Archives February 2024

New Delhi, February 23, 2024: Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility, is today publishing its preliminary results for fiscal year 2023.

CEO Andreas Wolf is satisfied with the results: “Despite global challenges, 2023 was a successful year and provides a solid basis for the upcoming years.”

Profitability and cash flow exceed the company’s expectations

In 2023, Vitesco Technologies increased its consolidated sales to €9.23 billion despite a persistently challenging market environment (2022: €9.07 billion; market consensus: €9.34 billion).

The sales guidance published by the company included a range of €9.2 billion to €9.7 billion. Adjusted for changes in the scope of consolidation and exchange rate effects, sales increased by 4.4 percent. Vitesco Technologies’ core business achieved organic growth of 12.2 percent, compared to the general growth in automotive production of 9.4 percent.

Vitesco Technologies generated sales of around €1.3 billion from electrification components in 2023 (2022: €1.1 billion). Reason for the less significant increase in sales was the softening of demand for electrification components in the market in the fourth quarter of 2023. The numerous project ramp-ups could not compensate for this effect.

Adjusted EBIT amounted to €341.1 million (2022: €225.5 million; market consensus: €307 million). Due to the further improved operating performance, the company’s adjusted EBIT margin of 3.7 percent (2022: 2.5 percent) was much higher than its guided range of 2.9 percent to 3.4 percent and also exceeded expectations (market consensus: 3.3 percent).

Thanks to improved profitability and despite the negative financial impact from the contract manufacturing business, free cash flow amounted to €84.9 million in 2023 (2022: €123.2 million). This was higher than Vitesco Technologies’ own forecast of approximately €50 million and the market consensus of €71 million.

Free cash flow included a cash outflow of €499.8 million (2022: €446.6 million) for capital expenditures on property, plant, and equipment and software (excluding right-of-use assets under IFRS 16). The ratio of capital expenditures to sales was therefore 5.4 percent (2022: 4.9 percent).

Vitesco Technologies’ total order intake in 2023 amounted to more than €12 billion (2022: €14 billion). Roughly €8.3 billion were attributable to electrification components (2022: €10.4 billion).

“Thanks to an order backlog of well over €30 billion in the electrification business, we are off to a strong start and are well positioned for the future. The high level of order intake in recent years reaffirms that we are a preferred supplier in the electromobility sector”, says CEO Andreas Wolf.

With an equity ratio of 37.6 percent as of December 31, 2023 (December 31, 2022: 40.3 percent), Vitesco Technologies’ balance sheet remains exceptionally solid. The company reported net liquidity of €337.0 million as of December 31, 2023 (December 31, 2022: €333.4 million).

CFO Sabine Nitzsche is more than satisfied with the results, given that the company is still on a path of transformation and market environment remained challenging in 2023: “Despite extensive transformation activities, we achieved further increases in company sales and adjusted EBIT. We fully achieved – and in some cases exceeded – our published guidance for all the main financial KPIs.”

Vitesco Technologies will publish a comprehensive overview of the Group’s performance in 2023 as well as an outlook for fiscal year 2024 at the Annual Press Conference on March 14, 2024.

Vitesco Technologies is a leading international developer and manufacturer of cutting-edge drive systems for sustainable mobility. With intelligent system solutions and components for electric, hybrid, and internal combustion drive systems, Vitesco Technologies is making mobility clean, efficient, and affordable. The product portfolio includes electric drives, electronic controls, sensors and actuators, and exhaust gas treatment solutions. In 2022, Vitesco Technologies generated sales of around €9.07 billion and employs a workforce of around 38,000 employees at 50 locations. Vitesco Technologies is headquartered in Regensburg, Germany.

New Delhi: Servotech Power Systems Ltd., a leading manufacturer of EV chargers in India, has bagged a significant order for nearly 1500 DC fast EV chargers from Hindustan Petroleum Corporation Limited (HPCL) and other EV charger OEMs. The order is valued at 102 crores and involves two charger variants of 60 kW and 120 kW.

The order secured by HPCL involves Servotech manufacturing, supplying and installing DC EV chargers nationwide, prioritizing deployment at HPCL’s retail utlets. Additionally, Servotech will also manufacture and supply the rest of the chargers to EV charger OEMs. This move is seen as an important step in making EVs more consumer-friendly by creating a robust and well-connected EV charging infrastructure. It will also promote decarbonized mobility and cater to the evolving needs of the sustainable automotive industry.

