E.I.D.-Parry (India) Limited has applied to the stock exchanges for a “no-objection” to declassify certain outgoing promoters from the ‘Promoter’ category. The application, dated September 24, 2025, seeks to reclassify M/s. Coromandel Engineering Company Limited and M/s. Yanmar Coromandel Agrisolutions Private Limited. This action aligns with regulatory guidelines for listed companies.

Outgoing Promoter Reclassification

E.I.D.-Parry (India) Limited is seeking approval for the declassification of two entities from its ‘Promoter’ category. The company submitted its application to the stock exchanges on September 24, 2025.

Details of the Entities

The companies for which the reclassification is being sought are:

* M/s. Coromandel Engineering Company Limited
* M/s. Yanmar Coromandel Agrisolutions Private Limited

Both entities are currently categorized as part of the Promoter and Promoter Group. Neither entity holds any equity shares.

Source: BSE

Bank of Baroda has secured registration from the International Financial Services Centres Authority (IFSCA) to conduct bullion trading at its IBU in Gift City, Gujarat. This registration allows the bank to operate as a Bullion Trading cum Clearing Member, enhancing its presence in the international financial hub. The registration was effective as of September 23, 2025.

Bullion Trading Approval

Bank of Baroda has successfully registered with the International Financial Services Centres Authority (IFSCA) to facilitate bullion trading. This allows the bank to operate its IBU (International Banking Unit) within Gift City, Gujarat.

Operations as Clearing Member

The registration enables Bank of Baroda to function as a Bullion Trading cum Clearing Member. The official registration number is IFSC/ Bullion TM-CM/2025-26/025. With this approval, Bank of Baroda is poised to expand its financial services within the international financial hub.

Source: BSE

Waaree Energies Limited has invested ₹300 crore in its wholly-owned subsidiary, Waaree Energy Storage Solutions Private Limited, through a rights issue. The investment aims to boost the subsidiary’s capabilities in lithium-ion advanced chemistry storage cell manufacturing, supporting Waaree’s broader strategy in renewable energy and energy storage solutions. This move is expected to significantly enhance the group’s position in the rapidly growing energy storage market.

Significant Investment in Energy Storage

Waaree Energies Limited announced on September 24, 2025, a strategic investment of ₹300 crore into its subsidiary, Waaree Energy Storage Solutions Private Limited. This investment was made through a rights issue, reinforcing Waaree Energies’ commitment to expanding its footprint in the energy storage sector.

Details of the Investment

The ₹300 crore investment will enable Waaree Energy Storage Solutions to further develop its lithium-ion advanced chemistry storage cell manufacturing plant. The company is a wholly-owned subsidiary, which means that Waaree Energies retains full control and ownership of the entity and its strategic direction.

Waaree Energy Storage Solutions Overview

Waaree Energy Storage Solutions Private Limited was incorporated on February 4, 2020. As of the latest financial year, the company’s turnover was Nil. The recent investment is intended to drive future growth and establish the company as a key player in the renewable energy storage market. The company operates within the renewable energy industry. After the ₹300 crore investment via rights issue, Waaree Energies Limited’s shareholding will not change.

Source: BSE

The New India Assurance Company has received an income tax refund of ₹249.79 Crores for the Assessment Year 2009-10. This includes an interest component of ₹8.89 Crores. The company announced the receipt of this refund on September 24, 2025.

Income Tax Refund Received

The New India Assurance Company announced that the Income Tax Department has issued a refund totaling ₹249.79 Crores. This refund pertains to the Assessment Year 2009-10. The announcement was made on September 24, 2025.

Details of the Refund

The total refund amount of ₹249.79 Crores includes an interest component of ₹8.89 Crores. The receipt of this refund will positively impact the company’s financials.

Source: BSE

Nykaa has announced the appointment of Dipak Gupta, former MD & CEO of Kotak Mahindra Bank, as an Independent Director, effective October 1, 2025. His extensive experience in financial services and digital innovation is expected to contribute to Nykaa’s growth and strategic direction. Gupta’s appointment is subject to shareholder approval and is for a term of five years.

