Archives September 2023

Good Afternoon!

Cricket Australia (CA) has today unveiled its playing kit for the 2023 ICC Men’s Cricket World Cup in India. The uniform was produced by apparel partner ASICS and features the First Nations design that will appear on all of Australia’s international playing kits. The playing kit also features the logo of a global technology company and existing CA partner, HCLTech on the sleeve. For the first time, HCLTech has become Australia’s official Team Sponsor at an ICC event and will also feature on the training kit. HCLTech has been a digital partner since 2019 helping transform CA’s digital assets including cricket.com.au, the CA Live app, and PlayCricket, while digitising and streamlining community cricket processes.

New Delhi, 23rd September 2023: In observance of World Alzheimer’s Day, Dementia India Alliance (DIA), a prominent non-profit organization dedicated to improving the quality of life for those affected by dementia, organized ‘The Blue Button Movement’ today in collaboration with Antara Senior Care. This event, conducted in conjunction with the Rotary Club of Gurgaon South City, brought together approximately 100 seniors and volunteers, to combat the stigma surrounding dementia, raise awareness about the condition and the organization’s initiatives in this area.

The simple act of buttoning one’s clothes represents independence, and its loss can be an early indicator of the onset of dementia. The Blue Button carries profound symbolism for those impacted and signifies the pivotal moment when caregivers transition to care receivers. The interconnected threads in the button symbolise the alliance, coming together to offer hope and support.

“DIA is dedicated to improving the lives of individuals living with dementia and their families. The partnership between Antara Senior Care and DIA gives life to The Blue Button Movement that symbolises our commitment to raising awareness, fostering empathy, and building a society that offers compassion and support to those affected by the condition. We invite each one of you to join us in making a meaningful impact,” said Rajit Mehta, Founder Member, Dementia India Alliance, and MD and CEO, Antara Senior Care.

Commenting further on the association, he added, “Antara is honoured to stand alongside Dementia India Alliance as we are deeply committed to cultivating environments that prioritize the well-being and care of our seniors and together, we are confident in our ability to bring about a meaningful change in the lives of individuals affected by dementia.”

During the event, seniors joined together to create a human chain in the shape of the letter ‘D.’ This ‘D’ symbolizes dementia and serves as a powerful emblem, resembling a protective shield. It urges society to recognize the effects of dementia, encourages empathy, and promotes active support for those affected by the condition. The volunteers held informative placards and pamphlets about Dementia, not only to raise awareness but also lay the groundwork for compassionate action. This endeavour by DIA will span five other major cities in India including Bangalore, Hyderabad, Chennai, Vizag, and Kochi.

23rd September 2023- Management and team of promoters of Easy Build, a complete game changer in the construction industry, organized a grand pre-launch event on September 21 in Noida. Easy Build Metaverse-based Platform Set to Transform Building Construction Sector in India, but it’s one of its kind in the world. The pre-launch event provided the opportunity for the company’s stakeholders, emerging entrepreneurs, renowned architects, investors and sales partners to witness its ambitious plans for the market. Easy Build has already achieved a historic tremendous feat by securing pre-launch bookings worth over INR 500 crores backed by security cheques. Easy Build had 1,120 dealers on board. Apart from the pre-launch, a grand-scale launch event is planned in October.

The company has set a target of March 2024 to make 50 Experience Centre operational in Delhi/NCR, UP and Bihar, and have a dedicated force of 20,000 EB Entrepreneurs and to connect 3,00,000 workers through this. The company also aims to achieve a Gross Merchandise Value (GMV) of INR 8,000 crores.

Vishal Kanodia, Managing Director of Easy Build, while talking about the event, said, “It is a one-of-a-kind event which brought together some of the great minds of the industry. It provided us with the elite opportunity to showcase our vision for the construction and infrastructure industry of our country. We are proud to be the pioneers of the Metaverse-based commercial space, which brings everything related to building and construction under one roof, and we welcome our stakeholders.”