Sarika Bhatia, Director of Servotech Power Systems Ltd., said: “We are honored to be a part of India’s E-Mobility revolution and together with HPCL, we are committed to scaling up and fast forwarding the transition to a sustainable future. As a leading EV charger manufacturer, our goal is to make India a nation where EVs are not just a dream but a living reality through a shared vision and relentless dedication” “We are confident that our high-quality and technologically advanced DC fast EV chargers will help to establish e-mobility touchpoints, optimize transactions, improve availability, simplify discovery, and facilitate navigation for EV users. Our active support ensures a smooth transition towards a cleaner, more sustainable transportation ecosystem” said Sarika Bhatia

This press release is intended to inform Servotech’s shareholders about the company’s recent success in the growing EV charger market. The order from HPCL and other OEMs is a significant validation of Servotech’s products and capabilities, and it positions the company well for future growth in the Indian EV market.

Akash Pharande, Managing Director – Pharande Spaces

As India gears up for its upcoming general elections, optimism and anticipation are evident across various sectors, and the real estate market is no exception. Historically, India’s general elections have been a time for positivity – after all, every political party in the fray pledges to boost economic growth and improve infrastructure. These commitments invariably lead to a positive sentiment in the housing market.

How will the upcoming elections impact India’s housing market, and why this be the perfect time to make a home purchase? Let’s examine.

Surging Investment Optimism

Election periods in India are typically marked by increased public spending and promises of economic reforms, which tend to boost consumer confidence and spending. A stable government and the implementation of favourable policies create an environment ripe for investment – especially in the real estate sector. To capitalize on this optimism, developers often launch new projects or offer attractive deals and discounts to homebuyers.

Policy Reforms and Infrastructure Development

Today, election manifestos emphasize infrastructure development and pledges to usher in structural reforms. The result of such measures is enhanced connectivity and improved urban infrastructure, which directly benefit the housing market by making homeownership more accessible and appealing.

The development of roads, public transport, and utilities boosts the value of residential areas, turning even peripheral areas into attractive investment options. In short, they will see price growth.

Improved Liquidity and Financing Options

In the run-up to elections, there is typically an increased focus on financial inclusivity and easing of credit conditions to stimulate economic growth. Banks and financial institutions often roll out special home loan offers, reduced interest rates, or more favourable terms to encourage home buying.

This increased liquidity and the availability of financing options make it easier for aspiring homeowners to take the plunge.

Favourable Regulatory Changes

The government’s focus on housing and real estate development often leads to regulatory changes aimed at protecting buyers’ interests and boosting the sector’s growth. For example, the Real Estate (Regulation and Development) Act in 2016 was delivered by a new government elected in 2014, and it bought considerable transparency and accountability to the real estate sector.

Such policy reforms create a better environment for homebuyers and encourage investment in real estate. When such confidence-boosting reforms are implemented, we invariably see a rise in housing prices. Likewise, post-elections economic growth results in increased demand, which results in price growth.

However, in the period leading up to the elections, developers may often look to draw buyers with attractive prices, offers and discounts. This period can present a unique window of opportunity for investors and homebuyers to negotiate better deals before the anticipated post-election boom.

In short…

The period between now and the general elections is a strategic window for of opportunity to buy a home before prices rise. Moreover, the potential for property value appreciation post-elections signals significant returns on housing investment in the future.

Buying a home now, amidst the anticipatory positive trends, can not only secure a valuable asset but also leverage the market’s upward trajectory post-elections. Historically, the real estate market’s positive response to the general elections represents a strong connection between political milestones and economic growth.

23rd February 2024, New Delhi: Satin Creditcare Network Limited (SCNL), a leading microfinance institution, is proud to announce that it has been awarded the latest standard of ISO 27001:2022 certification by the international certification institute, INTERCERT. The Company is among the few microfinance companies to receive this certification, and the accreditation reflects the company’s commitment towards following the best practices in information security within the organization and protecting customer data in the face of growing cybersecurity threats and challenges. This involves providing continued confidentiality, integrity and availability of information and ensuring comprehensive compliance with the Information Security Management Standard (ISMS).

