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HCL Tech in spotlight after board clears buyback plan

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said its board approved buyback of up to 3.64 crore shares (2.61% stake) worth Rs 4000 crore at Rs 1,100 each. The announcement was made after market hours yesterday, 12 July 2018.

will be watched. (NCLT) approved the proposed scheme of arrangement and reconstruction between and Hemisphere Properties (HPIL) and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013. The scheme provides for a demerger by way of reconstruction or splitting up of the company by way of transfer of the surplus land to and the consequent issue of equity shares by to the shareholders of Tata Communications, which will be followed by a transfer of equity shares of allotted to Group Companies (collectively, Panatone, and Tata Power Company) to the erstwhile shareholders of transferor company who had tendered shares in the open offer by and to the Government of India, in the manner set out in the scheme and various other matters consequential to or otherwise integrally connected with the above. The announcement was made after market hours yesterday, 12 July 2018.

said it has entered an alliance with for distribution of to the citizens on PAN basis. As per the arrangement with Reliance Mutual Fund, through its Nextgen Kendras, will offer mutual fund distribution and help to extend their reach to un-served and under-served areas. This tie-up further expands the company's bouquet of services available to citizens through Vakrangee Kendras. The announcement was made after market hours yesterday, 12 July 2018.

said it proposes to sell its including divestments of its stake in joint ventures, associates, selling some of the immovable properties owned by the The announcement was made after market hours yesterday, 12 July 2018.

(HOEC) announced the successful completion of a two well re-entry and side track drilling campaign of Mercury and Earth wells which commenced in April 2018. Based on the test results of these wells there is an increase in by about 10 mmscfd from the current level of 2 mmscfd. PY-1 Block is 100% HOEC owned Offshore field with the facilities to handle this production without any additional operating costs. The announcement was made after market hours yesterday, 12 July 2018.

Successful completion of the two wells opens up opportunities for further exploitation with simple, shallower and cost-effective vertical wells. HOEC is keen to pursue this new lead in future drilling campaigns after geo-technical studies based on the production performance PY-1 Block has a fully developed infrastructure with a with which ensures full offtake of the quantity produced, HOEC said in a statement.

Varroc Engineering said that the board of its whollyownedstep-downsubsidiary, VarrocLightingSystemsINC.USA, approved the proposed setting up of new facilities at Chennai (India) and Poland formanufacturingexteriorlightingcomponents.The announcement was made after market hours yesterday, 12 July 2018.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 13 2018. 08:05 IST
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