Yes Bank to be watched after raising Rs 3000 crore via bonds

Yes Bank announced that it has placed Rs 3000 crore of Basel III compliant Additional Tier-1 (AT1) bonds through private placement against the base issue size of Rs 2100 crore. The bonds will be listed on the BSE and its proceeds will qualify for Basel III Tier-I capital. The bonds carry a coupon rate of 9.5% per annum. The bonds have been rated as CARE AA (Stable Outlook) by CARE Ratings and IND AA (Stable Outlook) by India Ratings & Research (A Fitch Group Company). The announcement was made on Saturday, 24 December 2016.

ONGC announced that its board on Friday, 23 December 2016, considered the proposal and approved acquisition of the entire 80% participating interest (PI) of Gujarat State Petroleum Corporation (GSPC) along with operatorship rights,at a purchase consideration of $995.26 million for Deen Dayai West Field in Krishna Godavari (KG) Basin offshore. The announcement was made after market hours on Friday, 23 December 2016.

ONGC and GSPC were engaged in discussions on a potential transaction for purchase by ONGC of GSPC's stake and operatorship in NELPIII block in KG Basin offshore.

ONGC shall also pay part consideration of $200 million to GSPC towards future consideration for six discoveries other than Deen Dayai West Field, which will be adjusted upon valuation of the these discoveries subsequent to approval of their Field Development Plans by DGH/Management Committee of the block.

The transaction would be documented by signing a farm-in agreement with GSPC. Requisite approval from the Government will be sought by GSPC in accordance with provisions of production sharing contract of the block.

JK Tyre & Industries announced that a meeting of its board of directors will be held on 28 December 2016, for considering raising of funds through various means. The funds shall be raised via issue of securities, convertible/non-convertible, with or without warrant by way of public and/or private offerings and/or qualified institutions placement or any combination thereof, subject to such approvals as may be required. The announcement was made after market hours on Friday, 23 December 2016.

Rashtriya Chemicals and Fertilizers (RCF) announced that it has issued commercial paper (CP) for Rs 150 crore on 23 December 2016, in favour of HDFC Bank, having maturity date as 23 March 2017. The announcement was made after market hours on Friday, 23 December 2016.

Apar Industries announced that a meeting of its board of directors is scheduled to be held on 6 January 2017, to consider buyback of the fully paid-up equity shares of the company. The announcement was made after market hours on Friday, 23 December 2016.

Trent announced that Brickwork Ratings has upgraded the rating for the non-convertible debentures (NCDs) amounting to Rs 75 crore issued by the company from BWR AA to BWR AA+. The outlook was maintained stable. Instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. The announcement was made after market hours on Friday, 23 December 2016.

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