Karur Vysya Bank (KVB) has announced the grant of 52,017 options under its Employee Stock Option Scheme (ESOS) 2018 to Shri B Ramesh Babu, Managing Director & CEO. The grant was approved on December 05, 2025. Vesting occurs in three tranches, with 33.33% vesting one year from the grant date and another 33.33% vesting after two years, followed by 33.34% after three years.

ESOS 2018 Grant Details

Karur Vysya Bank (KVB) has granted 52,017 options under the KVB ESOS 2018 Scheme to Shri B Ramesh Babu, Managing Director & CEO of the Bank. The grant was approved by the Nomination and Remuneration Committee of the Board on December 05, 2025.

Vesting Schedule

The options vest in three tranches from the date of the grant:

Each option entitles the holder to one equity share, which will be credited to the demat account upon vesting.

Option Pricing

The options were granted at a price of ₹247.03 per option, which corresponds to the closing price on December 04, 2025.

This grant forms part of the non-cash variable pay for the financial year 2024-25.

Source: BSE

Adani Green Energy announces that S&P Global has published its Corporate Sustainability Assessment (CSA) ESG score on their website. The company’s S&P Global ESG score for the year 2025 is 77/100. The score for the year 202û was 74/100, demonstrating a year-on-year improvement in the company’s sustainability performance.

S&P Global ESG Assessment

Adani Green Energy Limited has received its S&P Global Corporate Sustainability Assessment (CSA) ESG score. The information is now accessible on the S&P Global website, offering stakeholders insight into the company’s environmental, social, and governance practices.

ESG Score Details

The S&P Global ESG score for Adani Green Energy for the year 2025 is 77/100. This reflects the company’s commitment to sustainable practices and continuous improvement in its ESG performance. The score for the previous year, 202û, was 74/100.

Source: BSE

ICRA has reaffirmed Punjab National Bank’s (PNB) ratings and withdrawn ratings for matured instruments following their rating action on December 5, 2025. The ratings reaffirmation reflects PNB’s sovereign ownership, robust deposit franchise, and strong liquidity profile. ICRA withdrew ratings for ₹1,000 crore Basel III Tier II bonds and ₹1,800 crore infrastructure bonds, as these have been fully redeemed. The outlook on the ratings remains stable.

ICRA Rating Action

On December 5, 2025, ICRA took rating actions on Punjab National Bank’s (PNB) debt instruments, reaffirming existing ratings and withdrawing ratings for instruments that have matured.

Ratings Reaffirmed

ICRA has reaffirmed the following ratings:

• Basel III Tier I Bonds: [ICRA]AA+/Stable
• Infrastructure Bonds: [ICRA]AAA/Stable
• Certificates of Deposit: [ICRA]A1+
• Fixed Deposits: [ICRA]AAA/Stable

Ratings Withdrawn

ICRA has withdrawn the ratings for the following instruments, as they have been fully redeemed:

• Infrastructure Bonds: [ICRA]AAA (Stable) for ₹1,800 crore
• Basel III Tier II Bonds: [ICRA]AAA (Stable) for ₹1,000 crore

Rationale for Reaffirmation

The reaffirmation of ratings reflects several key factors:

• PNB’s sovereign ownership.
• Robust deposit franchise, resulting in a high share of retail deposits.
• Strong liquidity profile.
• Comfortable capitalization profile, supported by steady internal accruals and a recent qualified institutional placement (QIP) in FY2025.

Asset Quality and Profitability

PNB continues to show improvement in headline asset quality indicators, driven by a moderation in fresh non-performing advances (NPA) generation rate. Provision coverage ratio (excluding write-offs) stands at 90%. ICRA expects PNB to maintain healthy internal capital generation in the near-to-medium term.

Key Monitorable Factors

ICRA will continue to monitor the performance of the vulnerable book, comprising restructured advances and overdue accounts. The impact of the transition to the expected credit loss (ECL) framework on capital and profitability will also be a key monitorable.

Liquidity and Funding

PNB’s liquidity profile remains strong, supported by positive cumulative mismatches in the up to 1-year maturity bucket and a high share of core deposits. The liquidity coverage ratio remained strong at 142%.

Source: BSE

Aarti Industries has received an order regarding Central Excise duty amounting to ₹1.97 crores, along with applicable interest. The order also includes a penalty of ₹0.38 crores. The order follows previous Show Cause Notices and pertains to the supply of Di-Calcium Phosphate. The company believes the order will not have a material impact on the financials or operations.

