Pidilite Industries in focus on buyback plan

Pidilite Industries said that its board will meet on 26 December 2017, to consider the proposal to buyback the fully paid-up equity shares of the company. The announcement was made after market hours yesterday, 20 December 2017.

United Bank of India said that the Reserve Bank of India has prescribed certain additional actions under the Prompt Corrective Action (PCA) Framework, in view of high net non-performing assets (NPAs), low leverage ratio and requirement to raise capital, based on the assessment of the bank's position as on 31 March 2017. The announcement was made after market hours yesterday, 20 December 2017.

The action points focus on profit retention, capital augmentation, provision coverage, diversification of credit portfolio, rationalization of expansion and cost control and are well complimenting to the steps already taken by the Management in these directions. The regulatory action is not likely to have any material impact on the bank's performance and will contribute to the improvement of the internal control and intrinsic strength of the bank. The normal banking activities viz acceptance of deposit, credit disbursement and treasury function remain unaffected and unaltered, the bank said in a statement.

IVRCL said it has entered into share purchase agreements with Cube Highways and Infrastructure Pte (Cube) for sale of the entire stake in two subsidiary companies viz. Salem Tollways (STL) and Kumarapalayam Tollways (KTL). The value of IVRCL's stake in STL and KTL shall be computed on the basis of enterprise value of Rs 342.95 crore for STL and Rs 383.23 crore for KTL subject to adjustments on account of financial indebtedness and working capital and expenses for upcoming major maintenance of each of the project. The expected date of completion of sale is before September 2018 quarter. The announcement was made after market hours yesterday, 20 December 2017.

Shriram Transport Finance Company said that the allotment committee of the company, at its meeting held on 20 December 2017, allotted 100 non-convertible debentures (NCDs) aggregating to Rs 10 crore on private placement basis. The announcement was made after market hours yesterday, 20 December 2017.

Varun Beverages said that its board approved entering into a binding agreement to acquire PepsiCo India's previously franchised sub territory in Jharkhand (20 districts) along with manufacturing facilities and franchisee rights for Chhattisgarh, subject to the satisfactory completion of due diligence and final approval of PepsiCo. Upon completion of this acquisition, the company will be a franchisee for PepsiCo products across 20 states and 2 Union Territories of India. The announcement was made after market hours yesterday, 20 December 2017.

Powered by Capital Market - Live News