RIL, PVR, Welspun Corp to be watched

Reliance Industries (RIL) and Reliance Retail Ventures (RRVL) announced today that General Atlantic, a leading global growth equity firm, will invest Rs 3,675 crore into RRVL, a subsidiary of Reliance Industries. This investment values Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore. General Atlantic's investment will translate into a 0.84% equity stake in RRVL on a fully diluted basis.

PVR said a board meeting is scheduled to be held on October 5 to consider raising of funds through issue of Non-Convertible Debentures.

Welspun Corp received multiple orders of approximately 147 KMT valuing close to Rs. 1,400 crore. The inflow of orders is not only from the domestic O&G and water business but also from exports.

The board of directors of VA Tech Wabag considered and approved the issue and allotment of 75,00,000 equity shares of face value of Rs. 2/- each, for cash, at a price of Rs 160 per equity aggregating to Rs 120 crore by way of preferential issue to Rekha Rakesh Jhunjhunwala (50,00,000 shares), Basera Home Finance (15,00,000 shares), Sushma Anand Jain and Anand Jaikumar Jain (Joint Holding) (10,00,000 shares).

Sumitomo Chemical India said that Sumitomo Chemical Company proposes to sell up to 1,64,83,654 equity shares in company on September 30 and October 1. Floor price for the sale is fixed at Rs 270 per share.

ICRA has reaffirmed Credit Rating of Indraprastha Gas for Rs 4000 crore at [ICRA]AAA (pronounced ICRA triple A) and [ICRA] A1+ (pronounced ICRA A one plus). Outlook on the long term rating is stable.

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