Deal Street

IISc-Shell India: Indian Institute of Science and Shell India entered into a partnership to promote R&D in the areas of energy and the environment

• The partnership seeks to build on cutting-edge energy and environment-related research being carried out at the Interdisciplinary Centre for Energy Research, IISc

Servotech Power Systems: Servotech Power Systems said it has incorporated a subsidiary, Techbec Industries Ltd, for manufacturing batteries, particularly lithium-ion batteries, and other allied activities.

• Servotech Power Systems will be the holding company of Techbec Industries Ltd and would hold 63.5% share capital in the newly established battery manufacturing entity

Corporate announcements

Mankind Pharma: The fourth largest pharmaceutical company in the domestic market, Mankind Pharma, filed its DRHP papers with SEBI to raise funds through IPO

• The IPO will comprise an offer for sale of 4 Cr equity shares by the promoters and existing shareholders

Corporate movements

Ambuja Cement: Gautam Adani, the patriarch of the Adani group, took over as chairman of Ambuja Cements’ board while his elder son Karan was appointed chairman and non-executive director at ACC.

• Karan will also be a non-executive director at Ambuja Cements
• This move was made within hours of closing the $6.4bn transaction to buy Swiss major Holcim’s stake in Ambuja Cements by the Adani group
• Holcim's representatives have quit the board

Fundraising

Rephrase.ai: Rephrase.ai, an AI startup, said it has raised $10.6mn in funding led by Red Ventures.

• Existing investor Silver Lake also participated in the round along with 8VC and other investors. 

DotPe: Google-backed DotPe, founded by PayU India cofounder Shailaz Nag, is raising ₹434.5 Cr in funding led by Singapore’s sovereign fund Temasek.

• DotPe provides small and medium enterprises with a full-stack solution to set up online payments and delivery systems.
• It also provides store management and marketing management tools to these businesses.