Page 2678 - Business Finance
LKP Finance gets RBI nod to sell up to 62% to Essel group
Non-banking financial company (NBFC) LKP Finance today said it has received RBI's approval to sell up to 62 per cent of its equity to Essel group's Dakshin Mercantile Pvt Ltd. LKP Finance Limited has received Reserve Bank of India's approval for the proposed sale of up to 62 per cent equity shareholding to Dakshin Mercantile Private Limited, an Essel Group company, and change in its management structure, a company release said today. Earlier, Dakshin Mercantile and LKP Finance had entered into a definitive agreement on May 14, 2018, under which the former agreed to acquire majority equity shareholding in the latter. After the RBI approval, Dakshin Mercantile would now make an open offer to acquire a minimum 26 per cent equity shares from public shareholders in accordance with SEBI and other applicable regulations. The open offer for acquisition of 26 per cent representing up to 32,67,842 equity shares will be made at a price of Rs 198 per piece in a cash consideration for an aggregate
REC seeks shareholders nod to raise borrowing limit to Rs 3.5 lakh cr
State-run Rural Electrification Corporation (REC) has sought its shareholders approval to raise its overall borrowing limit to Rs 3.5 lakh crore from existing Rs 2 lakh crore. The company at its annual general meeting scheduled on September 25 would also seek vote on changing name of the company to REC Ltd. "The projected level of borrowing during 2018-19 is likely to exceed the presently approved limit. Therefore, the consent of the Members is sought for increasing the borrowing limit from Rs 200,000 crore to Rs 3,50,000 crore to cover further requirement of borrowing," the notice for AGM on September 25 stated. The net amount of borrowing of the company as on March 31, 2018 was Rs 1,98,791 crore and a sum of Rs 60,000 crore is likely to be borrowed during 2018-19 for lending activities. It is also proposed through a special resolution to authorise the Board to mortgage /create charge on immovable and/or movable properties of the Company, both present and future, for securing loan up
Buffett says Berkshire buying own stock, and more of Apple
NEW YORK (Reuters) - Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc, on Thursday said the conglomerate has begun repurchasing its stock for the first time since 2012, and has added a "little" to its already huge stake in Apple Inc.
Centre to consider raising Kerala's borrowing limit: Minister
Asking public and private insurance companies to quickly settle claims filed by the flood-affected in Kerala, Union Minister of State for Finance Pon Radhakrishnan has said that the Centre will consider the state's demand to raise its borrowing limit.
OBC gets board approval to raise up to Rs 1,000 cr
State-owned Oriental Bank of Commerce (OBC) today said it will raise up to Rs 1,000 crore through an issue to qualified institutional players. The board of directors of the bank in a meeting held on August 30, 2018, approved the raising of capital from the market through qualified institutions placement (QIP) for an amount not exceeding Rs 1,000 crore, the bank said in a regulatory filing. "The timing and exact quantum of the issue would be decided by the board/committee of board in due course depending upon market conditions," OBC said. Shares of the bank closed 4.81 per cent up at Rs 84.90 on BSE.
Board of Muthoot Finance to consider private placement of NCDs up to Rs 5k cr
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Trade worries drag on Wall Street; tech stocks help limit losses
(Reuters) - U.S. stocks dropped on Thursday, after four straight sessions of gains, weighed down by concerns over the U.S.-China trade war, even though gains in technology stocks helped limit losses.
CS set to gain as Odisha emerges as mfg hub of east: Patnaik
Chief Minister Naveen Patnaik today said that company secretaries are set to benefit a lot as Odisha is progressing fast to emerge as the manufacturing hub of eastern India. "Odisha is fast emerging as a manufacturing hub of eastern India. With progressive policies and plans in place, Odisha has provided better industrial climate for industries to grow," Patnaik said. He was speaking after inaugurating the Golden Jubilee Year National Convention of the Institute of Company Secretaries of India (ICSI) here. Stating that the Make-in-Odisha campaign has enabled the state to receive huge investment proposals, Patnaik said investment intent of more than Rs 2 lakh crore with a potential to create 1.4 lakh job were received in the 'Make in Odisha' conclave held in 2016. Over 60 per cent of the total proposals are at various stages of implementation, he said. "Our concerted efforts for industrial and economic growth have been paying rich dividends with many new industrial ...
Wockhardt gets shareholders' nod to raise up to Rs 1,200 crore
Drug firm Wockhardt today said its shareholders have approved raising of up to Rs 1,200 crore by issuance of non-convertible debentures (NCDs) on private placement basis. The special resolution seeking approval of the shareholders for issuance of NCDs up to Rs 1,200 crore on private placement basis was passed with 99.72 per cent of votes polled favouring the resolution, Wockhardt said in a filing to the BSE. The resolution sought consent of the members of the company to be accorded to the Board of Directors ... to offer, issue and allot secured/un-secured redeemable non-convertible debentures on private placement basis in one or more tranches, up to an aggregate amount not exceeding Rs 1,200 crore..., it added. Shares of Wockhardt today closed at Rs 664.95 per scrip on BSE, up 3.24 per cent from its previous close.
