S&P Global Ratings has assigned a ‘BBB’ long-term and ‘A-2’ short-term issuer credit rating to Bank of Maharashtra (BOM) on September 24, 2025. The ratings reflect the bank’s robust capitalization, solid funding, healthy liquidity, and a very high likelihood of extraordinary government support if needed. The outlook on the long-term rating is stable, indicating expectations of sustained financial strength.

Credit Ratings Assigned

On September 24, 2025, S&P Global Ratings assigned a ‘BBB’ long-term and ‘A-2’ short-term issuer credit ratings to Bank of Maharashtra (BOM). The outlook on the long-term rating is stable.

Rationale for the Ratings

The ratings are based on the expectation of extraordinary support from the Government of India if needed, reflecting BOM’s important role as a public sector bank. S&P views a very high likelihood that the government would provide timely and sufficient extraordinary support in the event of financial distress. This view is underpinned by BOM’s robust capitalization, solid funding, and healthy liquidity.

BOM’s stand-alone credit profile (SACP) is assessed at ‘bbb-‘, driven by its strong capitalization and deposit base. The bank’s growing but still small size and concentrated loan portfolio partially temper these strengths.

Financial Highlights and Expectations

S&P anticipates the bank’s risk-adjusted capital (RAC) ratio will strengthen to about 10.5%-11% over the next two years. This is despite high projected loan growth of about 14%-15% per annum.

S&P expects BOM’s credit losses to remain about 1.0% of customer loans over the next two years. New nonperforming loan formation (slippage) is expected to remain above 1% due to areas of risk such as micro, small, and midsize enterprises, and agriculture.

The bank has a strong stable funding ratio, averaging about 135% over the past five years. Current and savings account (CASA) deposits formed about 50.0% of the bank’s total customer deposits as of the end of June 2025.

Outlook

The stable outlook reflects the expectation that BOM will raise capital and sustain its solid capital position, as well as the likelihood of government support remaining very high over the next two years. BOM is also expected to maintain solid funding and liquidity.

Downside and Upside Scenarios

BOM could be downgraded if S&P lowers its sovereign ratings on India or if the bank’s RAC ratio falls sustainably below 10%.

An upgrade is unlikely over the next two years.

Source: BSE

Niva Bupa Health Insurance has announced the appointment of Mr. Milind Gajanan Barve as the Chairman of the Board of Directors, effective from August 28, 2025. The appointment has received the approval of the Insurance Regulatory and Development Authority of India (IRDAI). This strategic decision aims to bolster the company’s leadership and drive further growth in the health insurance sector.

Chairman Appointment

Mr. Milind Gajanan Barve (DIN: 00087839) has been appointed as the Chairman of the Board of Directors at Niva Bupa Health Insurance.

Effective Date

The appointment is effective from August 28, 2025.

Regulatory Approval

The appointment has received approval from the Insurance Regulatory and Development Authority of India (IRDAI).

Source: BSE

Abbott India announces the resignation of Mr. Munish Prashar, Plant Director – Goa, effective from the close of business hours on October 31, 2025. Mr. Prashar is leaving the company to pursue an external career opportunity. This announcement was made on September 24, 2025.

Management Change

Mr. Munish Prashar, Plant Director – Goa at Abbott India, has tendered his resignation from his position. The resignation will be effective from the close of business hours on October 31, 2025.

Reason for Departure

According to the official statement, Mr. Munish Prashar is resigning from his role to pursue an external career opportunity. Abbott India has accepted his resignation, which will conclude his tenure as Plant Director.

Source: BSE

AWL Agri Business Ltd. has partnered with the Solvent Extractors’ Association of India (SEA) and Solidaridad Regional Expertise Centre (SREC) to launch a Regenerative Mustard Mission. The initiative aims to establish 3,000 mustard model farms across key states by August 2027. The project targets training 20,000 farmers, with a goal to increase smallholder productivity and income by 30%, supporting India’s National Mission on Edible Oils.

