Tata Steel said that Tata Steel UK announced the signing of an agreement to sell its long products Europe business to the family investment office, Greybull Capital. The sale for a nominal consideration, would be in exchange for Greybull Capital taking on the whole of the business, including assets and relevant liabilities, and securing an appropriate funding package, Tata Steel said. The deal would be completed once a number of outstanding conditions have been resolved, including transfer of contracts, certain government approvals and the satisfactory completion of financing arrangements, it said. The sale covers several UK-based assets including the Scunthorpe steelworks, two mills in Teesside, an engineering workshop in Wokington, a design consultancy in York, and associated distribution facilities, as well as a mill in northern France, Tata Steel said. The announcement was made after market hours yesterday, 11 April 2016.
Dr Reddy's Laboratories announced buyback offer after trading hours yesterday, 11 April 2016. The company has set aside a maximum amount of Rs 1569.41 crore for the buyback offer, which is 14.9% of the total paid up share capital and free reserves of the company as on 31 March 2015. The maximum buyback price is fixed at Rs 3,500 per equity share. The number of equity shares bought back will not exceed 25% of the total paid up equity capital of the company.
At the maximum buyback price and for maximum buyback size, the indicative maximum number of equity shares bought back would be Rs 44.84 lakh equity shares. If the equity shares are bought back at a price below the maximum buyback price, the actual number of equity shares bought back could exceed the indicative maximum buyback shares but will always be subject to the maximum buyback size.
Further, the company will utilize at least 50% of the amount earmarked as the maximum buyback size for the buyback i.e. Rs 784.70 crore. Based on the minimum buyback size and the maximum buyback price, the company will purchase an indicative minimum of Rs 22.42 lakh, Dr. Reddy's Laboratories said.
BPCL announced that its board of directors at a meeting held yesterday, 11 April 2016, approved the proposal to acquire Petronet India's (PIL) 26% equity stake in Petronet CCK (PCCKL) at a total cost of Rs 78.60 crore. PCCKL a subsidiary company promoted by BPCL and PIL. PCCKL owns and operates a petroleum product pipeline from Kochi to Karur in Tamil Nadu via Coimbatore for transportation of petroleum products. Currently, BPCL has a stake of 73.96% in the equity capital of PCCKL and PIL has a stake of 26% while the balance is held by financial institutions (Fis). Post completion of acquisition, BPCL's holding in PCCKL will go up to 99.96%. The announcement was made after market hours yesterday, 11 April 2016.
Separately, BPCL announced after market hours yesterday, 11 April 2016 that its board of directors approved the proposal to seek shareholders' consent by way of postal ballot for increasing the ceiling of investment by foreign institutional investors in the company by up to 49% from 24% in one or more tranches subject to regulatory authorities approval.
Adani Ports and Special Economic Zone (APSEZ) announced that it has raised Rs 500 crore by allotment of 5,000 rated, listed, secured, taxable, redeemable, non-convertible debentures (NCDs) of face value of Rs 10 lakh each on private placement basis. The NCDs will be listed on the wholesale debt market segment of BSE. The announcement was made after market hours yesterday, 11 April 2016.
Mahindra & Mahindra (M&M) announced that credit rating agency CARE has reaffirmed its CARE AAA and CARE A1+ ratings assigned to the long term & short term bank facilities of the company. The announcement was made after market hours yesterday, 11 April 2016.
Bharti Airtel announced that its subsidiary Airtel M Commerce Services (AMSL) has been granted payments bank license from Reserve Bank of India yesterday, 11 April 2016. The announcement was made after market hours yesterday, 11 April 2016.
TTK Prestige announced that its wholly owned UK subsidiary TTK British Holdings entered into an agreement for acquisition of branded kitchenware business in UK (target). The target is a branded player with a century old existence, TTK Prestige said. The names of the brands involved will be shared on completion of acquisition, it added. The target has experienced marketing, sales and distribution strengths, TTK Prestige said. The target does not have any manufacturing base but outsources all of its requirements from third party manufacturers, TTK Prestige said. The target is of the size of 18 million GBP per annum with a double digit earnings before interest, taxation, depreciation and amortization (EBITDA) margin, TTK Prestige said. This business offers potential for a long-term global presence for TTK Prestige in UK and Europe through its subsidiary, the company said. TTK Prestige, over the medium term, plans to leverage its domestic manufacturing capacities to cater to these branded segments, it said. The consolidated financials are expected to result in superior turnover, profits and return on capital employed (ROCE) for TTK Prestige, the company said in a statement. The announcement was made after market hours yesterday, 11 April 2016.
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