Authum Investment & Infrastructure Ltd. has completed the acquisition of 100% shares of BIC Cello (India) Private Limited. The company purchased a total of 4,14,87,608 equity shares from the existing shareholders, making BIC Cello a wholly-owned subsidiary. This acquisition was finalized on November 22, 2025.

BIC Cello Acquisition Completed

Authum Investment & Infrastructure Ltd. announced today, November 22, 2025, the successful completion of the acquisition of 100% of BIC Cello (India) Private Limited. This follows an earlier announcement on October 28, 2025, regarding the proposed acquisition.

Details of the Transaction

The company has purchased a total of 4,14,87,608 equity shares from the existing shareholders of BIC Cello. As a result, Authum Investment now holds 100% of the voting rights in BIC Cello.

Source: BSE

Adani Commodities LLP (ACL) and Adani Enterprises Limited (AEL), collectively the Adani Group, have requested reclassification from the ‘promoter and promoter group’ to the ‘public’ category. ACL has also sold 90,977,502 equity shares, representing 7.00% of the company’s issued share capital, resulting in the Adani Group no longer holding any equity shares in AWL Agri Business as of November 21, 2025.

Promoter Group Reclassification Request

AWL Agri Business has received a formal request dated November 21, 2025, from Adani Commodities LLP (ACL) and Adani Enterprises Limited (AEL), seeking reclassification from the ‘promoter and promoter group’ category to the ‘public’ category. This request encompasses all members of the promoter and promoter group.

ACL’s Share Sale

On November 21, 2025, ACL divested 90,977,502 equity shares, equivalent to 7.00% of the issued and paid-up equity share capital, through a bulk deal on the stock exchange.

Adani Group’s Reduced Stake

Following this transaction, the Adani Group no longer holds any equity shares in AWL Agri Business. The reclassification request will be presented to the company’s board of directors for consideration, and appropriate steps will be taken in accordance with applicable regulations.

Confirmation and Certification

ACL and AEL have confirmed that they, along with the Promoter Group Entities, do not hold more than 10% of the total voting rights, do not exercise control over the company’s affairs, and comply with the conditions for reclassification as per regulations. They have requested the board of directors to consider and approve their request for reclassification to the ‘public’ category.

Source: BSE

Zen Technologies has completed the acquisition of 76% of the total equity share capital of Anawave Systems & Solutions Private Limited (ASSPL). This acquisition makes ASSPL a subsidiary of Zen Technologies. The announcement was made on November 21, 2025. Further details regarding the acquisition’s impact and strategic rationale are expected to be disclosed in subsequent releases.

Acquisition Completed

Zen Technologies announced the completion of the acquisition of a significant stake in Anawave Systems & Solutions Private Limited (ASSPL) on November 21, 2025. The company has acquired 76% of ASSPL’s total equity share capital, making ASSPL a subsidiary of Zen Technologies.

Subsidiary Status

With the successful acquisition of shares, Anawave Systems & Solutions Private Limited (ASSPL) now operates as a subsidiary of Zen Technologies. The deal was finalized as of the date of this announcement, November 21, 2025. Further details regarding the strategic impact and operational integration are to follow.

Source: BSE

The U.S. FDA concluded an inspection at Lupin’s manufacturing facility located in Goa, India on November 21, 2025. The inspection, which began on November 10, 2025, resulted in the issuance of a Form-483 with seven observations. Lupin has stated its commitment to addressing these observations within the stipulated timeframe and ensuring compliance with CGMP standards across its facilities.

FDA Inspection Update

Lupin has announced the completion of an inspection by the United States Food and Drug Administration (FDA) at its manufacturing facility in Goa, India. The inspection took place between November 10 and November 21, 2025.

Key Findings

At the conclusion of the inspection, the U.S. FDA issued a Form-483, which included seven observations. Lupin is currently reviewing these observations.

Company Commitment

Lupin has committed to addressing the observations raised by the U.S. FDA and will respond within the required timeframe. The company emphasizes its dedication to maintaining compliance with Current Good Manufacturing Practice (CGMP) standards across all its manufacturing sites. Further updates will be provided as the situation evolves.

Source: BSE

Adani Enterprises Limited (AEL) seeks reclassification of its promoter group shareholders from ‘Promoter’ to ‘Public’ category within Adani Wilmar Limited (AWL). This request follows ACL’s sale of AWL equity shares. AEL confirms adherence to regulatory conditions for the reclassification and states that promoter group entities, including ACL, do not hold significant voting rights or control within AWL.

