Apollo Hospitals Enterprise Limited has received approval from the National Stock Exchange of India (NSE) for its proposed composite scheme of arrangement. The scheme involves Apollo Hospitals Enterprise Limited, Apollo Healthco Limited, Keimed Private Limited, and Apollo Healthtech Limited, along with their respective shareholders and creditors. The approval is subject to certain conditions and compliance with regulations.

Scheme of Arrangement Approved by NSE

Apollo Hospitals Enterprise Limited announced that it has received a crucial observation letter with ‘no objection’ from the National Stock Exchange of India Limited (NSE) regarding its proposed composite scheme of arrangement. The announcement, dated December 24, 2025, highlights a significant step forward in the company’s strategic restructuring efforts.

Details of the Scheme

The scheme involves several entities, including Apollo Hospitals Enterprise Limited, Apollo Healthco Limited, Keimed Private Limited, and Apollo Healthtech Limited. The approval is for the composite scheme of arrangement amongst these companies and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013.

Conditions and Further Steps

While the NSE has granted its ‘no objection’ status, the scheme remains subject to requisite statutory and regulatory approvals. These include approvals from shareholders and creditors of the involved companies. A copy of the observation letter dated December 23, 2025, is available on the company website.

NSE Conditions

The NSE stipulated certain conditions as part of its approval. The key conditions include disclosing details of ongoing adjudication and recovery proceedings against the listed entity, ensuring compliance with SEBI circulars, and providing additional disclosures to shareholders. It also states that the proposed equity shares to be issued in terms of the ‘Scheme’ shall mandatorily be in demat form only.

Source: BSE

HFCL Limited has approved the allocation of 8,79,29,651 Equity Shares at an issue price of ₹62.55 per Equity Share under its Qualified Institutions Placement (QIP). The decision was made by the Fund Raising Committee of Directors on December 24, 2025. The QIP issue closed on the same day following the receipt of application forms and funds. The placement document was also approved.

QIP Issue Closure and Share Allocation

The Fund Raising Committee of Directors of HFCL Limited convened on December 24, 2025, to finalize key aspects of its Qualified Institutions Placement (QIP) issue. This meeting culminated in several important resolutions impacting the company’s equity structure and financial standing.

Key Decisions

The committee approved the closure of the QIP issue, effective December 24, 2025. This decision followed the successful receipt of all application forms and corresponding funds into the designated escrow account, satisfying the conditions for closure. The company also agreed to several other key decisions at the meeting:

Equity Share Allocation Details

A significant outcome of the meeting was the determination and approval of the allocation of 8,79,29,651 Equity Shares. These shares were priced at ₹62.55 each. This price represents a discount of ₹3.29 per Equity Share, or 5%, relative to the floor price of ₹65.84 as allowed by regulatory guidelines. This includes a premium of ₹61.55 per Equity Share.

Document Approval

The placement document for the QIP, dated December 24, 2025, was formally approved and adopted during the committee meeting.

Allocation Confirmation

Finally, the committee approved the finalized confirmation of allocation note. This note will be dispatched to the eligible qualified institutional buyers, providing them with formal notification of their allocated Equity Shares as part of the QIP issue.

Source: BSE

ACME Solar Holdings Limited has been awarded a letter of award by REMC Limited to set up a 130 MW Renewable Energy Round-the-Clock power project. The applicable tariff for the project is Rs. 4.35 per unit for the entire duration of 25 years. This project will contribute significantly to ACME Solar’s renewable energy portfolio.

New Renewable Energy Project Secured

ACME Solar Holdings Limited has received a Letter of Award (LOA) from REMC Limited for the development of a 130 MW Renewable Energy Round-the-Clock power project. The announcement was made on December 24, 2025.

Project Details

The tariff applicable for the entire duration of the project is Rs. 4.35 per unit. The project is expected to operate for a period of 25 years, ensuring a steady revenue stream for ACME Solar Holdings. This project strengthens ACME Solar’s position in the renewable energy sector.

Source: BSE

JSW Steel has been assigned an Issuer Rating of ‘A-‘ with a Stable Outlook by Rating and Investment Information, Inc. (R&I), a Japanese credit rating agency. The rating reflects JSW Steel’s leading position in the robust Indian steel market, supported by its strong manufacturing capabilities and technological advancements. R&I anticipates continued growth in the Indian steel demand, underpinning JSW Steel’s solid earnings base.

Credit Rating Assigned

Rating and Investment Information, Inc. (R&I) has assigned JSW Steel an Issuer Rating of ‘A-‘ with a Stable Outlook, effective December 23, 2025. This rating reflects R&I’s assessment of JSW Steel’s financial strength and stability in the context of the Indian steel market.

Rationale for the Rating

R&I recognizes JSW Steel as a leading steel manufacturer in India, a country with robust steel demand expected to continue expanding. The rating is supported by:

• Strong capabilities of JSW Steel’s plants.
• Technological prowess in product development.
• Robust economic fundamentals of India, which support the steel industry.

Factors Considered in the Assessment

R&I also considered the following factors in its assessment:

• Managerial independence of JSW Steel despite being an equity-method affiliate of JFE Holdings, Inc.
• Benefits from collaboration with the JFE Group, particularly in product portfolio and technological capabilities.
• Expected firm growth of the Indian economy, driven by domestic demand and economic policy initiatives.
• JSW Steel’s large-scale crude steel production capacity and technological capabilities in the growing Indian market.
• Strong access to domestic and international financial markets.
• Availability of unused credit facilities in addition to cash and short-term investments, limiting liquidity concerns.