He further added, “Our country thrives on small-scale traders and they have a huge contribution in the country’s GDP. Till now, the companies doing online business in India are hampering the business of small-scale sellers and traders. EASY BUILD is committed to elevate their income by 3 to 5 times by empowering these sellers with technology, availability of goods, distribution network and more.”

There will be 02 Meta vans and 15 Meta bikes at each experience center of Easy Build, which will illustrate the seamless transition of Easy Build technology from the business place of the entrepreneur’s business location to the end user’s home. It will also facilitate the registration process of all workers associated with EASY BUILD. It will also connect with Entrepreneurs, allowing them to deliver their services to their customers efficiently.

Easy Build uses the next generation Artificial Intelligence (AI) and Metaverse technologies to provide building material solutions. It helps the end customer, builders and contractors to visualize their construction designs in real-time. End-users can order the products through the portal with the assurance that the products are delivered through the particular brand’s dedicated supply chain team, with real-time tracking and ensuring the quality of the products within their budget. Easy Build will also enhance the skills of workers like painters, carpenters, electricians and masons with better techniques and practices through industry experts. These training sessions will be given in the Easy Build state-of-the-art experience centre only. Along with this, Easy Build will also start a pension scheme to ensure their welfare.

During the event, Mr. Ashok Gupta, Managing Director, Sakarni Plaster India Pvt. Ltd. said, “Easy Build is definitely set to change the way homes are built and infrastructure is developed. It will completely transform property visualization and selection of material, making it very convenient for the customer. It is a delight to be associated with Easy Build in this early age of the venture.”

Ms. Chandni T Sikand, Business Partner, Compact LED Lights, “The construction industry has a lot of opportunities, and Easy Build is set to explore several of those with its service offering. The amalgamation of AI and Metaverse makes it stand out, and it is definitely going to impact the whole sector.”

The company is also following sustainable business practices by following the order-to-delivery cycle, which is set to mitigate more than 1000 mega-tones of CO2 emissions each year. Apart from that, Easy Build will follow a completely paperless process, expected to save about 800 trees every year.

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Mumbai, 23rd September 2023: Onsitego, India’s leading device care company, today announced its partnership with Hardik Pandya, India’s cricketing sensation. Hardik Pandya will be the new face of the brand and will help Onsitego expand the device protection category in India.

Onsitego has been the flag bearer of the device protection category for over a decade in India. The company has covered more than 1.5 Crore devices through its Extended Warranty & Damage Protection Plans. As per Onsitego, penetration of device protection plans is in low single digits in India v/s above 25% in developed markets. This under-penetration shows a clear lack of consumer awareness and presents a huge opportunity for the category to grow.

By joining hands with Hardik Pandya, Onsitego aims to improve consumer awareness about the benefits of device protection plans. The combined impact of Onsitego’s presence across 10,000+ retail stores & Hardik’s influence amongst consumers will fuel the next stage of growth in the device protection market.

Commenting on the strategic partnership, Kunal Mahipal, Founder & CEO of Onsitego, said, “We are thrilled to welcome Hardik Pandya to the Onsitego family. Just as Hardik exemplifies leadership & excellence in cricket, Onsitego embodies leadership & excellence in the device care category. With Hardik on board, we look forward to expanding the device care category and continuing to offer the best in class service experience to consumers across the country.”

Hardik Pandya, Vice Captain of India’s white-ball Cricket Team, said, “As a consumer, I understand the pain whenever a device does not work properly & we all need a reliable partner like Onsitego to take care of them.”

“I look forward to being a part of this exciting journey & contributing towards Onsitego’s mission of delivering WOW experience to all customers.” added Hardik, who is exclusively managed by RISE Worldwide

KAI India, the Indian subsidiary of Japan’s leading brand KAI, with over a 114-year legacy in crafting exceptional kitchen and beauty tools, offers K4 Soft Razor for women. This innovative product showcases superior Japanese technology and innovative features, representing a seamless blend of tradition and innovation.