SCNL received this prestigious certification following rigorous audits and assessments of its information security management systems, policies and controls. To attain this certification, an independent security firm validated the Company’s compliances based on all personnel and technology services, including IT Infra, IT Development, Operation, HR, Admin, and Information Security Team, to ensure the Company has implemented ISMS effectively.

ISO 27001:2022 is one of the most widely recognized and internationally accepted information security standards that ensures organisations follow stringent security controls to protect sensitive data. It identifies requirements for inclusive ISMS and defines how organizations should manage and handle information in a secure manner. The Company has achieved the ISO 27001:2022 certification for the second time, with the initial certification being attained in 2018, when it was the first company in the sector to be awarded this certification.

Speaking about the certification, Sunil Yadav, Head of Technology at SCNL, said, “This certification underscores our relentless pursuit of innovation, aligning our operations with cutting-edge technological advancements to fortify the security and efficiency of our client transactions and services. Our dedicated team has spared no effort in attaining ISO 27001:2022, a testament to our unwavering dedication to safeguarding sensitive data entrusted to us. We take pride in our utilisation of state-of-the-art tools and methodologies to ensure heightened security measures.”

Commenting on this remarkable accreditation, Mr. HP Singh, Chairman cum Managing Director of SCNL, said, “We are absolutely honored to receive this certification and knowing that a reputed third party has affirmed our security management processes for both IT infrastructure and processes, reflects our deep-seated commitment to safeguarding the trust and confidentiality of our valued stakeholder’s information. Our endeavour has always been to bring progressive, state-of-the-art technology that truly meets the needs of our customers. At the same time, we have always been committed to providing the best services possible. In earning this certification, we are driven to not only adhere to our already high-quality assurance standards but to continually improve upon them.”

Mumbai, February 23, 2024: The Fern Hotels & Resorts announces the appointment of General Managers at six of its hotels and resorts.

Nitesh Kumar Raj – General Manager at The Fern Bambora Fort, Bambora, Udaipur

Nitesh Kumar Raj takes over as General Manager of The Fern Bambora Fort, Bambora, Udaipur. In his new role, he will oversee the maintenance of facilities, ensure compliance with legislation, and emphasize cost control. Nitesh is dedicated to optimizing staff resources, fostering positive staff relations, and prioritizing health and safety guidelines for guests and employees. His background includes contributions to renowned establishments such as Royal Orchid Hotel and Pride Group Of Hotels, showcasing expertise in food & beverage, inbound sales, and revenue management.

Ravi Shankar Nandamudi – General Manager at The Fern Residency, Kakinada

Ravi Shankar Nandamudi assumes the role of General Manager at The Fern Residency, Kakinada, bringing over two decades of expertise in hospitality. Graduating with a BHM in 1997, his focus on operations and training and development, particularly in F&B, has shaped a distinguished career. Ravi’s journey includes roles with eminent groups like Welcome Group, Bajaj Hotels, The Clarks Hotels. As a General Manager, Ravi is committed to transforming guest interactions into opportunities for cultivating loyalty, creating warm and lively environments for guests and teams alike.

Kapil Raina – General Manager at UK27 The Fern, Belagavi

With a nineteen-year tenure in hospitality encompassing hotel operations and sales, Kapil Raina is entrusted with the role of General Manager at UK27 The Fern, Belagavi. His responsibilities include overseeing hotel operations, managing budgets, and ensuring the success of the gross operating profit. Kapil’s rich background features key positions at Hotel Ramee Strand Inn Bangalore and Royal Orchid Hampi and Bangalore.

Ramesh Patnaik – General Manager at The Fern Gir Forest Resort, Sasan Gir

Assuming the role of General Manager, The Fern Gir Forest Resort, Sasan Gir, Ramesh Patnaik brings over 25 years of extensive hospitality experience to The Fern Hotels & Resorts. His extensive experience and leadership roles in renowned organizations such as Accor, Taj, and GRT hotels showcase his commitment to driving operational excellence, guest satisfaction, and strong stakeholder relationships for enhanced profitability.

