Market Need

• Several companies announced key corporate developments ahead of the July 20 trading session, including the NCLT's approval of Authum Investment & Infrastructure's plan to acquire Creatoz Builders. • JSW Steel has approved the sale of shares worth up to Rs 811 crore for a proposed JSW Cement IPO, while Dr Lal PathLabs secured a Rs 32.66 crore ESOP expense deduction following a successful tax appeal. • Expansion and consolidation moves were highlighted by Smartworks Coworking Spaces investing Rs 35 crore to add 2.47 lakh sq ft of space and NIIT Learning Systems approving the merger of NIIT USA with StackRoute Learning.

• Spandana Sphoorty Financial has acquired the remaining stake in Criss Financial as part of its strategic growth. • The company announced it will re-evaluate and modify its proposed merger scheme before seeking fresh regulatory approval. • This move is a key focus for investors and brokerages heading into the July 16 trading session.

• Grasim Industries' subsidiary, Aditya Birla Renewables, has approved the 100% acquisition of Solenergi Power Pvt. Ltd. from Shell Overseas Investment B.V. • India Ratings affirmed a stable IND A+/Stable/IND A1+ rating for Transformers & Rectifiers (India) on existing bank facilities totaling Rs 1,050 crore. • The rating agency also assigned the same stable rating to an additional Rs 500 crore in bank facilities for Transformers & Rectifiers.

• Inventurus Knowledge Solutions has executed a subordination agreement regarding intercompany debt across its group, including TruBridge and its subsidiaries. • Under this agreement, intercompany debt will now rank junior to the financing facilities of up to $635 million raised by IKS Inc. • This financial restructuring was specifically implemented to support the acquisition of TruBridge.

• Axis Bank's Chief Financial Officer, Puneet Sharma, has resigned from his position. • Jagsonpal Pharmaceuticals will acquire 85% of Aequitas through a Share Purchase Agreement. • State Bank of India has raised $300 million via 3-year senior unsecured floating rate bonds issued through its London branch.