National Mustard Model Farm Initiative

AWL Agri Business Ltd. (AWL) is partnering with the Solvent Extractors’ Association of India (SEA) and Solidaridad Regional Expertise Centre (SREC) to advance the Regenerative Mustard Mission – Sustainable Mustard Farm Project. The agreement, signed for two years, is effective from September 2025 to August 2027.

Project Overview and Goals

This collaboration aims to establish 3,000 mustard model farms across key mustard-growing states. Approximately 20,000 farmers are expected to benefit from these model farms, field schools, and digital advisory platforms. The initiative strengthens India’s oilseed production and aligns with the Aatmanirbhar Bharat Vision.

Implementation and Reach

The 3,000 mustard model farms will be established in nine districts, including Rajasthan, Madhya Pradesh, and Haryana, scaling up from the existing 1,500 farms. These farms will demonstrate regenerative agriculture practices, satellite-based monitoring, soil health management, and climate-resilient techniques to bridge the yield gap in mustard cultivation.

Expected Outcomes

The initiative seeks to train and support 20,000 farmers through demonstration plots, farmer field schools, and digital advisory platforms. By adopting sustainable practices, the project aims for a 30% increase in smallholder productivity and income, supporting India’s National Mission on Edible Oils – Oilseeds (NMEO-OS) and the government’s vision of Aatmanirbhar Bharat.

Source: BSE

CRISIL ESG Ratings & Analytics Limited, a SEBI-registered entity, has assigned a rating of ‘CRISIL ESG 66’ to 360 ONE WAM Limited. This rating pertains to the company’s environmental, social, and governance (ESG) practices for the financial year ending March 31, 2025. This rating reflects the company’s commitment to sustainable and responsible business operations.

ESG Rating Assigned

360 ONE WAM Limited has received an ‘CRISIL ESG 66’ rating from CRISIL ESG Ratings & Analytics Limited. This rating highlights the company’s performance in integrating environmental, social, and governance factors into its business strategy and operations.

Details of the Rating

The rating was assigned on September 24, 2025, and reflects CRISIL’s assessment of 360 ONE WAM Limited’s ESG practices as of the financial year ending March 31, 2025. The company views this rating as an important benchmark of its commitment to responsible and sustainable practices.

Source: BSE

Newgen Software Technologies Limited has received and accepted a purchase order for its Policy Administration System, valued at ₹21.24 Cr (Rupees Twenty One Crore and Twenty Four Lakh including taxes) from Kshema General Insurance Limited. The project involves software licensing, implementation, and annual support services for a duration of 5 years, signifying a substantial revenue stream and a strengthening of Newgen’s position in the insurance sector.

New Policy Administration System Order

Newgen Software Technologies Limited has been awarded a significant order from Kshema General Insurance Limited for its Policy Administration System. The company confirmed the acceptance of the purchase order in an announcement dated September 24, 2025.

Order Details

The aggregate commercial value of this order is ₹21.24 Cr (Rupees Twenty One Crore and Twenty Four Lakh) including taxes. The scope of the order encompasses software license, implementation, and annual support services.

Counterparty Information

The order was awarded by Kshema General Insurance Limited, a domestic entity operating within India.

Project Timeline

The project duration is set for 5 years, indicating a long-term partnership and revenue visibility for Newgen.

Related Party Transaction

The company has confirmed that this transaction does not fall within the definition of a related party transaction as specified under the provisions of the Companies Act, 2013.

Source: BSE

Axis Max Life, a subsidiary of Max Financial Services, has allotted debentures worth ₹800.00 Crore on September 24, 2025. The debentures, with a face value of ₹1,00,000 each, were issued to identified investors via private placement. This follows previous disclosures regarding the company’s capital raising plans through debenture issuances, enhancing its financial strength and supporting future growth initiatives.

Debenture Allotment Details

On September 24, 2025, the Executive Committee of Axis Max Life approved the allotment of 80,000 debentures, each with a face value of ₹1,00,000, totaling ₹800.00 Crore. These debentures were offered to identified investors through a private placement.

Financial Details

The company received ₹800.12 Crore, which includes a premium of ₹12.50 Lakh, via bidding on the NSE electronic platform. The issue size was ₹800.00 Crore (face value).