Bapu Sirsat – Operations Manager at Grand Fortune Beacon, Ichalkaranji

Bapu Sirsat, the newly appointed Operations Manager at Grand Fortune Beacon, Ichalkaranji, comes with 10 years of experience in establishments like Sayaji Hotels, Grand Exotica Business Hotel Pune, and Ramee Grand Pune. His key achievements include seamlessly managing hotel operations, driving successful sales and marketing campaigns, and implementing effective revenue management strategies. In his current role, Bapu is dedicated to setting up brand standards, leading business development initiatives, and fostering a cohesive team aligned with the organization’s commitment to excellence.

Navnit Kumar Jha – Operations Manager at Anaya Beacon Hotel, Jamnagar

With fifteen years of experience, Navnit Kumar Jha has assumed the role of Operations Manager at Anaya Beacon Hotel, Jamnagar. Responsible for overseeing all hotel operations, he strives for seamless processes to enhance guest satisfaction and drive revenue/profit growth. Navnit’s professional journey includes notable stints at Regenta Resort by Royal Orchid Hotels, Sarovar Hotels, The Pride Group of Hotels, The Clarks Hotels, and Fortune Landmark by ITC Welcome Group. His expertise lies in Front Office Operations, Guest Handling, and maximizing Room Revenue.

Mumbai, February 23, 2024: In a key session at Ideas of India Summit 3.0, women achievers gained central focus. “Growing up with techno-bureaucrat and mathematician parents, education was ingrained as a priority in my life from the start. My father had a remarkable talent for explaining the physics of everyday occurrences, which instilled in me a deep curiosity and appreciation for the world around me,” said Nandini Harinath, Deputy Director, Spacecraft Operations Area, ISRO Telemetry Tracking and Command Network, ISRO, sharing her experience of growing up the ranks from Junior Engineer at ISRO to leading major space missions such as Mangalyaan and Chandrayaan-2

On the inaugural day of ABP Network’s flagship event, the ‘Ideas of India’ Summit 3.0, leading women intellectuals and achievers in STEM fields joined together to explore the theme ‘Women in STEM: Working in the Trenches, Reaching for the Stars’, shedding light on how women defy all challenges experienced in the modern-day workforce and their road to success.

Nandini Harinath also shared the importance of family support, teamwork, and personal well-being. “Juggling the demands of family and a career in the space industry has often felt like navigating an obstacle course. However, I firmly believe in the power of teamwork. Throughout my journey, I have learned the importance of seeking support from those around me. No accomplishment is achieved in isolation, and leaning on my family and society for assistance has been crucial during times of need”, she added.

Nandini Harinath has been an indispensable asset to ISRO, with her dedication and expertise in space science. Explaining the future of India’s space exploration efforts, she said, “With the emergence of private players in the sector, the possibilities are endless. I envision India taking a leading role in space travel, not only for scientific advancement but also for the profound impact it could have on shaping our future as a society.”

Discussing her journey and the rise of women scientists at ISRO, Dr. Nigar Shaji, Project Director, Aditya L-1 Mission, ISRO, said, “Since school, I have believed in pursuing the uncommon path. My parents, particularly my father, a math graduate turned agricultural specialist, encouraged me. At ISRO, there is no glass ceiling, passion is supported. For women, balancing work, family, and personal life is essential, with health as a priority. As far as the space industry in concern, the Aditya mission is crucial for understanding the sun and space weather, ensuring Earth’s protection. Leading the world in the space industry should be our aim. Visibility for women in STEM is vital; education must be engaging and inclusive from grassroots.”

Elaborating on the vital role played by women in STEM to break the glass ceiling and drive India’s growth, Prof. (Dr.) Annapurni Subramaniam, FASc., FNASc., Director, Indian Institute of Astrophysics, said, “It is important to be happy with yourself, as a woman we have multiple roles to play and one cannot bend to all requirements, there has to be a distinction. As such, there is limited conversation about women’s health. It is important to create a framework at home, where the support can be asked from the family and traditional roles can be given a push back. The Indian Institute of Astrophysics observatory in Kodaikanal is celebrating its 125 years, which is capturing Sun’s data. We have a night-time observatory in Ladakh, 2500 metres above the sea level. Our capabilities in astronomy are well established, thus India is being looked at as a support and resource in important missions for ground-based and space-based. India is also a major partner in two important projects in gravitational wave direction- LIGO, and Square Kilometer Array to look at the universe at very early stages.”

