Mindtree will be watched as board drops share buyback plan

Mindtree said its board has decided not to proceed with a buyback of equity shares of the company. Further, the board invited views from the directors on the unsolicited offer made by Larsen & Toubro (L&T) for the equity shares of the company. After detailed deliberation and discussion, the board decided to immediately constitute the committee of independent directors (IDC) in the interest of all stakeholders to provide their reasoned recommendation in respect of the unsolicited offer by L&T for the consideration of the shareholders. All the independent directors will be members of the IDC, and the IDC has elected Apurva Purohit, lead independent director, as the chairperson of the IDC and spokesperson.

The IDC will consider and evaluate all aspects of the unsolicited offer, taking into account all relevant facts, circumstances, data related to the company and industry and the interests of all stakeholders involved. This committee will discharge the legal obligations placed on the independent directors under the prevailing regulations with respect to providing reasoned recommendations on the unsolicited offer by L&T. This committee will be supported by independent legal and financial advisors to help it with its deliberations. The announcement was made after market hours yesterday, 26 March 2019.

Wockhardt informed that Health Products Regulatory Authority, Ireland (HPRA) and UK MHRA carried out joint inspection of Shendra, Aurangabad facility of the company. HPRA granted GMP Certificate to the facility, which is valid for a period of three years upto 31 January 2022. The announcement was made after market hours yesterday, 26 March 2019.

In a separate announcement after market hours yesterday, 26 March 2019, Wockhardt said that it incorporated a wholly-owned subsidiary, Wockhardt Medicines (WML), with effect from 25 March 2019. The main objective of WML is pharmaceuticals business.

Dr. Reddy's Laboratories announced appointment of Allan Grant Oberman as an additional director, categorized as independent, on the board of the company for a period of five years, effective 26 March 2019. The announcement was made after market hours yesterday, 26 March 2019.

Sheela Foam said its promoters will sell 42.33 lakh shares, or 8.68% equity, with an over-subscription option of another 9.75 lakh shares, or 2% equity. The floor price has been set at Rs 1100 per share. The offer for sale (OFS) will take place over two trading days. For non-retail investors on 27 March 2019 and for retail investors on 28 March 2019. The announcement was made after market hours yesterday, 26 March 2019.

Allahabad Bank said that its board approved raising upto Rs 4000 crore, including premium by way of issue, offer and allotment of new equity shares of the bank either by way of public issue, rights issue, qualified institutions placements (QIPs) or in combination thereof in one or more tranches in such a manner that the Government of India shall continue to hold not less than 52% of the paid-up equity capital of the bank. The announcement was made after market hours yesterday, 26 March 2019.

Meghmani Organics announced that an accidental fire broke out at early morning hours on Tuesday, 26 March 2019, in one of the manufacturing section at its agrochemical manufacturing division situated at Dahej in Gujarat. The plant has three manufacturing sections supported by other sub-sections. Only one manufacturing section viz., Cypermthrin got affected due to fire. The company is ascertaining the loss and also investigating the cause of the fire. The announcement was made after market hours yesterday, 26 March 2019.

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