The K4 Soft Razor is a disposable razor that provides a comfortable and effortless hair removal experience for the legs, underarms, and bikini area. Its four high-quality blades ensure that your skin is left feeling exceptionally smooth and silky. The ultra-thin blades of the KAI K4 Soft Razor glide effortlessly over the skin, making shaving a breeze. After use, the blades are easy to rinse, ensuring that the razor remains hygienic and long-lasting.

Experience the ultimate in hair removal with the KAI K4 Soft Razor, designed to make hair removal very simple and leave you with a perfect shave.

KAI India’s K4 Soft Razor for women is available at https://kaiindiaonline.com and on all leading e-commerce platforms for INR 160 only.

Mr. Rajesh U. Pandya, Managing Director of KAI India, said, “Our K4 Soft razor is an excellent solution for women looking for a high-quality razor for their hair removal needs. The razor’s innovative design and superior Japanese technology make hair removal effortless, and it is capable of delivering a perfect, close shave with ease. We are confident that our customers in India will love the K4 Soft Razor.”

Founded in Seki in 1908, KAI group products have cult status in Japan. The brand is known for its high-quality beauty care and personal grooming products integrating practical aesthetics with refined craftsmanship providing well-designed, innovative houseware, and beauty care products that are used widely in day-to-day lives.

Japan-based KAI Group made a foray into the Indian market by setting up a manufacturing facility spanning over 30,000 sq mt in Neemrana, Rajasthan. KAI brings over 800 years of Japanese legacy of forging blades, directly to Indian households with its kitchenware range. KAI Also offers high-precision beauty and personal care products to Indian consumers adding value to their daily life. Hey are determined to provide products prepared with detailed R&D and superior Japanese technology. With its clear vision and mission, KAI is marching forward towards becoming a household name in India.

New Delhi/Hyderabad/Pune: Finolex Cables Limited, a leading manufacturer of electrical and communication cables in India, announces the launch of its latest innovation in home automation – smart switches and smart door locks. These cutting-edge products are designed to elevate convenience, security, and energy efficiency, integrating seamlessly into the consumer’s modern lifestyle. Homeowners can now control their homes through touch and voice commands, as well as monitor and manage their settings using smartphones and voice assistants.

Finolex Cables launched its state-of-the-art smart door locks, transforming the concept of home security. These technologically advanced locks come with video door phone along with providing multiple access options, including fingerprint recognition, password entry, retina scan, periodic/one-time password, and remote unlocking via the mobile app. With their sleek and intelligent design, these locks enhance the aesthetics of modern homes while offering unmatched protection through cutting-edge encryption and advanced security features. The vast range includes door locks that can fixed on wooden, metal and glass doors with the price ranging from Rs. 12,000 to Rs. 50,000 approx.

In addition to the smart door locks, Finolex Cables has also introduced WiFi-enabled smart switches that seamlessly integrate with existing electrical setups. These switches empower homeowners with complete control over their lighting and appliances. Whether operated manually, via remote control, or through virtual assistants like Ok Google and Alexa, the smart switches provide effortless convenience. Moreover, the panels are available in 5000 customized LED background colours and finishes to meet the aesthetic appeal of any designer. The smart app ensures Wi-Fi-enabled comfort with minimal effort. With superior craftsmanship and spark-free properties, Finolex Cables prioritizes safety for its customers. Pricing of these smart switches’ ranges from Rs. 8,000 to Rs. 12,000 approx.

The company is further fortifying its offering by launching a completely new range of Switches branded Grazo. Finished in matt white, to give a contemporary, modern-looking design. The soft rounded edges of this switch are enhanced with screw caps to conceal the fixing screws to give it a stylish & innovative look.

