Bharti Airtel said that the company and Axiata Group Berhad (Axiata), have on Friday, 24 June 2016 agreed to further extend an earlier agreement until 26 September 2016 or such other date as the parties may agree. The announcement was made after market hours on Friday, 24 June 2016.
It may be recalled that Bharti Airtel and Axiata Group Berhad had on 28 January 2016 signed a definitive agreement to merge their respective telecommunication subsidiaries in Bangladesh; namely, Airtel Bangladesh (Airtel) and Robi Axiata (Robi). The agreement follows the 9 September 2015 announcement of both parties entering into an exclusive discussion to explore possibility of combining the business operations in Bangladesh.
Post-merger, the combined entity operating as Robi will serve approximately 4 crore customers. The joint strengths of Robi and Airtel will deliver the widest mobile network coverage across Bangladesh, strengthening its position in the mobile internet segment as well as consolidating its position as the second largest operator in the country, Airtel and Axiata said in a joint press release on 28 January 2016. The proposed transaction is subject to conditions precedent including receiving applicable approvals from relevant authorities and is expected to complete in the first half of 2016, the two companies had said. Upon completion, Axiata will hold 68.3% controlling stake in the combined entity, while Bharti will hold 25%. The remaining 6.7% will be held by the existing shareholder, NTT DOCOMO of Japan, they added.
Bajaj Finserv is reportedly likely to buy out its German partner Allianz SE's stakes in two insurance units Bajaj Allianz Life Insurance Company and Bajaj Allianz General Insurance in a deal estimated at as much as Rs 10000 crore. Bajaj Finserv, the financial services arm of Bajaj Holdings and Investments, owns 74% and Allianz SE holds 26% in both the ventures, as per reports.
Aban Offshore said that its step down subsidiary has received a firm letter of award from ONGC for the deployment of the drillship Aban Abraham for a firm period of 2 years. The expected revenues from this deployment is estimated at $87 million (equivalent to Rs 592 crore). The deployment is expected to commence during the fourth quarter of calendar year 2016. The announcement was made after market hours on Friday, 24 June 2016.
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Tata Sponge Iron said that the company is in receipt of Letter of Intent (LOI) from Eastern Coalfields (a subsidiary of Coal India) declaring the company as a successful bidder for award of 24,000 tonne per annum of coal at a notified price (winning premium is zero). The notified price shall be reviewed by Coal India on a half yearly basis. As per the LOI, the company would be required to execute the fuel supply agreement, valid for a period of five years from the date of execution of the agreement and is further extendable for another five years. The agreement shall have a lock-in period of two years. The tonnage will constitute less than 10% of the company's annual coal requirement. The announcement was made after market hours on Friday, 24 June 2016.
Indian Overseas Bank said that the credit rating agency ICRA has revised its ratings for upper tier -II and Basel II compliant perpetual bond issues. The revision in the ratings assigned to the bonds is due to continued deterioration in asset quality indicators over the recent past, which adversely impacted the solvency and capitalisation profile of the bank. The announcement was made after market hours on Friday, 24 June 2016.
Patel Engineering said that a meeting of the board of directors of the company will be held on 29 June 2016, to consider and approve conversion of debt into equity pursuant to strategic debt restructuring scheme devised by the Reserve Bank of India {the RBI). The announcement was made after market hours on Friday, 24 June 2016.
Zuari Agro Chemicals said that the company has availed an unsecured inter corporate deposit (ICD) of Rs 100 crore from Adventz Finance, a promoter of the company, for a period of 12 months. The announcement was made after market hours on Friday, 24 June 2016.
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