Business briefs

Tata Steel has fixed July 29 as the record date for sub-division of equity shares, according to a company statement.

On Monday, Tata Steel executive director and chief financial officer Koushik Chatterjee said his company has received ''necessary approvals'' for stock-split proposal.

''The ex-date for sub-division of the ordinary equity shares of the company is July 28, 2022. The new ordinary equity shares of the company of face value Re 1 each will start trading from the ex-date. Tata Steel has fixed July 29, 2022 as the record date for the purpose of sub-division of ordinary equity shares,'' the company said on Wednesday.

Tata Steel is among the country's top four steel producers and contributes around 18 per cent to the total domestic steel production.

*** Tata Motors ties up with Axis Bank for electric vehicle dealers * Tata Motors on Thursday said it has joined hands with Axis Bank to facilitate finance solutions for its electric vehicle dealer partners.

As per the collaboration, dealers can avail inventory funding over and above their ICE finance limit with pricing linked to Repo Linked Lending Rate (RLLR).

''Our dealers have been lock-step with us in our journey to enabling widespread EV adoption in the country. We are positive that this initiative will further support our vision to achieve the goal of green mobility and bolster sustainability in mobility sector in the country,'' Tata Motors Passenger Vehicles Senior GM (Network Management & EV Sales) Ramesh Dorairajan said in a statement.

Axis Bank Group Executive and Head - Retail Lending and Payments Sumit Bali said the industry first solution will help the bank to expand its base into newer consumer segments and address their financial requirements. ''We believe that the EV market will grow exponentially, and this partnership will go a long way in significantly contributing to this growth,'' he added.

*** Omega Seiki, Log9 unveil longer range version of e-three-wheeler * Electric vehicle maker Omega Seiki Mobility (OSM) and advanced battery-tech startup Log9 Materials on Thursday unveiled a longer range version of its cargo e-three-wheeler Rage+ RapidEV.

It has been jointly developed by the two companies.

Omega Seiki Mobility and Log9 are looking to deploy over 5,000 units of this upgraded and longer version of the three-wheeler in this fiscal, starting with New Delhi and Bengaluru, according to a joint statement.

The two partners had introduced Rage+ RapidEV last November.

*** V-Trans (India) appoints Mahendra Shah as chairman and managing director * Logistics firm V-Trans (India) Ltd has appointed Mahendra Shah as the chairman and managing director of the group.

Earlier, he was the managing director of the group.

In his new role, Shah will lead the long-term planning, business and expansion strategy and policy-making, the company said on Thursday.