HDFC has filed another term sheet for issuing secured redeemable non-convertible debentures worth Rs 1000 crore on private placement basis. HDFC said that the coupon rate on debentures is nil. The instrument has a tenor of four years. With redemption premium of about Rs 39.89 lakh on the face value of Rs 1 crore for each debenture, the effective yield works out to 8.75% per annum. The issue opens and closes on the same day on 9 March 2016. The object of the issue is to augment long-term resources of the company, HDFC said. The announcement was made after market hours yesterday, 3 March 2016.
ONGC said that a meeting of the board of directors of the company will be held on 9 March 2016, to consider and declare second interim dividend, if any, for the year ending 31 March 2016 (FY 2016). The company has fixed 17 March 2016 as the record date for the purpose of payment of second interim dividend for FY 2016, if any. The announcement was made after market hours yesterday, 3 March 2016.
Asian Paints after market hours yesterday, 3 March 2016 announced that the operations at the company's paint plant situated at Rohtak, Haryana, have restarted. On 22 February 2016, the company had informed of the operations at the its plant were shut down due to agitation at lMT, Rohtak with effect from 19 February 2016.
Bank stocks will be in focus as two days' Retreat for Banks and Financial Institutions called Gyan Sangamwould at held today, 4 March 2016 and tomorrow, 5 March, 2016 at State Bank Academy, Gurgaon (Haryana). This is second Gyan Sangam. First one was held last year in January, 2015 at Pune. Participants in this Bankers' Retreat include Ms Anjuli Chib Duggal,, Secretary, Department of Financial Services (DFS), Regulators, Officers of the Ministry of Finance, top Management of all public sector banks (PSBs), insurance companies and financial institutions (FIs). This retreat has been held to take forward the Government's commitment to reforms in the banking and financial sector. The growth and change in the financial sector ought to be in tune with the development in the real sector. The idea of organising such a retreat is to provide an informal academic environment, which can bring out the creative best of the minds of professionals and regulators.
Godrej Industries said that the High Court of Judicature at Bombay on 26 February 2016 has sanctioned the Scheme of Amalgamation of GIL Vikhroli Real Estate with Godrej Properties and their respective shareholders. The announcement was made after market hours yesterday, 3 March 2016.
Minda Industries announced an acquisition of the global lighting business of Spain-based Rinder Group that manufactures automotive lamps - headlamp, tail-lamps and small lamps. The enterprise value for the total deal is about 20 million euros. The acquisition includes 100% equity holding in Rinder India and Light Systems and Technical Center, Spain along with 50% equity holding in Rinder Riducu, Colombia. The deal will be financed through internal accruals and the debts. The announcement was made after market hours yesterday, 3 March 2016.
Sundram Fasteners said that Cramlington Precision Forge , United Kingdom, the company's wholly-owned overseas subsidiary has redeemed the company's preferential shareholding of 5 lakh shares at par (GBP 1 each) equivalent to Rs 4.74 crore on 1 March 2016. The announcement was made after market hours yesterday, 3 March 2016.
Fertilizers and Chemicals Travancore (FACT) will be in focus. Ministry of Chemicals and Fertilizers said yesterday, 3 March 2016 that an agreement to release Rs 1000 crore to the FACT, for its revival was signed yesterday, 3 March 2016. FACT due to various reasons, had fallen sick and its revival has been one of the priority item on the Government's agenda. As per this MoA, FACT will be getting a loan of Rs 1000 crore, to be repaid with interest within a period of five years, with a moratorium of one year. The company which has been facing severe financial crunch for the last more than a decade, has now got a breather in the form of this loan, which will ease its liquidity crisis. The new resources will be helpful in clearing long pending dues of the company, and facilitate much needed working capital, as well as for augmenting production. This will help FACT to maintain production at optimum level on a sustainable basis in the coming years. The company is initiating steps to enhance the production capacity of Factamfos by setting up a new stream of production of 1000 tonnes per day at FACT's Cochin division at Ambalamedu in Kochi.
Vijaya Bank announced after market hours yesterday, 3 March 2016 that the board of directors of the bank at its meeting held on 3 March 2016 has approved the proposal for preferential issue of equity shares to Life Insurance Corporation of India aggregating upto Rs 226 crore (inclusive of premium amount) subject to Government of India's approval and to convene an extra ordinary general meeting of the shareholders to pass the necessary special resolution in this regard.
Pioneer Distilleries announced after market hours yesterday, 3 March 2016 that the manufacturing activities of the 100 kilo liters per day (KLPD) molasses based extra neutral alcohol (MENA) plant at the factory of the company located at Balapur (V), Dharmabad (Taluk), Nanded District, Maharashtra, have been stopped with effect from 1 February 2016 on account of shortage in water availability due to less rains during monsoon season in the region. The company had explored various options of procuring water from various other sources for operating the MENA plant which have not been fruitful. The revenue of Rs 69.25 crore constituting 46 % of turnover of the company was contributed by the aforesaid MENA plant during the financial year 2014-15.
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