Shareholding Changes in Adani Wilmar

Adani Commodities LLP (ACL), a subsidiary of Adani Enterprises Limited (AEL), has sold 90,977,502 equity shares of Adani Wilmar Limited (AWL), representing 7.00% of the issued and paid-up equity share capital. This transaction was executed via a Bulk Deal mechanism on the stock exchange on November 21, 2025.

Request for Reclassification

Following this transaction, ACL and AEL, acting on behalf of themselves and other members of the promoter group, have requested a reclassification from the ‘Promoter’/’Promoter Group’ category to the ‘Public’ category of shareholders in AWL. This reclassification request was submitted on November 21, 2025.

Confirmation and Certification

AEL confirms that ACL, AEL, the Promoter Group entities, and any person related to them do not hold more than 10% of the total voting rights in AWL. They also certify that they do not exercise control over the affairs of the company, directly or indirectly, and comply with conditions for reclassification under relevant regulations.

Termination of Agreements

It’s important to note that ACL, AEL, the Company and Lence Pte. Ltd. (“Lence”) have terminated the (a) shareholders’ agreement dated April 12, 1999 executed by and among the Company and Wilmar Investments (Mauritius) Limited read with the (A) first amendment agreement dated March 29, 2014 executed between the Company, Lence and Wilmar Investments (Mauritius) Limited; (B) deed of adherence dated March 30, 2017; (C) second amendment and termination agreement dated July 30, 2021 executed between the Company, ACL, Lence and AWL; and (b) Inter-se Agreement dated July 30, 2021 entered into between the Company, ACL and Lence.

Source: BSE

Adani Cement has announced a change in its Chief Financial Officer (CFO). Rakesh Tiwary will relinquish his position on November 21, 2025, transitioning to a new role within the Adani portfolio. Rohit Soni, formerly CFO of Adani New Industries Limited (ANIL), will assume the CFO role effective November 22, 2025. The announcement was made following a Board of Directors meeting held on November 21, 2025.

CFO Appointment

Rohit Soni has been appointed as the new Chief Financial Officer (CFO) of Adani Cement, effective November 22, 2025. Soni previously served as CFO of Adani New Industries Limited (ANIL).

As CFO at Adani New Industries Limited (ANIL) since March 2024, Soni led financial strategy for green hydrogen and renewable energy initiatives. Prior to that, he was CFO at Adani Energy Solutions Limited (AESL) from September 2021 to March 2024. He has also held leadership positions with the Vedanta Group.

Rakesh Tiwary’s Transition

The current CFO, Rakesh Tiwary, will relinquish his position on November 21, 2025, transitioning to a new role within the Adani Group. He will be relinquishing his position at the close of business hours.

Tiwary’s transition is part of an ongoing leadership development process within the Adani portfolio of companies.

Key Management Personnel (KMP)

The updated list of Key Management Personnel (KMP) includes:

• Vinod Bahety: Wholetime Director and Chief Executive Officer
• Rohit Soni: Chief Financial Officer
• Bhavik Parikh: Company Secretary and Compliance Officer

Source: BSE

CRISIL has reaffirmed its CRISIL AA-/Positive credit rating for the bank facilities of Sidwal Refrigeration Industries Private Limited, a material subsidiary of Amber Enterprises India Limited. The rating applies to total bank loan facilities rated at Rs. 245 Crore. The reaffirmation follows a review and removal from ‘Rating Watch with Developing Implications’.

Credit Rating Reaffirmed

Amber Enterprises India announced that CRISIL Ratings has reaffirmed the CRISIL AA-/Positive rating on the bank facilities of its material subsidiary, Sidwal Refrigeration Industries Private Limited, on November 21, 2025.

Key Highlights of the Rating

The credit rating applies to Sidwal’s total bank loan facilities, which are valued at Rs. 245 Crore. The reaffirmation follows CRISIL’s review and the removal of the rating from ‘Rating Watch with Developing Implications’. The long-term rating is Crisil AA-/Positive.

Breakdown of Bank Facilities

The Rs. 245 Crore bank facilities are divided between two banks:

• YES Bank Limited: Rs. 135 Crore – Crisil AA-/Positive
• HDFC Bank Limited: Rs. 110 Crore – Crisil AA-/Positive

Source: BSE

CRISIL has upgraded the credit rating for IL JIN Electronics (India) Private Limited, a material subsidiary of Amber Enterprises. The long-term rating is now CRISIL AA-/Positive (up from ‘Crisil A+’) and the short-term rating is CRISIL A1+ (up from ‘Crisil A1’). The ‘Rating Watch with Developing Implications’ has been removed. The ratings reflect IL JIN’s improved financial risk profile.