Independent Director Appointment

Nykaa has appointed Dipak Gupta as an Independent Director to its Board, effective October 1, 2025. Gupta brings over three decades of experience in the financial services sector, most recently as the former MD & CEO of Kotak Mahindra Bank Limited, where he retired in December 2023.

Gupta’s Background

Prior to his retirement, Gupta spent over 30 years with Kotak Mahindra Bank. He also played a key role in establishing the retail business and was instrumental in the joint venture with Ford Credit. He has also been a member/chairman of various Board and non-board committees across the Kotak Group.

Industry Insight and Expertise

Falguni Nayar, Executive Chairperson, Founder and CEO of Nykaa, welcomed Gupta’s appointment, emphasizing his profound knowledge of financial services and strategic acumen in digital innovation, which will be invaluable to Nykaa’s scaling and diversification efforts.

Appointment Details

Gupta’s appointment is subject to the approval of the Members of the Company, as an Independent Director for a term of 5 consecutive years commencing from October 1, 2025, till September 30, 2030. He is a graduate in Electronics Engineering from IIT (BHU), Varanasi, and holds a PGDBM from the Indian Institute of Management, Ahmedabad. He is also a Professor of Practice at IIT Bombay.

Source: BSE

Waaree Energies Limited has invested ₹300 crore in Waaree Energy Storage Solutions Private Limited, a wholly-owned subsidiary. The investment was made through a rights issue. This move aims to support the subsidiary’s growth and expansion in the energy storage sector. The funds will be used to set up a 3.5 GWh Lithium Ion Advanced Chemistry Storage Cell manufacturing plant.

Investment in Waaree Energy Storage Solutions

Waaree Energies Limited has announced an investment of ₹300 crore in its wholly-owned subsidiary, Waaree Energy Storage Solutions Private Limited. This investment was executed through a rights issue, further integrating the subsidiary within Waaree Energies’ portfolio.

Purpose of the Investment

The capital injection is primarily intended for establishing a 3.5 GWh Lithium Ion Advanced Chemistry Storage Cell manufacturing plant. This facility will significantly enhance the company’s manufacturing capabilities and contribute to its strategic objectives in the renewable energy storage market.

Details of the Subsidiary

Waaree Energy Storage Solutions Private Limited was incorporated on February 4, 2020, and is based in Mumbai, Maharashtra. As a wholly-owned subsidiary, it plays a crucial role in Waaree Energies’ broader strategy. The turnover for the last 3 financial years has been Nil, indicative of its developmental stage.

Shareholding and Control

The investment of ₹300 crore, made through the rights issue of partly paid-up equity shares (Face Value of ₹10/- each at par), will not alter the percentage of shareholding or control that Waaree Energies has in its subsidiary. This reinforces Waaree Energies’ commitment to and control over its energy storage ventures.

Source: BSE

Motilal Oswal Financial Services Limited has acquired 10,95,890 Compulsorily Convertible Preference Shares and 16,43,836 Equity Shares of Kusumgar Limited for approximately ₹100 Crore. The acquisition is part of Motilal Oswal’s treasury investment book, aiming for sustainable, long-term returns. The transaction was completed on September 24, 2025.

Strategic Investment in Kusumgar

Motilal Oswal Financial Services Limited (MOFSL) has announced the acquisition of a significant stake in Kusumgar Limited, a company specializing in synthetic engineered fabrics and solutions. The investment, made through MOFSL’s wholly-owned subsidiary, involves the purchase of both Compulsorily Convertible Preference Shares and Equity Shares.

Details of the Acquisition

The breakdown of the acquisition includes 10,95,890 Compulsorily Convertible Preference Shares and 16,43,836 Equity Shares of Kusumgar Limited. The total consideration for this acquisition is approximately ₹100 Crore.

Kusumgar Limited Overview

Kusumgar Limited is focused on manufacturing woven, coated, and laminated synthetic, engineered fabrics. They offer solutions focusing on polyamides and polyester filaments and polyurethane chemistry. The company serves customers with high-performance requirements worldwide. Key financial data for Kusumgar Limited includes:

• FY 2025: ₹779.00 Crore
• FY 2024: ₹467.91 Crore
• FY 2023: ₹301.65 Crore

Rationale Behind the Investment

Motilal Oswal views this acquisition as a strategic treasury investment, designed to generate sustainable, long-term returns. The investment aligns with MOFSL’s objective of identifying and capitalizing on opportunities within various sectors. The acquisition was completed on September 24, 2025.