The ABP Network’s ‘Ideas of India’ Summit 3.0 spotlighting the ‘The People’s Agenda’ brought a confluence of ideas and ideators to a common platform celebrating the country’s people and its plurality. The two-day summit hosted policymakers, cultural ambassadors, industry experts, celebrities, business leaders, economists, and leading luminaries to delve into the fundamental ideas of liberty, justice, equality, and diversity that define India, its society, culture, and politics. The meaningful deliberations on diverse topics had the brightest minds across sectors providing insights about the nation’s trajectory and its journey to become Viksit Bharat.

New Delhi, February 23, 2024: In the year of India’s 18th General Election, ABP Network’s flagship event ‘Ideas of India’ Summit 3.0 launched to an enthralling opening, celebrating the spirit of democracy and plurality while converging many ideas of India.

Representing India’s business world, Dr. Anish Shah, Group CEO and MD, Mahindra Group, and President, FICCI, took stage to share his perspective on the pivotal role industries and enterprises will have to play for accelerating national growth and economic prosperity.

Dr. Anish Shah remarked, “Over the next 7 years, Indian GDP will add as much to the global GDP as the entire European Union combined.”

Deliberating upon the topic ‘Viksit Bharat: The Road to 2047’, Dr. Anish Shah, Group CEO and MD, Mahindra Group and, President, FICCI, expressed, “The Union Budget has prioritized economics over politics, adopted fiscal discipline and invested more in capex. The RBI has done a stellar job in containing inflation. Infrastructure is being massively developed to make manufacturing competitive in India. To make this vision a reality, each one of us has to play a role.”

Setting the goals for the industry, Dr. Anish Shah, remarked “India envisions to be a 30 trillion economy by 2047 to be a Viksit Bharat. This means manufacturing should be 25% of GDP. We should be more ambitious and make manufacturing grow 16 times and exports grow 11 times.”

Setting the spotlight on the people with the Summit theme “The People’s Agenda”, the two-day long intellectual discourse was set around how India can leverage its population potential to reinforce its leadership position globally on the way to becoming a developed economy.

The ABP Network’s ‘Ideas of India’ Summit 3.0 spotlighting the ‘The People’s Agenda’ brought a confluence of ideas and ideators to a common platform celebrating the country’s people and its plurality. The two-day summit hosted policymakers, cultural ambassadors, industry experts, celebrities, business leaders, economists, and leading luminaries to delve into the fundamental ideas of liberty, justice, equality, and diversity that define India, its society, culture, and politics. The meaningful deliberations on diverse topics had the brightest minds across sectors providing insights about the nation’s trajectory and its journey to become Viksit Bharat.

February 23rd, 2024: The second edition of YES BANK and CNBC-TV18’s – The Growth Summit: A vision to a $10 Trillion Economy, in association with Max Life Insurance, was held in Ahmedabad, Gujarat. The event convened policymakers, industry leaders, startup founders, innovators, and academic experts to deliberate on crucial factors essential for India’s economic progress. Central to the Summit’s discussions was the government’s ambitious 25-year plan aimed at positioning India as the world’s third-largest economy with a GDP of $10 trillion.

In his opening remarks at the Summit, Mr. Prashant Kumar, Managing Director & CEO, YES BANK said, “Gujarat emerges as the cornerstone of India’s economic ascent, contributing a staggering 33% to the nation’s exports in FY 2022-23. With ambitions to reach a $1 trillion economy by 2030, Gujarat’s leadership extends beyond traditional sectors, fostering a thriving ecosystem for innovation and infrastructure development. As the world’s largest diamond hub in Surat and the birthplace of India’s first operational greenfield Smart City, Gujarat positions itself as the beacon of opportunity. The state is poised to absorb the influx of businesses seeking alternatives to China, catalysing India’s journey towards economic supremacy.”

During his address, Mr. Kumar announced the launch of ‘Yes Private’ in Ahmedabad, which is the Bank’s newest market offering that aims to partner HNI Business owners and C-Suite executives in their endeavour to leverage the opportunities on the road towards a $10 trillion Indian economy.

He added, “Yes Private has been thoughtfully curated to complement the retail and wholesale banking offerings in the market. It integrates the Bank’s expertise across the spectrum and brings a full-stack product suite for HNIs across Family Banking, Business Banking, Wealth Management and Succession Planning needs. The programme also lays out extraordinary privileges and experiences for clients pertaining to their distinct lifestyles in India and abroad.”

