Assets worth over Rs 34 crore of a Gujarat-based firm have been attached under the anti-money laundering law in connection with an alleged bank fraud case, the Enforcement Directorate said on Saturday.

The Enforcement Directorate probe pertains to Biotor Industries Limited and its managing director, Rajesh M Kapadia, and others, which is also being investigated by the Gujarat police and the Central Bureau of Investigation.

Equitas Small Finance Bank will raise Rs 250 crore through private placement from India Infoline Finance Limited (IIFL) Special Opportunities Fund, High Conviction Fund Series I and Focus Equity Strategy Fund - Trivantage Capital. The investors will take 4.51 per cent stake in post-issue.

The board of directors of of Equitas Small Finace Bank (ESFBL/ Bank) had approved to issue of 4,74,58,239 equity shares of Rs 10 each at a price of Rs 52.68 per equity share (including a premium of Rs 42.68 per equity share) aggregating to Rs 250 crore.

Telecom czar Sunil Bharti Mittal-led Bharti Airtel may consolidate its position at the expense of Vodafone Idea Ltd as it has better balance sheet strength to deal with the eventuality of having to pay past statutory dues in case the Supreme Court rejects their review petitions, brokerages said.

Airtel and Vodafone Idea have filed separate petitions in the Supreme Court seeking review of the October 24 order of the apex court that held them liable to pay statutory dues for past 14 years after including non-telecom revenue in their annual adjusted gross revenues (AGR).

Indian telecom operator Reliance Communications Ltd. will lose control of its undersea cable unit GCX Ltd. after a Delaware Court approved a creditor-supported Chapter 11 plan for the subsidiary, in a setback to its own closely-watched bankruptcy process.

The plan that got the nod this week will grant ownership of GCX to its own creditors in exchange for a debt write down of $150 million, according to a GCX statement and filings.

Aurobindo Pharma Limited has initiated a nationwide recall of three drugs from the US, two of them due to manufacturing issues. The development comes close on the heels of the regulatory compliance issues being faced by several of its manufacturing facilities back home.

These three products include heartburn drug Ranitidine that the US Food and Drug Administration(US FDA) had recently asked the companies to withdraw from the market owing to the presence of carcinogenic nitrosodimethylamine (NDMA) compound above the daily acceptable intake limits in the formulation.

Mahansaria Tyres Private Limited (MTPL) will set up a $107-million facility to manufacture off-highway tyres in Gujarat, backed by International Finance Corporation (IFC) through equity and loan.

IFC will provide a loan of up to $30 million and it will buy a stake in MTPL for up to $7.74 million.

The blockbuster growth in the world's major cities in recent years will slow sharply in 2020 and 2021 as the global trade slowdown takes its toll, according to new research.

Nine of the top 10 biggest global cities will slow next year, with the stars of the US Silicon Valley showing the most dramatic signs of slamming on the brakes, Oxford Economics researchers found in a report provided to AFP.

Shares of Mahindra & Mahindra (M&M) slipped 2 per cent to Rs 512 on the BSE on Friday and was trading close to its 52-week low level. The car & utility vehicles maker's stock is less than 2 per cent away from its 52-week low price of Rs 503, touched on August 14, in intra-day trade.

In past one month, M&M has underperformed the market by falling 12 per cent as the company's tractor sales delivered disappointing performance.

Vodafone Idea Ltd, India's third largest mobile service provider, will shut down if the government does not provide relief on the liability it faces in past statutory dues following a Supreme Court order, its billionaire chairman Kumar Mangalam Birla said on Friday. "If we we are not getting anything then I think it is end of story for Vodafone Idea," Birla said at the HT Leadership Summit when asked about the future of Vodafone Idea in absence of a government relief on payment of Rs 53,038 crore dues.

Shares of Eris Lifesciences hit a five-month high of Rs 473, up 7 per cent on the BSE on Friday, in an otherwise range-bound market. The stock of the pharmaceutical company was trading at its highest level since July 2019. In comparison, the S&P BSE Sensex was down 0.20 per cent at 40,699 points at 11:17 am.

On Tuesday, the company announced acquisition of the trademark Zomelis, for Vildagliptin-based formulations, and its associated trademarks from Novartis AG, Switzerland, for a consideration of $13 million (roughly Rs 93 crore).

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