Latest news with #DisclosureRequirements
Mint
4 days ago
- Business
- Mint
Patanjali Foods rejects reports of Centre's notice to Ayurved division: ‘Examining appropriate action'
Patanjali Foods Ltd on Sunday junked reports of Patanjali Ayurved Limited receiving notice from the Ministry of Corporate affairs, saying it has not received any communication. In a stock exchange filing, Patanjali Foods said its sister concern Patanjali Ayurved is not being investigated by the Centre. 'Pursuant to Regulation 30(11) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, based on confirmation from Patanjali Ayurved Limited, we may clarify that Patanjali Ayurved Limited has not received any communication from Ministry of Corporate Affairs('MCA') for the proposed investigation by MCA as appearing in mainstream media,' the filing noted. Patanjali Ayurved is exploring legal options to address the issue, the company said. 'Their legal counsels are examining appropriate action in this regard,' Patanjali Foods said. In a report on May 30, Bloomberg reported that yoga guru Baba Ramdev's company Patanjali Ayurved is under the scrutiny of Centre due to 'suspicious' activities. The Centre has asked Patanjali Ayurved to explain some transactions deemed suspicious, according to the report quoting people familiar with the matter. As per the report quoting unnamed sources, the Union Ministry of Corporate Affairs sent a notice to the company after the federal economic intelligence wing found transactions it said was abnormal and dubious. The sources quoted by Bloomberg did not however reveal the exact amount of transactions involved in the case. They cited early stages of investigation as the reason. The company will have about two months to respond to the notice, according to the report. The corporate affairs ministry will further confirm if the company committed any corporate governance breaches and fund diversion. While Patanjali Ayurved is a closely held company, its unit Patanjali Foods Ltd. is publicly traded. Patanjali's face, Yoga Guru Ramdev, found himself in a soup earlier this year regarding some controversial comments. On May 2, Ramdev gave an undertaking in the Delhi High Court saying he will not issue any disparaging statement or publish on social media, posts similar to his "sharbat jihad" remark against Hamdard's Rooh Afza. A similar undertaking was also tendered by Ramdev's Patanjali Foods Ltd. The court passed the order while dealing with a lawsuit by Hamdard National Foundation India against Ramdev and his Patanjali Foods Ltd over the controversial remarks. Hamdard claimed while promoting Patanjali's "gulab sharbat", Ramdev alleged the money earned from Hamdard's Rooh Afza was used to build madrasas and mosques.
Mint
09-05-2025
- Business
- Mint
SBI to sell 13.19% stake in YES Bank to Sumitomo Mitsui Banking for ₹8,889 crore. Check details
India's largest lender State Bank of India (SBI), and seven other top lenders like HDFC Bank, Kotak Mahindra Bank, ICICI Bank, and Axis Bank, among others, are cumulatively offloading a 20% stake in YES Bank in favour of Japan's Sumitomo Mitsui Banking Corporation (SMBC), the private lender informed exchanges on Friday, May 9. SBI announced that it will sell a 13.19% stake held in YES Bank to SMBC for a consideration of ₹ 8,889 crore. SBI will offload 4,13,44,04,897 equity shares, amounting to a 13.19% stake, of YES Bank to Sumitomo Mitsui Banking Corporation at ₹ 21.50 per equity share. 'Pursuant to Regulation 30 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we advise that the Executive Committee of the Central Board (ECCB) of the Bank, in the meeting held on 9th May, 2025, has accorded approval to divest 4,13,44,04,897 equity shares of YES Bank Limited (YBL), being equivalent to approximately 13.19% of YBL's shares, to Sumitomo Mitsui Banking Corporation (SMBC) at Rs. 21.50 per equity share," SBI said in a filing. The total consideration for this transaction amounts to ₹ 8,888,97,05,285.50 (approximately ₹ 8,888.97 crores), subject to receipt of all regulatory and statutory approvals by the acquirer, it added. SBI held a 23.97% stake in YES Bank as of the March 2024 quarter. Following the deal, its stake in the company would drop to 10.78%. The stake sale is subject to receipt of all regulatory and statutory approvals by the acquirer, it said. The said stake sale is expected to be completed within 12 months from the date of execution, SBI added. Additionally, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis bank, IDFC First Bank, Federal Bank and Bandhan Bank will collectively sell 2,136,830,297 equity shares, representing 6.81% stake, of YES Bank to Sumitomo Mitsui Banking Corporation. ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Axis Bank and Life Insurance Corporation of India together hold an 11.34% stake in Yes Bank. It was first in 2020 that these companies had acquired stakes in YES Bank, as part of RBI's bailout plan to stabilise the troubled private lender. These investments were part of a ₹ 10,000 crore infusion to recapitalise YES Bank and facilitate its restructuring under the RBI's guidance. Mint was the first to report that Japan's SMBC has secured the Reserve Bank of India's (RBI) go-ahead to acquire 51% in Yes Bank. SMBC will either buy less than 26% in YES Bank and do a merger through a share swap, or may buy up to 26% and launch an open offer, Mint had reported. Sumitomo Mitsui Banking Corporation is a Japanese multinational financial services company belonging to the Sumitomo Mitsui Financial Group. It has a market capitalisation of nearly ₹ 7.601 lakh crore. YES Bank shares closed the session nearly 10% higher at ₹ 20 apiece on the BSE ahead of the announcement.
Mint
08-05-2025
- Business
- Mint
Ashish Kacholia portfolio stock Zaggle Prepaid jumps 7% after THIS order book update
Stock market today: Ashish Kacholia-owned stock Zaggle Prepaid surged over 7% in Thursday's trading session (May 8) following an agreement with Grant Thornton Bharat LLP. Zaggle Prepaid, in an exchange filing today, said, 'Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that Zaggle Prepaid Ocean Services Limited (Zaggle), has entered into an agreement with Grant Thornton Bharat LLP (Grant Thornton).' Zaggle, a SaaS provider which builds financial solutions and products to manage the business expenses of corporates, has entered into a channel partner agreement with Grant Thornton for a period of three years. As part of the agreement, Grant Thornton will offer the Zaggle Spend Management platform to its corporate clients and large enterprises. The company had won another contract last month from Aster DM Healthcare. 'Zaggle Prepaid Ocean Services Limited (Zaggle), has entered into an agreement with Aster DM Healthcare Limited,' the small-cap company said in a filing on April 30, 2025. As part of this one-year agreement, Zaggle would provide Aster DM Healthcare with the Zaggle Save (Employee expense management & benefits). The stock is part of ace investor Ashish Kacholia's portfolio. As of the March 2025 quarter, Kacholia holds 30,03,356 shares of Zaggle, amounting to a 2.24% stake. Following the order update, Zaggle Prepaid shares witnessed strong buying action, rising over 7% in intra-day deals. The small-cap stock opened the trade at ₹ 330.55, slightly higher than its previous closing price of ₹ 324.85. Thereafter, Zaggle stock extended gains to hit the day's high of ₹ 349.00 on the BSE, gaining as much as 7.43% over its last close. So far this year, Zaggle stock has fared poorly amid volatile Indian stock market conditions. It has lost 36.76% on a year-to-date (YTD) basis. However, in the last one year, the small-cap stock, part of Ashish Kacholia's portfolio, has risen 17%, according to data available on the BSE. As of 10.35 am, Zaggle Prepaid shares traded 6.20% higher at ₹ 345 apiece. The company's board is slated to meet next week on Monday, May 12, to consider and approve the financial results for the March 2025 quarter. Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
