Bank of Baroda, Star Health, Intellect Design Arena to see some action today

Bank of Baroda’s board has approved the proposal of Raising of Long term Bonds for financing of Infrastructure & Affordable Housing to the tune of Rs 5000.00 crore in single or multiple tranches during Financial Year 2022-23. These bonds shall be senior, unsecured and will not form part of capital of the Bank. The Board of Directors in their meeting held on June 27, 2022 has approved the same. 

Star Health and Allied Insurance has signed a Corporate Agency agreement with IDFC FIRST Bank, for distribution of its health insurance solutions. Under this strategic agreement, Star Health and Allied Insurance will offer its best in class health insurance products to the Bank’s customers using IDFC FIRST Bank’s state of the art digital platform and its wide distribution network. 

Intellect Design Arena’s Intellect Global Consumer Banking (iGCB) has been selected by Mauritius Telecom to offer digital financial services, deliver personalised and contextually relevant customer experiences and drive financial inclusion. A leading provider of ICT services and solutions in Mauritius with a customer base of more than 1.3 million subscribers, Mauritius Telecom has been at the forefront of innovation and continues to be one of the key drivers of socio-economic transformation of the country. In 2019, the company launched a mobile wallet, called My.t Money that facilitated cashless payments and management of money through a mobile app and a payment card.

AYM Syntex has incorporated wholly-owned subsidiary (WOS) on June 27, 2022 in the name and style of ‘Aym Textiles’. The Company was required to incorporate the WOS to fulfill the stipulations specified for participation under the New Production Linked Incentive (PLI) Scheme of GOI for Textiles.

ICICI Lombard General Insurance Company is aiming to settle the MSME clients' admissible claims of up to Rs 5 lakh within 10 days of completing the claims survey. The claims settlement process is a first-of-its-kind service to enable faster claim settlement for MSMEs and startups.

New Space India, Central Public Sector Enterprise under the administrative control of Department of Space (DOS), Government-of India has executed ‘Letter of Intent’ (LOI) on June 27, 2022 with Paras Defence and Space Technologies for handing over the technology of ‘Optical Imaging System’ as developed by Indian Space Research Organization (ISRO).

Bajaj Auto has received approval for buyback of the fully paid up equity shares of the Company having a face value of Rs 10 each (Equity Shares) from the existing shareholders of the Company (except promoters, promoter group and persons in control of the Company) from open market through stock exchange mechanism (i.e through National Stock Exchange of India and BSE collectively ‘Stock Exchanges) at a price not exceeding Rs 4,600 (Maximum Buyback Price) per Equity Share and such aggregate amount, up to Rs 2,500 crore (Maximum Buyback Size), representing 9.61 % and 8.71% of the aggregate of the total paid-up share capital and free reserves (including securities premium account) of the Company based on the latest audited financial statements of the Company as at March 31, 2022 ( on a standalone and consolidated basis, respectively) (Buyback) in accordance with the provisions of the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (as amended) (Buyback Regulations) and the Companies Act, 2013 and the rules made thereunder.