The event kicked off with a thought-provoking discussion on ‘Strengthening Indian Business from Within’ in conversation with Mr. Piruz Khambatta, Chairman & MD, Rasna, he stated “India’s growth narrative must encompass more than just development; it must address the challenges faced by its youth, including migration due to inadequate resources like clean water and air. India’s trajectory of growth, akin to that of South Korea, Germany, Japan, and China, is undeniable, yet we must define our unique growth model. As we navigate through discussions, let’s advocate for an inclusive ‘India model’ of growth that acknowledges both its benefits and challenges, fostering sustainable progress for generations to come.”

Subsequently, panel discussion on the topic ‘From India to the World: Unleashing A New Era of Global Ambitions’ with Ashish Soparkar (MD, Meghmani Organics), Dr Vishal Rajgarhia (Director, Finecure Pharmaceuticals Limited) Rajiv Gandhi (MD & CEO, Hester Biosciences) Chirag Pan (MD & CEO, Pan Healthcare) and Behram Mehta (Founder & MD, Aava Natural Mineral water) captivated the audience at the summit.

The event progressed with an engaging conversation on ‘India’s Role as A Global Hub of Growth’ featuring Mr. Jayen Mehta, MD, AMUL (GCMMF), where he said, “Agriculture is the base of our economy. However, in terms of numbers, still agriculture contribution is less than 20%. Hence, we need to support agriculture and farmers, while also working on doubling their income which is also the professor policy of the government. These efforts will help in supporting the number of people associated with agriculture which is more than 60-70% of the population. The country still depends on agriculture as part of its primary income. So this is where a combination of policies which are pro farmer, pro-development and pro market is the way forward for our country. So if you can build a bridge and if only 20% of us convert our regular food into organic food, the GDP from agriculture will rise. These are very, very small and objective steps one has to take and organisations like ours are working towards the same using the cooperative model and building the country.”

In a special address, Mr. Prashant Tripathy, MD & CEO– Max Life Insurance added, “As India makes significant strides towards its ambitious goal of becoming a 10 trillion-dollar economy by 2030-31, there’s a growing need for India Inc. to partner with the government and democratize the benefits of this growth. It’s imperative that we ensure the advantages of our economic progress reach every segment of the society. There’s a strong call for players in the life insurance industry to align their strategies with IRDAI’s vision of ‘Insurance for All by 2047’- which calls for inclusive insurance coverage for India at large. Further, innovation and customisation must guide our product offerings to cater to the diverse and distinct needs of modern consumers, while distribution channels need to evolve to deliver convenience at every touchpoint, be it digital or otherwise. As we move forward, cross-functional collaboration supported by collective action will serve as the cornerstone for fostering inclusive growth, contributing to the shared prosperity of our nation.”

The evening continued with an engaging panel discussion ‘Scaling the Global Value Chain’, with insights from industry experts Mr. Vineet Mittal (Director, Navitas Green Solutions) Dr. Viranchi Shah (National President, IDMA and Director, Saga Laboratories) Ms. Aditi Gupta (Managing Partner, Menstrupedia) Mr. Sandeep Mittal (MD, Corrtech Energy Ltd) and Mr. Ravi Bhamidipaty (MD, TCT Ventures). They shared valuable insights on navigating global markets, contributing to an enriching discussion for the audience.

Taking the evening towards its end a thought-provoking session conducted by Kumaar Bagrodia, leading Neuroscientist & Founder, NeuroLeap on ‘The Neuroscience of Investing’ was held.

Concluding the summit was the final enticing conversation between Shruti Mishra, Anchor, CNBC-TV18, and Mohammed Shami, Indian Cricketer. Talking about his journey, Shami said, “If your hard work and luck are in your favour, then I don’t think anybody can stop you. You just have to stay loyal to your game and keep working hard. I believe nobody can take away my luck from me. My family has been incredibly supportive and has played an integral role in my journey.”

The Ahmedabad edition of ‘The Growth Summit – Vision for a $10 trillion Economy’ underscored India’s trajectory towards economic prosperity, as industry leaders and experts converged to chart a path towards a $10 trillion economy. With diverse voices and ideas from different industries of Gujarat, the summit left an indelible mark on the audience and shared a unique vision for India’s journey towards achieving its ambitious economic goals. The upcoming Summits are to be held in Bangalore, Delhi and Hyderabad in the weeks to come.

