Tata Steel in spotlight on talks to sell UK-based unit to Greybull Capital

Tata Steel will be watched. Tata Steel UK (TSUK), an indirect subsidiary company of Tata Steel Europe (TSE), announced the signing of a Letter of Intent with Greybull Capital to start exclusive negotiations for the potential sale of its Long Products Europe business. The memorandum covers several UK-based assets including TSUK's Scunthorpe steelworks, mills in Teesside and northern France, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities. It also includes Scottish mills in Dalzell and Clydebridge which are currently being mothballed. The announcement was made after market hours yesterday, 22 December 2015.

ONGC will be in focus. The Cabinet Committee on Economic Affairs (CCEA) yesterday, 22 December 2015, has given its approval for investment of Rs 5000 crore by ONGC into the equity share capital of ONGC Videsh (OVL) by conversion of existing loan of equivalent amount into equity. The approved investment will strengthen the capital base of OVL. It will enhance the ability of ONGC to undertake overseas exploration and production (E&P) business, thereby improving the energy security of the country, a government statement released after market hours yesterday, 22 December 2015 said.

L&T announced after market hours yesterday, 22 December 2015, that its Smart World & Communications business vertical is leading the way to make Jaipur India's first Smart City by creating a host of smart solutions like Wi-Fi hotspots, citizen interactive information kiosks, surveillance cameras, environmental sensors, parking information systems and remote kiosks with facility management services at select locations in the city. L&T has received the mandate from Jaipur Development Authority (JDA), which is leading the initiative to equip Jaipur with world-class digital facilities targeted primarily at the heavy tourist traffic that the city attracts. The Jaipur Smart City project has been planned in two phases with Phase 1 aimed at transforming six major locations into smart zones in the next month and a half and the remaining locations to be completed in a total of 120 days along with an Operations & Maintenance contract for 5 years. In Phase 1, L&T is completing the work at six locations, including the famous Ajmer Fort.

Dr. Lal PathLabs debuts on the secondary equity market today, 23 December 2015. The company had priced the initial public offer (IPO) at the top end of the Rs 540 to Rs 550 per share price band for the IPO. A discount of Rs 15 per share to the issue price of Rs 550 was offered to retail investors. The IPO closed on 10 December 2015. It was subscribed 33.41 times, with total bids for 27.12 crore shares.

Alkem Laboratories debuts on the secondary equity market today, 23 December 2015. The company had priced the initial public offer (IPO) at the top end of the Rs 1,020 to Rs 1,050 per share price band for the IPO. A discount of Rs 100 per equity share to the issue price of Rs 1,050 was offered to eligible employees. The IPO closed on 10 December 2015. It was subscribed 44.29 times, with total bids for 40.24 crore shares.

Chambal Fertilisers & Chemicals announced after market hours yesterday, 22 December 2015, that its board approved to either sell one/more/all of the five ships/vessels owned by the company, or sell the entire shipping business of the company on slump sale basis or some other appropriate structure. The proposed transaction will be consummated as and when the company receives commercially viable and acceptable offers from third parties in this regard. The approval of the shareholders in this regard will be taken through postal ballot. The company said that the proposal was made keeping in view the long term shipping business outlook and the requirement of funds for new Ammonia-Urea project proposed to be set up by the company at Gadepan in Kota, Rajasthan.

Subex announced after market hours yesterday, 22 December 2015, that it has allotted 2.35 crore equity shares pursuant to the conversion of $5.46 million, out of the company's $28.81 million bonds that are outstanding under the $127.72 million, 5.7% secured convertible bonds due 2017. Post the conversion, foreign currency convertible bonds (FCCBs) aggregating to $23.35 million are outstanding under the bonds.

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