Order Details

Aarti Industries received an order from the Additional Commissioner of Central GST & Central Excise, Surat on December 1, 2025. The order, dated November 28, 2025, pertains to Central Excise duty.

Financial Implications

The order includes a demand for Central Excise duty of ₹1.97 crores under Section 11A(1) of the Central Excise Act, 1944, along with applicable interest. Additionally, a penalty of ₹0.38 crores has been imposed under Rule 25 of the Central Excise Act 1944 read with Section 11AC(1)(a) of the Central Excise Act, 1944.

Background

The order is a continuation of Show Cause Notices received by the company on February 4, 2016 and January 18, 2018. These notices demanded Central Excise duty of ₹1.32 crores and ₹0.93 crores respectively, related to the supply of Di-Calcium Phosphate.

Company Response

Aarti Industries believes that the demand raised by the Authority will not have a material impact on the financials or operations of the company. The company is in the process of filing an appeal against this Order as per the applicable provision under the Central Excise Act, 1944.

Source: BSE

The President of India, acting through the Department of Financial Services, divested 461,568 equity shares of Bank of Maharashtra on the open market between December 2nd and 3rd, 2025. This sale reduced the promoter’s stake from 79.60% to 73.60%. The transaction was executed via an Offer for Sale on the NSE and BSE.

Significant Stake Reduction

The President of India, acting through the Department of Financial Services, executed a sale of equity shares in Bank of Maharashtra. The transaction involved the divestment of 461,568 shares, impacting the promoter’s overall holding.

Details of the Share Sale

The equity shares were sold on the open market via an Offer for Sale (OFS) mechanism. This sale occurred between December 2nd, 2025, and December 3rd, 2025. Consequently, the promoter’s stake in Bank of Maharashtra has decreased from 79.60% to 73.60%.

Transaction Details

The transaction’s value was ₹461.57 Crore. The sale was executed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Source: BSE

ICRA has taken rating actions on Punjab National Bank’s (PNB) debt instruments. Ratings on Basel III Tier I Bonds and Infrastructure Bonds have been reaffirmed. Additionally, ratings on Infrastructure Bonds and Basel III Tier II Bonds have been reaffirmed and withdrawn. The rating on Certificate of Deposits has been reaffirmed at ICRA A1+. Fixed Deposits continue to hold a rating of ICRA AAA/Stable.

ICRA Rating Actions

Punjab National Bank (PNB) has announced that ICRA Limited has taken the following rating actions, effective December 5, 2025:

Ratings Reaffirmed

• Basel III Tier I Bonds: ICRA AA+/Stable (Reaffirmed)
• Infrastructure Bonds: ICRA AAA/Stable (Reaffirmed)
• Certificate of Deposits: ICRA A1+ (Reaffirmed)
• Fixed Deposits: ICRA AAA/ Stable (Reaffirmed)

Ratings Reaffirmed and Withdrawn

• Infrastructure Bonds*: ICRA AAA/ Stable (Reaffirmed and withdrawn)
• Basel III Tier II Bonds*: ICRA AAA/ Stable (Reaffirmed and withdrawn)

*Withdrawn on redemption of Bonds

Source: BSE

Newgen Software Technologies has announced the withdrawal of its tender for providing a Business Process Management Platform from an overseas entity in Kuwait. The commercial value of the project was KWD 1,736,052. The reason for the withdrawal was not disclosed, and Newgen will engage with the entity to understand the matter. The withdrawal occurred on December 4, 2025, at 07:31 PM.

Overseas Tender Withdrawn

Newgen Software Technologies has announced the withdrawal of its tender related to the implementation of a Business Process Management Platform. The tender was from an overseas entity situated in Kuwait. The initial announcement regarding the acceptance of the Letter of Award (LOA) was made on September 30, 2025.

Project Details

The project had a commercial value of KWD 1,736,052 (Kuwaiti Dinars One Million Seven Hundred Thirty-Six Thousand Fifty-Two Only). Newgen was informed about the tender withdrawal by the entity.

Reasoning and Next Steps

The reason for the tender withdrawal has not been disclosed by the entity. Newgen had not received any prior communication and intends to address the matter with the entity in the coming days. The event occurred on 04th December 2025 at 07.31 PM.