Subject: Regulations 30, 42 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations”) and outcome of the meeting of the Board of Directors of The South Indian Bank Limited (the “Bank”) held on February 21, 2024

 This is further to the meeting of the Board of Directors of the Bank (the “Board”) held on December 27, 2023 , approving the offer and issuance of fully paid-up equity shares of the Bank (the “Rights Equity Shares”) for an amount not exceeding ₹1,750 crore , by way of a rights issue (“Rights Issue”), in accordance with the Companies Act, 2013 and the rules made thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, other applicable laws and our prior intimation dated February 15, 2024.

Pursuant to the above referred, we wish to inform you that the Board of Directors at their meeting held today, i.e. on February 21, 2024, has inter alia considered and approved the following terms of the Rights Issue:

1. Total number of Rights Equity Shares and Rights Issue size: 5,231,85,254 Rights Equity Shares each on fully–paid up basis for an amount aggregating upto ₹1,151.01 crores (assuming full subscription with respect to Rights Equity Shares).
2. Rights Issue Price: ₹ 22 per Rights Equity Share fully paid-up (including a premium of ₹ 21 per Rights Equity Share) on application.

3. Record date: Tuesday, February 27,2024
4. Rights Issue period:

5. 1. Rights Issue Opening Date: Wednesday, March 6, 2024; and
   2. Rights Issue Closing Date: Wednesday, March 20, 2024.

2. 1. prior to the Rights Issue: 209,27,41,018 equity shares of theBank;
   2. post Rights Issue^#: 261,59,26,272 equity shares of theBank.

^#Assuming full subscription with respect to Rights Equity Shares.

f.  Other terms of the Rights Issue (including fractional entitlements and zero entitlements): To be included in the letter of offer to be filed by the Bank with the Securities and Exchange Board of India, BSE Limited and National Stock Exchange of India Limited. g. Rights entitlement ratio: 1 Rights Equity Shares for every 4 fully paid-up equity share of the Bank held by the eligible equity shareholders of the Bank, as on the record date (“Eligible Equity Shareholders”) h. ISIN for Rights Entitlement: INE683A20015 Further, please find enclosed herewith, i) the Reformatted Consolidated Financial Statements of the Bank and its Subsidiary, as of and for the year ended March 31, 2023; ii) the Reformatted Standalone Financial Statements of the Bank as of and for the year ended March 31, 2023 (“Reformatted Financial Statements”); iii) the Unaudited Interim Condensed Consolidated Financial Statements (including cash flow) of the Bank and its Subsidiary as at and for the nine-month period ended December 31, 2023 and iv) the Unaudited Interim Condensed Standalone Financial Statements (including cash flow) of the Bank as at and for the nine-month period ended December 31, 2023 (“Condensed Financial Statements”) along with the review reports on the Reformatted Standalone and Consolidated Financial Statements and review reports on the Interim Condensed Standalone and Consolidated Financial Statements issued by the Joint Statutory Central Auditors of the Bank and approved by the Board in its meeting held today, on February 21, 2024. Additionally, the Board also approved the Letter of Offer to be filed with the Securities and Exchange Board of India, BSE Limited and National Stock Exchange of India Limited. The meeting of the Board commenced at 4:00 p.m. and concluded at 9:15 p.m. The above information is also available on the website of the Bank, i.e.www.southindianbank.com. We request you to take the aforesaid on records and to disseminate it to your members.

Thanking you,

Yours faithfully,

JIMMY MATHEW

(COMPANY SECRETARY)

February 23rd 2024, Mumbai: Thane famous for its lakes and beautiful views is all set to earn itself a new landmark, a new “famous for” with the launch of the colossal rooftop restaurant ‘Mansionairre By The Roof’ – one of its kind in Thane. Experience a delightful dinner under the star-lit sky in the open-roof dining space or step into an intimate little corner in the cosy spacious indoors. Tucked away from the chaos of the city, this new space is creating quite a stir amongst the residents and rightly so. Perched atop the cityscape, this newest culinary haven Mansionairre by the roof, invites you for a night of celebration filled with luxury, style and exceptional cuisine.

