🇮🇳 India Daybook: ICICI Bank Gets RBI Nod for Stake Hike, Tata Steel Infuses ₹1,625 Cr in Subsidiary

📍 ACQUISITION & STAKE INCREASE

• ICICI Bank: The private sector lender has received crucial regulatory approval from the Reserve Bank of India (RBI) to acquire an additional 2% equity stake in ICICI Prudential Life Insurance. This move allows the bank to further consolidate its holding in its insurance subsidiary.
• Rashi Peripherals: The company has acquired a 67% stake in VDA Infosolutions for ₹3.68 billion. This strategic acquisition expands Rashi Peripherals' footprint into enterprise technology, cloud computing, and AI infrastructure.

📍 INVESTMENT

• Tata Steel: The steel giant has infused ₹1,625 crore into its wholly-owned subsidiary, T Steel Holding Pte (TSHP), based in Singapore. The capital injection is aimed at restructuring offshore debt and supporting the decarbonization transition at its European facilities.

📍 REGULATORY & TAX

• Jubilant Pharmova: The company received significant regulatory relief as the Income Tax Department reduced a tax demand on its subsidiary from ₹108 crore to ₹42 crore, freeing up capital for its radiopharma operations.
• Tata Power: The company has reportedly received an extension for its Mundra power plant operations, ensuring continued generation capacity from the facility.

📍 MANAGEMENT CHANGE

• LIC: The state-owned insurance behemoth announced the resignation of its Chief Financial Officer, Sunil Agarwal. He is stepping down to pursue other prospects, with his cessation effective from July 14, 2026.

📍 CORPORATE ACTION

• Ex-Dividend: Seventeen companies are trading ex-dividend today, June 25. Key payouts include Supreme Industries (₹25 per share), CARE Ratings (₹14 per share), Nippon Life India Asset Management (₹12.5 per share), and IndusInd Bank.
• Market Holiday: Investors should note that Indian equity markets will remain closed on Friday, June 26, 2026, in observance of Muharram.

📍 IPO WATCH

• Waterways Leisure Tourism: The initial public offering, with a price band of ₹769–808, closes for subscription today, June 25.
• Advit Jewels: The IPO concludes its bidding process today. The issue had previously seen significant interest, being subscribed over 38 times by the second day.

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