Source: BSE

ACME Solar Holdings Limited has announced the incorporation of a new wholly-owned subsidiary (WOS) named ACME Greentech Sixteen Private Limited on December 23, 2025. The subsidiary will focus on power generation, specifically in the renewable energy sector, aiming to develop, establish, and operate various power projects.

New Subsidiary Launch

ACME Solar Holdings Limited has expanded its operational capabilities with the incorporation of a new wholly-owned subsidiary, ACME Greentech Sixteen Private Limited, officially established on December 23, 2025.

Focus on Renewable Energy

The newly formed entity will operate in the power generation sector, with a specific focus on renewable energy. The primary objective is to undertake businesses related to the development, establishment, and operation of power generation and renewable energy projects.

Financial Details

The cost of subscription for the shares in the new subsidiary amounts to ₹1,00,000, comprising 10,000 equity shares with a face value of ₹10 each. ACME Solar Holdings Limited holds 100% control and shareholding in ACME Greentech Sixteen Private Limited.

Source: BSE

Persistent Systems has announced that Aepona Group Limited, Ireland, is now a wholly-owned subsidiary, effective from December 23, 2025. The transfer of 100% shareholding from Persistent Systems Inc., USA, has been completed. This move aims to streamline operations and strengthen Persistent’s global presence.

Aepona Group Now a Subsidiary

Aepona Group Limited, Ireland, is now a wholly-owned subsidiary of Persistent Systems, effective December 23, 2025.

Details of the Acquisition

The necessary conditions for the transfer of the 100% shareholding of Aepona Group Limited from Persistent Systems Inc., USA, to Persistent Systems Limited, India, have been successfully met as of December 23, 2025. This restructuring simplifies the ownership structure.

Source: BSE

PNB Housing Finance has received an order from the Income Tax Department, related to Assessment Years 2019-20 and 2020-21. The order, received on December 23, 2025, pertains to disallowances of certain revenue expenses and deductions. The total demand amounts to ₹107.92 crore. The company plans to file a rectification application to address errors in the order.

Income Tax Order Details

PNB Housing Finance has been notified of an order issued by the Income Tax Department on December 22, 2025, and received by the company on December 23, 2025. The order concerns Assessment Years 2019-20 and 2020-21.

Financial Impact

The tax demand resulting from the disallowance of expenses and deductions amounts to ₹107,92,10,700. This comprises ₹91,33,53,370 for AY 2020-21 and ₹16,58,57,330 for AY 2019-20.

Company Response

PNB Housing Finance intends to file a rectification application under section 154 of the Income Tax Act, 1961, to address certain errors present in the order, including the application of incorrect tax rates. The company does not expect the order to have a material financial impact.

Existing Appeals

The announcement also clarified that the disallowances mentioned in the order have already been identified in the regular assessment proceeding. The company has already filed an appeal against these disallowances with the Income Tax Appellate Tribunal, Delhi.

Source: BSE

ICICI Bank Limited has filed its Semi-Annual Report (SAR) with the Director of Kanto Local Finance Bureau in Japan, as per the Financial Instruments and Exchange Law of Japan. The filing covers the six-month period from April 1, 2025, to September 30, 2025. An English translation of the report is attached as an annexure.

Semi-Annual Report Filing

ICICI Bank Limited (the Bank) has announced the filing of its Semi-Annual Report (SAR) with the Director of Kanto Local Finance Bureau in Japan. This action is mandated by the Financial Instruments and Exchange Law of Japan.

Reporting Period

The Semi-Annual Report (SAR) encompasses the financial activities and performance of ICICI Bank for the six-month duration beginning on April 1, 2025, and ending on September 30, 2025.

Additional Information

The original filing is available at https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X9K2. The English translation is attached as Annexure.

Copy To

• New York Stock Exchange (NYSE)
• Singapore Stock Exchange
• Japan Securities Dealers Association
• SIX Swiss Exchange Ltd.

Source: BSE

Syngene International is investing in O2 Renewable Energy V Private Limited (O2 RE V) to source renewable power. The investment involves acquiring equity stake from Dalmia Cement (Bharat) Limited. The investment amount is revised to Rs. 35 million. This strategic move ensures captive status as per Electricity Act and supports the company’s commitment to utilizing renewable energy.

Investment in Renewable Energy

Syngene International is proceeding with an investment in O2 Renewable Energy V Private Limited (O2 RE V) to strengthen its renewable energy sourcing capabilities. The decision comes after considering regulatory changes affecting solar power utilization and extended timelines for wind energy infrastructure.

Revised Strategy

Instead of the previously planned investment in O2 Renewable Energy II Private Limited (O2 RE II), the company will now invest in O2 RE V, another SPV of the O2 Group. O2 RE V has existing wind assets, offering a more immediate renewable energy solution.

Financial Details

The investment amount is revised to Rs. 35 million, which will be used to acquire an equity stake from Dalmia Cement (Bharat) Limited. This investment will allow Syngene to source power from O2 RE V through a Power Purchase Agreement and Share Purchase Agreement.

O2 Renewable Energy V Details

O2 RE V was incorporated on May 25, 2022. It is engaged in power generation from 2.2 MW of Wind Power and 3.125 MW ac of Solar Power from a Wind-Solar Hybrid power plant located in Kudligi, Bellary District, Karnataka. As of the financial year 2024-25, O2 RE V’s turnover was Rs. 20,29,37,390/-.

Strategic Rationale

This investment allows Syngene International, along with other captive investors, to acquire and maintain a minimum 26% stake in O2 RE V. This ensures captive status as per the Electricity Act and Share Purchase Agreement. The acquisition is expected to be completed on or before March 31, 2026.

Source: BSE