Indian Bank said that its board approved raising equity capital of upto Rs 7000 crore in one or more tranches in the current or subsequent financial years based on the requirement through follow-on public offer (FPO)/private placement/qualified institutional placement (QIP)/rights issue/preferential issue/institutional placement program, subject to necessary approval from Reserve Bank of India, Government of India, shareholders of the bank at extraordinary general meeting (EGM) and other regulatory authorities. Accordingly, an extraordinary general meeting of the bank will be held on 31 January 2018 to get the approval of the shareholders in this regard. The announcement was made after market hours yesterday, 19 December 2017.
The board of directors of HDFC approved raising funds by issuing equity shares and/or other permissible securities up to an aggregate amount not exceeding Rs 13000 crore. HDFC will consider raising funds by issue of equity shares or compulsorily convertible debentures or warrants or a combination thereof. The issue will be through a preferential issue or qualified institutions placement basis or through any other permissible mode or combination thereof, subject to necessary shareholder and regulatory approvals. The announcement was made after market hours yesterday, 19 December 2017.
Corporation Bank said that a meeting of its board of directors is scheduled to be held on 22 December 2017, to consider raising of capital by the bank. The announcement was made after market hours yesterday, 19 December 2017.
AU Small Finance Bank said it entered into the business correspondent agreement with Sahaj E- Village for providing banking and financial services through the use of business correspondent model. The announcement was made after market hours yesterday, 19 December 2017.
Tata Steel said its board has approved fund raising up to Rs 12800 crore through a mix of equity and equity-linked instruments, including a rights issue, to fund the company's proposed 5 million tonne capacity expansion. The total capacity of Tata Steel India operations following the above expansion will be 18 million tons per annum. The project will cost the company Rs 23500 crore and will be completed within 48 months. The project configuration and costs includes investments in raw material capacity expansion, upstream and midstream facilities, infrastructure and downstream facilities including a cold rolling mill complex.
Somany Ceramics will be watched. The Reserve Bank of India (RBI) yesterday, 19 December 2017, notified that the aggregate foreign share holding by NRIs under Portfolio Investment Scheme in Somany Ceramics have gone below the prescribed threshold limit stipulated under the extant FDI Policy and FEMA regulations. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.
Welspun Enterprises (WEL) announced that its board has decided not to venture into the financial services sector and use those funds for fuelling its growth in the infrastructure business. The board of WEL reviewed their earlier decision of investing into Welspun Financial Services (WFSL). The board decided to remain focussed on infrastructure space and not to invest in the yet-to-be-operational WFSL. WEL has invested till date Rs 1.35 crore for its 60% stake in WFSL, which would be transferred to the Welspun promoter group at book value. WFSL, therefore, would be completely controlled by the Welspun Promoter Group. The announcement was made after market hours yesterday, 19 December 2017.
Shoppers Stop said that its board of directors at a meeting held on 19 December 2017, approved the appointment of Rajiv Suri as Chief Executive Officer of the company with effect from 9 January 2018. The announcement was made after market hours yesterday, 19 December 2017.
Garden Silk Mills said that the promoters have agreed to pledge 51% stake of the company in favour of the security trustee, IDBI Trusteeship Services, as appointed by the lenders. The announcement was made after market hours yesterday, 19 December 2017.
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