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TOP CORPORATE NEWS- 18 JUNE 2019

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Piramal Enterprises divests its stake in Shriram Transport Finance
Piramal Enterprises (PEL) announced the sale of its investment of 9.96% in the fully paid-up share capital of Shriram Transport Finance Company Limited (STFCL).Piramal has a long-standing track record of shareholder value creation and has consistently leveraged the right opportunities at the appropriate time to deliver an annualized shareholder return of approx. 28% over the last 31 years.Earlier this year in April 2019, PEL had announced its intention to exit from its investments in Shriram and optimally redeploy capital in a market that is clearly seeing consolidation take place.

Biocon to sell branded formulations India business to unit
Biocon, on Monday said that, it will sell Branded Formulations India (BFI) business on a ‘going concern’ basis to its subsidiary Biocon Biologics India Ltd.The Board of Directors of Biocon Limited at its meeting held on June 17, 2019, considered and approved the sale of Branded Formulations India (BFI) Business of the Company on a ‘going concern’ basis to Biocon Biologics India Limited (“BBIL”), a wholly owned subsidiary, the company said in the filing.

Tech Mahindra to acquire Objectwise Consulting
Tech Mahindra said in the press note that it will acquire Canada-based Objectwise Consulting Group Inc worth 2.75 mn Canadian dollars (about Rs14.33cr).The company said the acquisition would provide it access to Objectwise capabilities in the implementation and support of PEGA software, a business process management tool.”The Investment Committee of the Board of Directors of the company has approved the proposal to acquire 100% equity shares of Objectwise Consulting Group Inc through a new entity to be formed under its wholly-owned subsidiary viz, Tech Mahindra (Americas) Inc”.

HDFC AMC to provide liquidity for some MF plans
HDFC Asset Management Company (HDFC AMC) on June 17 has decided to provide a liquidity arrangement to certain fixed maturity plan schemes of HDFC Mutual Fund (collectively FMP Schemes), to deal with the illiquidity faced by such FMP Schemes due to their exposure to the Non-Convertible Debentures (NCDs) issued by Edisons Infrapower & Multiventures Private Limited and Sprit Infrapower & Multi ventures Private Limited, companies promoted by the Essel group (collectively “Essel Group Companies”).This liquidity arrangement shall only apply in case of FMP Schemes (having an exposure to the NCDs issued by the Essel Group Companies) which have either already matured in the month of April 2019 and/ or will mature till the standstill arrangement entered into by the Company with Essel Group Companies is in force, the company said in the filing.

Zydus announces completion of Enrolment in EVIDENCES IV Phase 2 Clinical Trial of Saroglitazar Magnesium in NASH
Zydus Cadila, an innovation-driven, global pharmaceutical company, announced that it has completed enrolment of 104 patients with Non-Alcoholic Fatty Liver Disease (NAFLD), including Non-Alcoholic SteatoHepatitis (NASH) across 20 clinical sites in the United States of America.The trial will evaluate the percentage change from baseline in serum ALT levels in patients treated with Saroglitazar Magnesium as compared to placebo as the primary endpoint. The change in liver fat content as measured by magnetic resonance imaging will also be compared, along with several other secondary endpoints. This study is one of several EVIDENCES trials conducted to assess the effect of Saroglitazar Magnesium in various populations with NAFLD, including patients with NASH.

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