IL JIN Credit Rating Enhanced

CRISIL Ratings has upgraded the credit ratings on the bank facilities of IL JIN Electronics (India) Private Limited. This upgrade signifies a positive shift in the company’s creditworthiness. The improved ratings reflect a stronger financial outlook and reduced risk assessment by CRISIL. The revised ratings are effective as of November 21, 2025.

New Ratings Details

The specific upgrades are as follows:

• Long Term Rating: Now CRISIL AA-/Positive, upgraded from ‘Crisil A+’. The ‘Rating Watch with Developing Implications’ has been removed.
• Short Term Rating: Now CRISIL A1+, upgraded from ‘Crisil A1’. The ‘Rating Watch with Developing Implications’ has also been removed.

The total bank loan facilities rated are worth Rs. 320 Crore.

Bank Facility Breakdown

The Rs. 320 Crore bank facilities are distributed across various banks:

• YES Bank Limited: Rs. 90 Crore (Fund-Based Facilities)
• ICICI Bank Limited: Rs. 80 Crore (Fund-Based Facilities)
• HDFC Bank Limited: Rs. 20 Crore (Fund-Based Facilities)
• Axis Bank Limited: Rs. 30 Crore (Fund-Based Facilities)
• HDFC Bank Limited: Rs. 50 Crore (Long Term Loan)
• Shinhan Bank: Rs. 25 Crore (Long Term Loan)
• HDFC Bank Limited: Rs. 5 Crore (Non-Fund Based Limit)
• Axis Bank Limited: Rs. 20 Crore (Non-Fund Based Limit)

Source: BSE

Lemon Tree Hotels has announced the signing of a License Agreement for a new Keys Select by Lemon Tree Hotels property in Bhopal. The hotel will feature 50 well-appointed rooms, a restaurant, a banquet hall, and meeting and conference facilities. This new addition will strengthen the company’s presence in Madhya Pradesh, catering to both business and leisure travelers.

New Keys Select in Bhopal

Lemon Tree Hotels Limited has signed a License Agreement to add a new Keys Select by Lemon Tree Hotels property in Bhopal. The property will be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary of Lemon Tree Hotels Limited. The announcement was made on November 21, 2025.

Hotel Features and Location

The upcoming hotel will offer 50 well-appointed rooms. Guests can expect a restaurant, a banquet hall, and both meeting and conference facilities.

The new location is approximately 23 kms from the Raja Bhoj Airport and 14 kms from the Rani Kamalapati Railway Station.

Strategic Expansion

According to Mr. Vilas Pawar, CEO – Managed & Franchise Business, Lemon Tree Hotels, this signing will expand their leisure and business portfolio in Madhya Pradesh, where they currently have four operational and nine upcoming properties.

Source: BSE

Ambuja Cements announces a transition in its leadership team. Mr. Rakesh Tiwary will relinquish his role as Chief Financial Officer, effective close of business hours on November 21, 2025, transitioning to a new role within the Adani Group. Mr. Rohit Soni, previously CFO of Adani New Industries Limited (ANIL), has been appointed as the new CFO, effective November 22, 2025.

CFO Leadership Change

Ambuja Cements has announced a change in its Chief Financial Officer (CFO) position. Mr. Rakesh Tiwary will be stepping down from his role as CFO, effective at the close of business on November 21, 2025. This transition is part of a broader leadership development initiative within the Adani Group.

Appointment of New CFO

The company has appointed Mr. Rohit Soni as the new Chief Financial Officer, effective November 22, 2025. Mr. Soni previously served as the CFO of Adani New Industries Limited (ANIL). He is a Chartered Accountant and an alumnus of Harvard Business School’s General Management Program.

Rohit Soni’s Background

Prior to his appointment, Mr. Soni was CFO at Adani New Industries Limited (ANIL) since March 2024, where he led financial strategy for green hydrogen and renewable energy initiatives. Before that, he was the CFO at Adani Energy Solutions Limited (AESL) from September 2021. He also successfully managed raising equity and finances for over 60 subsidiaries supporting infrastructure projects. He held leadership positions at Vedanta Group, and was recognized with awards from Economic Times and TAPMI in November 2019.

Source: BSE