Piramal Enterprises in spotlight on fund raising

Piramal Enterprises said meeting of board of directors will be held on 28 December 2019, to consider and approve the issue of secured nonconvertible debentures on private placement basis amounting up to Rs 2,750 crore. It also informed that its right issue will open on 7 January 2020 and close on 21 January 2020.

Yes Bank said Brickwork Ratings downgraded the ratings of its Lower Tier II Bonds, from BWR AA- to BWR A, and of Upper Tier II Bonds, Hybrid Tier I Bonds and Innovative Perpetual Debt Instruments from BWR A+ to BWR A-. The outlook will continue as negative considering the risk of continuing weakness in asset quality and to monitor the capital raising plans of the bank to provide cushion to absorb any increase in risk weighted assets and assist credit growth

HCL Technologies announced the opening of a Global Delivery Center (GDC) in Moncton, New Brunswick, Canada. The GDC will focus on technology areas in application development, support, testing, and servicing global clients. HCL will draw on its 10-year track record of success in Canada to assist tech companies as they continue to grow in the digital age.

Bharti Infratel said the Government approvals for amalgamation between Indus Towers and Bharti Infratel have not been received, and consequently, conditions precedent could not be completed within the extended timeline i.e. 24 December 2019. The board of directors have extended the long stop date till 24 February 2020. Completion of merger is contingent upon receipt of requisite regulatory approvals.

Bharti Airtel said its subsidiary Airtel Africa Plc announced the price for the initial public offering (IPO). The price for the IPO has been set at MK 12.69 (USD 0.021) per Ordinary Share. The Subsidiary expects to raise gross proceeds of approximately up to MK 27.92 billion (USD 37.5 million).

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