Source: BSE

Authum Investment & Infrastructure Limited has announced the allotment of 20,00,000 Non-Cumulative Non-Convertible Redeemable Preference Shares (“NCRPS”). The shares have a face value of ₹10 each and were issued at a price of ₹1000 per share. The allotment, finalized on December 05, 2025, aggregates to a total value of ₹200 Crores and were placed privately to Mentor Capital Limited.

NCRPS Allotment Details

Authum Investment & Infrastructure Limited officially announced the allotment of Non-Cumulative Non-Convertible Redeemable Preference Shares (“NCRPS”) on December 05, 2025. The decision was made following a meeting of the Fund Raising and Allotment committee of the Board held on the same day.

Key Highlights of the Allotment

The company has successfully allotted 20,00,000 0.01% Non-Cumulative Non-Convertible Redeemable Preference Shares. Each share has a face value of ₹10 and was issued at a premium, bringing the total issue price to ₹1000 per share. The aggregate value of this private placement is ₹200 Crores (Rupees Two Hundred Crores).

Beneficiary of the Allotment

Mentor Capital Limited, identified as the Promoter of Authum Investment & Infrastructure Limited, was the recipient of this private placement. The allotment was conducted on a private placement basis.

Source: BSE

Tech Mahindra has announced the incorporation of Yabx Technologies Rwanda Limited as a step-down subsidiary. This entity, based in the Republic of Rwanda, will focus on providing software and analytics platform services. Yabx Technologies Rwanda is a subsidiary of Yabx Technologies (Netherlands) B.V., which is itself a subsidiary of Comviva Technologies Limited, wholly owned by Tech Mahindra. The incorporation was finalized on December 5, 2025.

Subsidiary Expansion

Tech Mahindra is expanding its global presence through the incorporation of a new step-down subsidiary, Yabx Technologies Rwanda Limited (Yabx Rwanda), in the Republic of Rwanda. This move aims to strengthen the company’s capabilities in providing software and analytics platform services.

Details of Yabx Rwanda

Yabx Rwanda was officially incorporated on December 5, 2025. It operates as a subsidiary of Yabx Technologies (Netherlands) B.V. (Yabx Netherlands), itself a wholly-owned subsidiary of Comviva Technologies Limited, which is under Tech Mahindra’s umbrella. The primary business objective of Yabx Rwanda is to deliver software and analytics platforms and related services within Rwanda.

Financial Details

The share capital of Yabx Rwanda is Frw 7,25,000, divided into 7,250 shares with a face value of Frw 100 each. Currently, Yabx Netherlands holds 100% of the shares in Yabx Rwanda. As a newly incorporated entity, Yabx Rwanda has not yet commenced business operations and has no reported turnover.

Strategic Rationale

The establishment of Yabx Rwanda aligns with Tech Mahindra’s strategy to offer advanced technology solutions in emerging markets. By focusing on software and analytics platforms, the new subsidiary aims to serve banks, micro-financial institutions, and other lenders in Rwanda. This initiative is consistent with Tech Mahindra’s core business areas and supports its growth objectives.

Source: BSE

Zen Technologies has been awarded a significant contract worth ₹120 crore from the Ministry of Defence (MoD) to establish India’s first Combat Training Node (CTN) at the Infantry School in Mhow, Madhya Pradesh. The CTN will comprise over 60 simulators and solutions, enhancing weapon training and tactical drills using advanced simulation. This project will significantly improve infantry readiness and reduce training costs.

Combat Training Node Contract

Zen Technologies has secured a ₹120 crore contract from the Ministry of Defence (MoD) to set up India’s first Combat Training Node (CTN) at the Infantry School, Mhow, Madhya Pradesh. This strategic initiative aims to modernize combat training through advanced simulation technologies.

Project Details and Objectives

The Combat Training Node will include over 60 simulators and solutions, providing realistic combat training for soldiers. This will enhance weapon training, tactical drills, force-on-force combat exercises, and mission rehearsals with high-fidelity simulation systems.

Enhanced Training Capabilities

The CTN will comprise Live-Virtual-Constructive (LVC) training and live firing range solutions, enabling infantry to train for marksmanship, urban combat, CI/CT operations, counter-drone response, and mission command. This initiative aims to accelerate readiness and significantly reduce the cost of training.

Executive Commentary

Mr. Ashok Atluri, Chairman and Managing Director of Zen Technologies, stated that this contract demonstrates India’s capability to deliver world-class defense technology through indigenous R&D. He emphasized that the CTN will provide faster readiness, lower costs, and home-grown technology, giving India an edge in defense training.

Source: BSE