The IPOs, which were postponed last year due to weak markets, could together raise as much as $900 million.
A potential sale of the business could fetch as much as $2 billion.
The $100.2 million in fines are the toughest actions yet taken by the regulator as part of its campaign against what it sees as shoddy listing standards.
As part of the deal, Temasek will subscribe to secondary shares issued by the Topsoe family, which currently owns 100 percent of the company.
The fund will look to trim stakes in companies identified as non-strategic to 15-25% and reduce its physical presence in locations such as London, Mumbai and Silicon Valley.
Malaysia’s Axiata, which holds a 28.3 percent stake in M1, said in September the offer should reflect the accurate future value of M1.
This comes after the government last year approved tax incentives for bank mergers to help them better compete with their larger regional rivals.
The proposed investment is three times a previously expected $500-million capital injection.
Noble, once Asia’s biggest commodity trader, has warned that if the restructuring fails, it would begin insolvency proceedings, likely in Britain.
For AirAsia, the deal marks another move to monetize its assets as Asia’s biggest budget airline seeks to transform itself into an asset-light, digitally focused firm.