CCI imposes Rs 10 cr penalty on Geep Industries (India), 3 others
The Competition Commission today imposed a total penalty Rs 9.69 crore on Geep Industries (India) and three individuals, including a senior official of the firm, for cartelisation in sale of dry cell batteries. Panasonic Corporation's subsidiary, Panasonic Energy India Company, and Geep have violated norms pertaining to anti-competitive agreements under the Competition Act by "indulging in cartelisation", the CCI said in an order. The regulator, however, waived penalties of over Rs 74 crore on Panasonic Energy and its officials as they shared "vital disclosures" with it. The individuals penalised by the Competition Commission of India (CCI) include Geep's director Jainuddin Thanawala, as also Joeb Thanawala and Pushpa M. While Geep has been fined Rs 9.64 crore, Jainuddin has to pay Rs 2.40 lakh. Joeb and Pushpa have been slapped with penalties of Rs 1.10 lakh and Rs 1.30 lakh, respectively. CCI said that for contravention under Section 3 of the Competition Act, Panasonic Energy's ...
Release Rs 46.95 cr pending funds for police modernisation: K'taka to Centre
Expressing concern over the growing challenge of cyber crime, Karnataka Deputy Chief Minister G Parameshwara today demanded the central government to release the balance Rs 46.95 crore funds approved for the 2017-18 fiscal for modernising police force. The matter was discussed in a meeting with Union Home Minister Rajnath Singh after submitting a proposal seeking Rs 1,118.40 crore relief funds for flood-hit districts in Karnataka. Karnataka Chief minister H D Kumaraswamy and Revenue Minister R V Deshpande were also present at the meeting. "Security is a serious concern. With increase in cyber crimes, we have to modernise our police with advanced equipment," Parameshwara told reporters after the meeting. The Centre had released Rs 9.1 crore for the 2017-18 fiscal for modernisation of the police force and the state government has requested for releasing the balance amount of Rs 46.95 crore, he said. About Rs 93.70 crore funds, with central and state share of 60:40 ratio, was approved ...
Indian tribunal approves Idea-Vodafone unit merger - source
LONDON (Reuters) - India's National Company Law Tribunal (NCLT) has approved the merger of Idea Cellular Ltd and the Indian unit of Vodafone Group, according to a person familiar with the matter.
NCLT approves Idea-Vodafone unit merger - source
LONDON (Reuters) - India's National Company Law Tribunal (NCLT) has approved the merger of Idea Cellular Ltd and the Indian unit of Vodafone Group, according to a person familiar with the matter.
HDFC waives processing fee on home improvement loan for Kerala
Mortgage lender HDFC Ltd today said it will provide home improvement loans at a lower rate of interest and charge no processing fee to the flood affected people in Kerala to help them rebuild their properties. Under 'Rebuild Kerala', the lender will offer home improvement loans at 8.50 per cent without charging any processing fee. Understanding the gravity of the situation, HDFC has decided to contribute to rebuilding properties ravaged by floods in Kerala, a company statement said. The home improvement loan will be applicable to properties located in Kerala irrespective of the location of the customer applying for the loan. HDFC said this will be valid only for all loan applications submitted up to October 31, 2018.This offer is applicable to NRIs and PIOs (persons of Indian origin) as well.
GAIL (India) signs MoU for supply of natural gas to all applications of India Railways
This historic partnership will pave the way for supply of Natural Gas to Railway workshops, integral coach factories, loco workshops, DEMU sheds, etc. located along the existing and upcoming pipeline networks of GAIL. Along the prestigious eastern India pipeline project under execution- 'Pradhan Mantri Urja Ganga' network alone there is a scope to supply natural gas to over 10 workshops of Indian Railways and shall be connected in a phased manner.
China's top bank ICBC flags trade war risks as profits rise
SHANGHAI/BEIJING (Reuters) - Industrial and Commercial Bank of China, the world's largest commercial bank, joined its peers in reporting higher first-half profit and a steady bad loan ratio, but flagged trade tensions as a risk to economy.
Oil rises on Iran sanctions, lower U.S. fuel inventories
NEW YORK (Reuters) - Oil prices rose on Thursday, extending gains on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in U.S. crude inventories.
India Post sets up 22 IPPB branches in Punjab: Chief Post Master
As the postal department set to launch its payments bank on Saturday, a total of 22 branches in Punjab would be opened to take digital banking to the doorstep of people, a senior official said today. Prime Minister Narendra Modi will dedicate the services of India Post Payments Bank (IPPB) to the nation on September 1 at a national launch function in New Delhi. He said that IPPB will go live with 650 branches in addition to 3,250 access points co-located at post offices. "..With physical presence across 1.55 lakh post offices across the country, the reach of the 'Dakiya' or postman, IPPB aims at becoming a powerful and effective vehicle of real financial inclusion in the country...Postman will also be seen as a banker in your streets now," Anil Kumar, Chief Postmaster General, Punjab Circle, told a news conference here today. The launch of IPPB had been rescheduled for September 1 from August 21 earlier in the wake of seven-day national mourning declared after the demise of former ...
Sebi disposes of preferential share allotment case against REI Agro chairman, official
Sebi today disposed of a case against REI Agro's former chairman Sanjay Jhunjhunwala and current executive director Sandip Jhunjhunwala pertaining to allotment of preferential shares of the firm. Last year, the duo were arrested in connection with an alleged bank loan fraud of Rs 3,871 crore. It was alleged that REI Agro made partial funding of its preferential allotment of shares to the tune of Rs 7.10 crore out of Rs 50 crore to the four preferential allottees through a connected entity. Sanjay Jhunjhunwala and Sandip Jhunjhunwala being the chairman and managing director of REI Agro, respectively, were accountable for the alleged preferential allotment made in fraudulent manner and therefore, alleged to have violated PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms, Sebi said. Following this, the regulator had conducted an investigation into the dealings in the scrip of REI Agro for the period August, 2004 to September, 2005 and found that the company had allotted .
Dilip Buildcon receives LoA for Nagpur-Mumbai Expressway project
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