Mr. Deepak K. Chhabria, Executive Chairman, Finolex Cables Ltd., expressed his delight at the launch, stating, “Our latest offering of smart switches and smart door locks exemplifies our commitment to technological innovation and customer-centric solutions. Through these cutting-edge products, we aim to empower homeowners with enhanced convenience, security, and energy efficiency. We are invested in shaping the future of smart living, and these smart switches and smart door locks stand as a testament to our dedication to delivering excellence in every aspect of our business.”

Additionally, Mr. Amit Mathur, President – Sales & Marketing, Finolex Cables, stated, “This new range of smart switches and smart door locks announce our entry in the home automation category and represents a significant milestone in redefining how we at Finolex Cables engage with our end consumer. Through extensive research and technological integration, we have crafted these products to deliver exceptional value to our esteemed customers. We have also ensured that these cutting-edge products are priced competitively, ranging from Rs 8,000 onwards, while delivering a truly convenient solution. Our new Grazo switches range will simultaneously help increase our reach and penetrate the mass market.”

Finolex Cables has previously ventured into the Fast-Moving Electrical Goods (FMEG) sector by introducing a range of innovative products such as the Crease Free Iron range, electric & room water heaters, fans, MCBs, switches, room heaters, conduits and lighting products, which have been highly acclaimed by consumers. The company’s growth can be attributed to its strategic approach, including the establishment of state-of-the-art manufacturing facilities and consistent capacity expansion to meet the dynamic needs of the market.

Ganesh Utsav, the vibrant and spiritually enriching festival dedicated to Lord Ganesha, is a time of immense joy and devotion in India. To further illuminate the festive spirit of this auspicious occasion, Zee 24 TAAS has announced ‘Sukhkarta,’ encouraging citizens to delve deep into the profound significance of Lord Ganesha and the divine celebration.

‘Sukhkarta’ brings to light the divine fervour to life through live broadcasts of sacred rituals, devotional melodies, and captivating cultural performances. It offers viewers an exclusive window into the real-time proceedings of sacred ceremonies, the soothing notes of devotional songs that touch the soul, and captivating cultural showcases.

This extraordinary programming also offers viewers a front-row seat to witness the pilgrimage to the eight Ganesh temples in the Maharashtra state of India, each of which houses a unique idol of Lord Ganesha. Each temple has its distinct legend and history, making them as diverse as the revered murtis. Additionally, the wide audience of Zee 24 TAAS will have the opportunity to witness live coverage of the Ganesh Visarjan ceremony, where the idol of Lord Ganesha is immersed in a body of water.

Expressing the profound sentiment of the festive season, Nilesh Khare, Editor of Zee 24 TAAS, said, “As Lord Ganesh is revered as the god of art, ‘Sukhkarta’ serves as a tribute to the artistry of life, embracing its diverse facets through the expressions of talented artists. We celebrate the creative spirit that infuses every aspect of our existence, just as Lord Ganesh inspires artistry in all of us.”

“With ‘Sukhkarta,’ we embark on a journey to illuminate the profound cultural and spiritual significance of Ganesh Utsav. Our pilgrimage to the sacred Ashtavinayak temples symbolizes our commitment to preserving and sharing the deep-rooted traditions of Maharashtra,” further highlighted Abhay Ojha, CEO of Zee Media Corporation Limited.

Beyond the cultural and spiritual offerings, ‘Sukhkarta’ on Zee 24 TAAS also featured an engaging modak contest, a delectable nod to the sweet treat cherished by Lord Ganesha.

Co-presented by Mahindra Oja Tractor & Amrith Noni – Pain Relief Spray, the Zee24 TAAS ‘Sukhkarta’ is powered by Nirma Shudh Namak, its special partners are Gokul, Dear Government Lottery, its associate sponsors are K-Pra Foods, Mandke Hearing Services-Pune, Kirti Agarbatti & Calton Paint.