Listing and Regulatory Compliance

Axis Max Life is seeking to list these debentures on the National Stock Exchange of India Limited, pending final approval. The issuance adheres to regulatory guidelines, strengthening Axis Max Life’s capital base for future operations and potential expansion.

Background

This allotment follows prior announcements made on February 4, 2025, and February 18, 2025, regarding the Board of Directors’ approval for Axis Max Life to raise capital of ₹1300.00 Crore through debentures. The company had previously allotted 50,000 debentures on February 18, 2025, each with a face value of ₹1,00,000, aggregating to ₹500.00 Crore.

Source: BSE

Signature Global’s members approved the re-appointment of Mr. Kundan Mal Agarwal as an Independent Director for a second term of 5 years, effective April 2, 2026. Additionally, M/s. Deepak Sharma & Associates were appointed as Secretarial Auditor for 5 years, starting from the financial year 2025-26 through 2029-30, at the 26th Annual General Meeting held on September 23, 2025.

Director Re-Appointment

Mr. Kundan Mal Agarwal (DIN: 00043115) has been re-appointed as an Independent Director. This second term extends for 5 consecutive years, beginning April 2, 2026. Mr. Agarwal is not liable to retire by rotation.

Secretarial Auditor Appointment

M/s. Deepak Sharma & Associates, Company Secretaries (FCS No.: 6309, C.P. No.: 6898), have been appointed as the Secretarial Auditor for the company. Their term is for 5 consecutive years, starting from the financial year 2025-26 and concluding in 2029-30.

About Mr. Kundan Mal Agarwal

Mr. Kundan Mal Agarwal holds a bachelor’s degree in Commerce (honours) from University of Ranchi and was awarded the certificate to practice as Chartered Accountant. He has been in practice since September 7, 1974.

About Deepak Sharma

Mr. Deepak Parasar Sharma is a Practicing Company Secretary and proprietor of M/s. Deepak Sharma & Associates. He has over 20 years of experience and is a Law graduate. He has experience in areas such as corporate laws, merger and amalgamations, legal and secretarial corporate advisory services, etc.

Source: BSE

Aditya Birla Capital has announced the allotment of secured, redeemable, rated, and listed Non-Convertible Debentures (NCDs) on a private placement basis, raising approximately ₹10,950 Crore from multiple investors on September 24, 2025. The debentures carry varied tenors and coupon rates, with maturities occurring in March 2028 and September 2028.

Debenture Allotment Details

Aditya Birla Capital (ABCL) has successfully allotted Non-Convertible Debentures (NCDs) to multiple investors through private placement on September 24, 2025. The total funds raised through this allotment amount to ₹10,950 Crore across four tranches with varying characteristics.

Tranche Specifications

The debenture allotment comprises the following:

• Tranche 1: 30,000 NCDs with a face value of ₹1,00,000 each, totaling ₹3,000 Crore.
• Tranche 2: 25,000 NCDs with a face value of ₹1,00,000 each, totaling ₹2,500 Crore.
• Tranche 3: 25,000 NCDs with a face value of ₹1,00,000 each, totaling ₹2,500 Crore.
• Tranche 4: 29,500 NCDs with a face value of ₹1,00,000 each, totaling ₹2,950 Crore.

Key Terms and Maturity

These NCDs are secured, redeemable, rated, and listed. The coupon rates vary, with some linked to a floating rate benchmarked against 3M OIS. Maturities range from March 24, 2028 to September 15, 2028, based on the issuance date and tenor. Redemptions will occur at a price of ₹1,00,000 per debenture on the maturity date.

Coupon Payment Schedule (Illustrative)

An example schedule for one tranche is provided below for the debentures bearing face value of ₹1,00,000:

• 1st Coupon: December 24, 2025 – ₹1,725.27
• 2nd Coupon: March 24, 2026 – ₹1,706.31
• 3rd Coupon: June 24, 2026 – ₹1,744.22
• and so on until the 10th coupon, and then principal outflow on March 24, 2028

Source: BSE