Karishma Kishnani along with their children Anshitta & Vansh Kishnani, debutants in the hospitality industry who may be new to the business but surely demand your attention with this new project in collaboration with the expert restaurateur-consultant Aditya Wanwari, owner of Toast Inc. The dynamic duo is ready to set a new standard in the changing culinary landscape and nightlife in Thane. In the making for a year, Mansionairre by the roof is the perfect place to create some beautiful memories on your special occasion, be it a birthday celebration, a wedding, a family get-together or just a fun party with friends, one will find the ultimate luxe ambience, opulent atmosphere, delectable cuisines of the world in one place.

Karishma Kishnani, Founder & Owner of Mansionairre by the Roof excitedly quips about the launch “It was our goal to really bring fine-dining and a luxury high energy bar to Thane, and to give people here an unforgettable experience. With the launch of Mansionairre by the roof in Thane’s commercial hub, we aim to craft an ambience where each visit unfurls as a gastronomic journey, where every meal shares its distinctive narrative, allowing our patrons to relish extraordinary moments, and enjoy a getaway from regular food and boring dinners. Thane’s nightlife is also about to get amped up, with our exclusive DJ nights and sundowners, we are thrilled to bring this luxury experience to life, for everyone to enjoy.”

The massive space of 5000 sq ft – a literal mansion with its panoramic view of Thane’s skyline and greenery comes to life with its stunning interiors, conceptualised and designed by Sumessh Menon, the renowned interior designer of Sumessh Menon & Associates known for helming various successful projects. Each corner whispers tales of elegance and sophistication. Inspired by the vibrant pulse of Thane city’s dynamic culture, the interior design seamlessly blends modern chic with timeless charm, creating an ambience that invites you to linger and luxuriate. From sleek furnishings and art murals adorning each wall to ambient lighting that dances across the space like constellations in the night sky, every detail is thoughtfully curated to enhance the perfect dining and imbibing experience. The versatile dining space also transforms into a dance floor, for you to let down your hair with its raging sundowners &  DJ nights.

“Working on this expansive luxury restaurant with a beautiful rooftop section has been a thrilling endeavour! We have meticulously worked towards blending contemporary elegance with elements of urban charm, reflecting the vibrant atmosphere of the city skyline. We wanted to design and build a versatile place which has the right balance of energy levels, and character with a lot of gimmicks. From panoramic views to bespoke furnishings, every element has been meticulously curated to offer guests an unforgettable dining experience. It’s been a joy to bring this vision to life, and I can’t wait for patrons to immerse themselves in the ambience we’ve created.” says Sumessh Menon, interior designer.

The menu is carefully curated by Chef Ganesh, an expert in love with his craft which is reflected in his masterful technique and dedicated cooking philosophy. The array of cuisines offered at Mansionairre by the roof ranges from Continental, Indian, Asian, Japanese, and Italian to, Oriental, Mexican and many more, so you can navigate the world without moving your feet. Take your pick from the world menu, if you’re feeling adventurous and want a taste of the Japanese favourite, try the in-house special Mansionairre Deconstruct Sushi made with assorted exotic veggies, tempura crunchy flakes, sriracha mayo drizzle together and laid to perfection. If you’re in the mood for a little Indian with a modern twist then get your hands on the Edamame Hara Bhara Kebab, a modern twist to hara bhara kebab served with sriracha aioli and mint yoghurt. Or indulge in the chef’s favourite Corn Ribs prepared with Tajin seasoning, garlic mayo, and peri powder garnished with cilantro. The desserts are going to leave you wanting for more pick your favourites from the Coconut Sago Pudding with rose and cashew brittle, a twist on sabudana pearls cooked in sweet coconut, and jaggery milk and garnished with silver vark or the much-loved pull-me-up Hazelnut Mousse Torte crafted with gourmand shards, nuts, milk coated cornflakes garnished with white chocolate soil & coffee caviar.

“Every dish at Mansionairre is a journey, an experience that takes you to new heights of taste and pleasure. We believe food is symbolic of love when words are inadequate, it brings people together no matter their differences. The menu is carefully crafted keeping in mind Thane’s culture, a culture that is very diverse and welcoming of people. The world cuisine offered at Mansionairre is reflective of our effort to create a place that is synonymous with an exceptional dining experience, where culture meets diversity and elevates your food journey tenfold.”, says Chef Ganesh about the menu at Mansionairre.