HEG in spotlight as board to mull buyback

HEG said its board will meet on 26 November 2018 to consider the proposal of buyback of the equity shares of the company. The announcement was made after market hours yesterday, 19 November 2018.

Oil India announced that its board approved issuing debt securities for the aggregate principal amount not exceeding Rs 4000 crore or equivalent amount in foreign currency.

Further, the Oil India board also approved the proposal to buyback 5.04 crore shares of the company (representing approximately 4.45% of the paid-up share capital of the company) at Rs 215 per equity share payable in cash for an aggregate consideration not exceeding Rs 1085.72 crore, which is not exceeding 10% of the aggregate of the fully paid-up equity share capital and free reserves as per the audited standalone accounts of the company for the financial year ended 31 March 2018. The company has set 3 December 2018 as the record date for determining the entitlement and name of security holders eligible to participate in the buyback offer. The announcement was made after market hours yesterday, 19 November 2018.

Yes Bank announced that Rentala Chandrashekhar, independent director has tendered his resignation from the bank's board, with immediate effect, due to personal reasons. The announcement was made after market hours yesterday, 19 November 2018.

Kridhan Infra announced that its Singapore Subsidiary Swee Hong (SHL) has won an order for construction of link sewers for the DTSS phase 2 project from the Public Utilities Board, Singapore worth Rs 195 crore. The announcement was made after market hours yesterday, 19 November 2018.

PSP Projects announced that it bagged new institutional and industrial projects worth Rs 372.47 crore from various clients. The total work orders received during the financial year 2018-2019 (till date) on standalone basis amounts to Rs 804.62 crore. The announcement was made after market hours yesterday, 19 November 2018.

SRF said it pegged the cost of the damage to its technical textiles unit in Tamil Nadu, affected by Cyclone Gaja, at Rs 28 crore. The company said damage was covered by adequate insurance. The announcement was made after market hours yesterday, 19 November 2018.

NMDC will be watched. With reference to media report titled, "Karnataka may cancel NMDC's Donimalai mine lease in levy dispute", NMDC clarified after market hours yesterday, 19 November 2018, that the lease for NMDC Donimalai Mine has already been extended by the Karnataka State Government with effect from 4 November 2018 for a period of 20 years. Other formalities are in the process. The cabinet of Karnataka Government has approved the Mining Lease of Donimalai from 4 November 2018 for a further period of 20 years (upto 3 November 2038) on payment of 80% of the average sale value as published by IBM. A communication was also received to this effect.

Since imposition of such conditions is not as per the MMDR (Amendment) Act, 2015 read with Mineral (Mining by Government Companies) Rules, 2015 and as the same is also not economically viable, NMDC has represented the same before the Chief Minister of Karnataka.

The Chief Minister of Karnataka directed all the concerned to relook into the representation given by NMDC regarding the legal and other issues raised therein. The Karnataka Cabinet has not taken any decision to cancel the Lease of Donimalai to NMDC. Pending the decision on the representation by the Karnataka Government, the production has been temporarily suspended. Hence, it is clarified that the news item appeared in the press has no impact on the company.

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