputy manager (IT). The programme is immersive in nature where the learners perform tasks of similar complexity as they would face in their role.

Rico Auto Industries has purchased 12,00,000 equity shares having a face value of Rs 10 of its Subsidiary Company namely Rico Investments (RIL) from its existing shareholders at a price of Rs 10.00 per share. After this purchase, the company holds entire (100%) Equity Share Capital of RIL and consequently, RIL has now become a Wholly Owned Subsidiary of Rico Auto Industries.