Kotak Mahindra Bank’s board on Thursday approved raising capital by issuing 6.2 crore equity shares, amounting to about Rs 5,500 crore at the current market price, to facilitate pursuing acquisition opportunities, tap into the business of stressed assets and support the lender’s organic growth.

The company plans to raise the capital through rights issue, public issue or private placement, including QIP (Qualified Institutions Placement) or through any other permissible means, it said in a statement.

Microsoft Philanthropies today said it has contributed a total of over USD 10 Million towards community development in India during 2016. It said the contribution includes both cash and technology investments to transform the way nonprofits deliver impact in India, offer educational opportunities to empower the next generation and extend support during humanitarian crises. Globally, Microsoft Philanthropies has committed more than USD 650 million in 2016 and impacted lives of more than 15 million youth across 58 countries, it said in a release.

State-run power equipment maker BHEL today said it has commissioned the second 800-MW unit of Yeramarus thermal plant in Karnataka. The company had commissioned the first unit of 2×800 MW Yeramarus thermal power station located in Raichur district of Karnataka in March last, BHEL said in a statement. The project has been developed by Raichur Power Corporation Limited (RPCL), a joint venture with equity participation from Karnataka Power Corporation Limited (KPCL) and BHEL.

A day after Supreme Court's ban on non-BS-IV compliant vehicles, two-wheeler companies are giving heavy discounts to clear inventories. Discount level is going as high as upto Rs 12,500.

While requesting anonymity, two wheeler-companies have confirmed high discounts are offered at dealerships to clear the stocks.

New Delhi: The civil aviation ministry on Thursday awarded first-ever regional flights based on a new subsidy model to five airlines that will expand flights to many new airports in the country.

Air India, Air Deccan, SpiceJet, Air Odisha and Turbo Megha have got rights to fly 128 routes which will require them to cap half the seats at about 50% of the fare.

Berlin: Mercedes-Benz is accelerating its rollout of electric cars in a race to meet tighter emissions rules as European buyers turn away from fuel-efficient diesel cars.

In a €10 billion ($10.8 billion) project, the world’s largest luxury-car maker intends to release 10 new electric vehicles by 2022, three years earlier than a target announced at the Paris auto show in September. The expedited time frame reflects the urgency facing manufacturers as they brace for a shift away from traditional automotive technologies.

Mumbai: Yes Bank Ltd has succeeded on its second attempt to raise capital, as friendlier conditions in financial markets allowed the Indian lender to put last year’s failed share offering behind it.

The Mumbai-based bank, led by billionaire chief executive officer Rana Kapoor, raised about $750 million through the sale of new shares at Rs1,500 each, an exchange filing late Wednesday showed. The decision to reduce the size of the sale helped smooth the deal, six months after Kapoor blamed a misunderstanding by his bankers for the failure of a $1 billion offering.

MUMBAI: In a landmark agreement signed with Pune plant workers on Tuesday, Tata Motors India’s largest automobile company by revenues, has initiated a move to bring 15-20,000 blue collar factory workers to a wage structure that is performance-linked.

The company concluded a long-term wage settlement agreement with its Pune workers Union that covers 6,400 workers, after 19 months of negotiations. Tata Motors will now work towards getting workers from Sanand, Lucknow and Jamshedpur factories to sign a similar agreement.

Continuing its rising streak, the benchmark BSE Sensex rose over 63 points to 29,594.84 in early trade on Thursday after the Lok Sabha approved four legislations to give shape to the historic GST amid short-covering in view of March series expiry.

Sentiments got a leg up after the much-awaited tax reform -- Goods and Services Tax (GST) -- inched closer to its July 1 rollout date with the Lok Sabha approving four supplementary legislations on Wednesday, brokers said.

Reliance Infrastructure InvIT Fund, which is planning a Rs 3,000-crore issue next month, has become the first to get approval from the National Highway Authority (NHAI), according to sources.

The RInfra InvIT Fund, with a proposed issue size of Rs 3,000 crore with an option to retain over-subscription of up to 25 per cent, will own 10 toll road assets, with an option to acquire further assets in future. These assets cover 770 km of national highways across five states.

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