Zee Media Corporation Ltd, one of India’s leading media companies, has a strong presence in the news and regional genres, with 16 news channels in seven different languages, reaching more than 528+ million viewers through its linear and digital properties.

Mumbai, 23rd September 2023: Sterlite Power, a leading power transmission developer and solutions provider in India and Brazil, announced the acquisition of Beawar Transmission Limited, a Special Purpose Vehicle (SPV) from REC Power Development and Consultancy Limited – a wholly owned subsidiary of Rural Electricity Corporation. The project was awarded to Sterlite Power through the Tariff Based Competitive Bidding (TBCB) process in August 2023.

Through the Beawar Transmission Limited SPV, the company will build the Green Energy Corridor project on BOOT (build, own, operate, transfer) basis, for a period of 35 years. This is Sterlite Power’s nineteenth power transmission project in India under the TBCB process. With this project, Sterlite Power has ~INR 12,000 cr of projects under management.

Speaking on the development, Pratik Agarwal, Managing Director, Sterlite Power said, “Sterlite Power is proud to be building the green energy corridor that will enable the flow of 20 GW of renewable energy. We are committed to delivering this critical infrastructure project on time and to the highest standards of quality and safety.”

Beawar Transmission Limited will entail construction of three integral components – 1) a 350 km 765kV transmission corridor connecting the renewable energy zone of Fatehgarh III to the substation at Beawar, 2) Construction of a 3000 MVA 765/400kV Substation at Beawar, and 3) construction of two LILO lines, covering approximately 120 km. Sterlite Power will be the first private transmission infrastructure developer in the country to implement a STATCOM.

Earlier this year in March 2023, Sterlite Power won Part G Phase III of the project, titled Fatehgarh III Beawar Transmission Limited. With the completion of both Part F and G, the transmission line will be amongst the largest Green Energy Corridors to be built in the country.

New Delhi, 23rd September 2023: Updater Services Limited (the “Company”), shall open its Bid/Offer in relation to its initial public offering of Equity Shares on Monday, September 25, 2023. The Offer comprises of a fresh issue of Equity Shares aggregating up to ₹ 4,000.00 million (“Fresh Issue”) and an offer for sale up to 8,000,000 Equity Shares by selling shareholders (the “Offer for Sale” and together with the Fresh Issue, the “Offer”).

The Anchor Investor Bidding Date shall be Friday, September 22, 2023. The Bid/Offer will open on Monday, September 25, 2023 for subscription and will close on Wednesday, September 27, 2023.

The Price Band of the Offer has been fixed at ₹ 280 to ₹ 300 per Equity Share. Bids can be made for a minimum of 50 Equity Shares and in multiples of 50 Equity Shares thereafter.

The Company, as part of the Objects of the Offer, proposes to utilize the Net Proceeds raised through the Fresh Issue towards Repayment and /or prepayment of certain of its outstanding borrowings, amounting to ₹ 1,330.00 million. Further, the Company intends to utilize ₹ 800.00 million from the Net Proceeds towards pursuing unidentified inorganic initiatives, ₹ 1,150.00 million from the Net Proceeds towards funding its working capital requirements and the balance amount from the Net Proceeds towards general corporate purposes.

The Offer for Sale comprises of up to 4,000,000 Equity Shares by Tangi Facility Solutions Private Limited (The Promoter Selling Shareholder), up to 800,000 Equity Shares by India Business Excellence Fund-II and 3,200,000 Equity Shares by India Business Excellence Fund-IIA (“Other Selling Shareholders”).

The Equity Shares offered through the Red Herring Prospectus dated September 18, 2023 are proposed to be listed on BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”). For the purposes of the Offer, BSE is the Designated Stock Exchange.

This Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957 read with Regulation 31 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and in compliance with Regulation 6(2) of the SEBI ICDR Regulations, wherein not less than 75% of the Offer shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs” and such portion the “QIB Portion”), provided that our Company, in consultation with the Book Running Lead Managers, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion) (the “Net QIB Portion”).

Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not more than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders (out of which (i) one third shall be reserved for applicants with application size of more than ₹ 0.20 million and up to ₹ 1.00 million, and (ii) two-thirds shall be reserved for applicants with application size of more than ₹ 1.00 million, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders), and not more than 10% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid bids being received at or above the Offer Price.

All Bidders, other than the Anchor Investors, are mandatorily required to participate in this Offer only through an Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA Account (as defined hereinafter) and UPI ID in case of UPI Bidders (as defined on page 11 of the RHP), as applicable, pursuant to which their corresponding Bid Amounts will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or by the Sponsor Bank(s) under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts. Anchor Investors are not permitted to participate in the Offer through the ASBA process. For details, please see the section entitled “Offer Procedure” on page 514 of the RHP.

IIFL Securities Limited, Motilal Oswal Investment Advisors Limited, and SBI Capital Markets Limited are the book-running lead managers (“BRLMs”) to the Offer.

All capitalized terms referred to in this press release that have not been defined shall have the same meaning as prescribed in the RHP.

Disclaimer:

UPDATER SERVICES LIMITED is proposing, subject to, receipt of requisite approvals, market conditions, and other considerations, to undertake an initial public offer of its Equity Shares and has filed the RHP with the Registrar of Companies, Tamil Nadu at Chennai. The RHP shall be available on the website of SEBI at www.sebi.gov.in, websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively, the Company at www.uds.in and is available on the websites of the BRLMs, i.e. IIFL Securities Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited at www.iiflcap.com, www.motilaloswalgroup.com, and www.sbicaps.com, respectively.

Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, please see the section entitled “Risk Factors” on page 34 of the RHP. Potential investors should not rely on the Draft Red Herring Prospectus for making any investment decision instead should rely on RHP.

The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws in the United States, and unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with any applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold only outside the United States in ‘offshore transactions’ as defined in, and in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdictions where such offers and sales are made.

Bangalore, India, 23rd September 2023 Glenmark Pharmaceuticals Limited (“Glenmark Pharma”), a research-led, integrated, global pharmaceutical company has entered into a definitive agreement with Nirma Limited to divest 75% stake in its subsidiary, Glenmark Life Sciences Limited (“GLS”), at a price of INR 615/- per share for an aggregate consideration of INR 56,515 mn, subject to closing adjustments. Glenmark Pharma own 7.84% in GLS after the divestment. The transaction is subject to customary closing conditions precedent, including receipt of regulatory and shareholder approvals.

Pursuant to the transaction, Nirma Limited will make a mandatory open offer to all public shareholders of GLS.

Commenting on the divestment, Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Limited said, “We are pleased to announce this strategic transaction with Nirma Limited, which marks a significant milestone in shaping an independent growth trajectory for GLS. This deal aligns with our strategic intent of moving up the value chain to become an innovative/brand led organization, with continuous focus on our core therapeutic areas of dermatology, respiratory and oncology. It also presents an opportunity for us to strengthen shareholder value through deleveraging and enhancing our overall return profile.”

Speaking on the announcement Dr. Yasir Rawjee, Managing Director and CEO, Glenmark Life Sciences Limited said, “Today’s announcement marks the next step in the journey of the company, one that will accelerate growth and help create more value for our stakeholders in the long term. We will continue to operate as an independent API company under the new ownership of Nirma Limited. I see this as an opportunity to further strengthen our position in the API industry and continue the growth trajectory.”

Glenmark Pharma will continue to focus on consistent growth across its key markets whilst having a strong emphasis on return ratios with net cash positive balance sheet, ultimately creating value for its shareholders.

Kotak Investment Banking acted as the exclusive financial advisor to Glenmark Pharma and GLS on this transaction. S&R Associates acted as legal advisor to Glenmark Pharma and Trilegal acted as legal advisor to GLS.