Source: BSE

Oil and Natural Gas Corporation (ONGC) has received a letter dated 24.09.2025 from M/s MSKA & Associates conveying their dissent to accept the appointment as Joint Statutory Auditor. This dissent arises because MSKA & Associates identified that their network entity provides multiple services, including accounting and finance, to an ONGC subsidiary and business valuation services to an associate company. Due to these services falling under prohibited categories, MSKA & Associates is restricted from accepting the appointment to maintain independence.

Auditor’s Dissent Explained

ONGC received communication from M/s MSKA & Associates regarding their inability to accept the role of Joint Statutory Auditor. The decision was formalized in a letter dated September 24, 2025, addressed to ONGC.

Reason for Dissent

M/s MSKA & Associates’ decision stems from a conflict of interest. The firm’s network entity provides various services to the ONGC Group, specifically, Accounting & Finance services to one of ONGC’s subsidiaries and business valuation services to an associate company. According to the communication, these services fall under the prohibited services category as outlined in Section 144 of the Companies Act, 2013. Consequently, accepting the Joint Statutory Auditor appointment would compromise the Firm’s independence.

Initial Appointment

The initial appointment of M/s MSKA & Associates as a Joint Statutory Auditor was part of a larger communication from the Comptroller & Auditor General of India (C&AG), as noted in filings dated 12.09.2025 and 19.09.2025. The C&AG conveyed the appointment of 5 Chartered Accountants firms as Statutory/Joint Statutory Auditors for the Financial Year 2025-26.

Source: BSE

Power Grid Corporation of India Limited (POWERGRID) has acquired Davanagere Power Transmission Limited (DPTL) on September 24, 2025. The acquisition, made through the Tariff Based Competitive Bidding (TBCB) route, aims to establish a transmission system strengthening project at Davanagere for the integration of RE Generation. The project involves building, owning, operating, and transferring the asset. The acquisition cost is approximately ₹6.53 Crore.

Acquisition of DPTL

PowerGrid has successfully acquired Davanagere Power Transmission Limited (DPTL) as of September 24, 2025. This acquisition was made possible through POWERGRID’s selection as the successful bidder under Tariff Based Competitive Bidding (TBCB).

Project Details

The acquisition of DPTL is for establishing “Transmission System Strengthening at Davanagere for Integration of RE Generation.” The project will operate on a build, own, operate, and transfer (BOOT) basis. This project was facilitated by REC Power Development and Consultancy Limited (RECPDCL).

Project Scope

The project includes augmentation works at an under-construction sub-station (Davanagere PS) located in the state of Karnataka.

Target Entity Details

The target entity is Davanagere Power Transmission Limited (DPTL). POWERGRID had no prior related party interest in DPTL.

Industry

DPTL operates within the power transmission industry, aligning with POWERGRID’s core business.

Impact of Acquisition

The acquisition of DPTL allows POWERGRID to expand its transmission capabilities. DPTL’s business mirrors that of POWERGRID, focusing on power transmission.

Approvals and Timeline

DPTL was originally incorporated on June 26, 2025. All requisite approvals were obtained by the Bid Process Coordinator for the transfer of DPTL to POWERGRID. Further approvals for the Transmission License and Adoption of Transmission Charges will be secured from the Central Electricity Regulatory Commission (CERC) by DPTL following the acquisition.

Consideration

The acquisition was completed as per the timelines furnished by the Bid Process Coordinator. The acquisition cost is approximately ₹6.53 Crore, including 50,000 equity shares at par (₹10 each) along with the assets and liabilities of DPTL as of the acquisition date.

Shareholding

POWERGRID now holds 100% shareholding/control of DPTL.

Future Operations

DPTL will continue to operate in the business of transmission of power. DPTL is yet to commence commercial operations and is expected to begin in the near term. DPTL will operate within India.

Source: BSE