Page 664 - Business Finance
HCC to raise Rs 1,750 crore through monetisation of claims
Hindustan Construction Company (HCC) on Tuesday signed terms with a consortium of investors led by BlackRock, which will seek to monetise an identified pool of arbitration awards and claims for a consideration of Rs 1,750 crore.Under the terms of the transaction, HCC will transfer its beneficial interest and rights in an identified portfolio of arbitration awards and claims to a special purpose vehicle (SPV) controlled by a consortium of investors including BlackRock.HCC will receive a consideration of Rs 1,750 crore from the SPV which will be utilised to prepay debt of Rs 1,250 crore, including its entire term loan of Rs 942 crore which is due in the next three years and Rs 308 crore of optionally convertible debentures.The balance Rs 500 crore will be made available to fund working capital and business growth. Consequently, the balance sheet of HCC will stand substantially deleveraged, with debt servicing over the next four years being limited to its working capital facilities.As a .
L&T to buy 31% Mindtree shares at Rs 5,030 crore
Infrastructure behemoth Larson & Toubro (L&T) Ltd on Tuesday offered to buy over 5.13 crore shares or 31 per cent of IT major Mindtree's equity stake for Rs 5,030 crore at Rs 980 per share of Rs 10 face value.
only 2% automotive firms in India implementing AI
Just two per cent of major automotive companies in India are implementing artificial intelligence (AI) projects compared with 25 per cent in the US and 9 per cent in China, according to the French technology services major Capgemini.
Rupee rises 10 paise to 68.86 vs USD as RBI swap auction elicits strong response
The rupee appreciated by 10 paise to end at 68.86 against the US dollar Tuesday following a robust response to RBI's maiden rupee-dollar swap auction. Sustained foreign fund inflows and heavy buying in domestic equities also propped up the local unit, forex traders said. Under the rupee-dollar swap auction conducted Tuesday, the Reserve Bank received bids for USD 16.31 billion, against the notified amount of USD 5 billion. At the Interbank Foreign Exchange (forex) market, the rupee opened strong at 68.88 against the greenback but surrendered the gains to slip to a low of 68.98. However, it clawed back lost ground and finally ended at 68.86, up 10 paise against its previous close of 68.96 per dollar. "The success of India's USD 5 billion swap auction will decide whether it will become a popular instrument in the central bank's liquidity tool box," said V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities. "The rupee appreciated further as foreign institutional flows ...
Board of Apollo Tyres appoints director
At meeting held on 26 March 2019
Stanza Living raises Rs 30 cr from Alteria Capital
Student accommodation service provider Stanza Living Tuesday said it has raised USD 4.4 million (Rs 30 crore) from Alteria Capital in the third round of funding for its expansion plan. With this fresh round, the company, which was founded in 2017, has raised a total of Rs 115 crore. Stanza Living said Rs 30 crore has been raised as debt from Alteria Capital, India's largest venture debt fund. "This is in addition to USD 12.3 million (Rs 85 crore) funding raised by the company earlier from marquee global investors like Sequoia Capital, Matrix and Accel Partners," Stanza said in a statement. Stanza Living is on an aggressive growth path and has scaled the business seven times since last year, unlocking an inventory of 15,000 beds across Delhi NCR, Bengaluru, Pune, Hyderabad, Chennai, Indore, Vadodra and Dehradun in 2019. Stanza Living Managing Director and co-founder Anindya Dutta said, "The funding will bolster our momentum to unlock an inventory of one lakh beds by 2021 and bring our .
Federal Bank allots 3.07 lakh equity shares under ESOS
Powered by Capital Market - Live News
Board of Dr Habeebullah Life Sciences accepts change in directorate
Powered by Capital Market - Live News
Japanese firm aims to sell flying motorbikes by 2022
A Japanese company is aiming to release a mass-market flying motorcycle by 2022, its CEO has announced.
Kanimozhi has assets over Rs 30 crore
DMK candidate Kanimozhi, contesting from the Tuticorin Lok Sabha constituency in the April 18 elections, has assets of over Rs 30 crore. Kanimozhi is a Rajya Sabha member since 2007 and is testing her fortunes to the Lower House for the first time. She has been fielded from the southern constituency, where anti-Sterlite Industries protests on May 22 and 23 turned violent and 13 protesters were killed in police firing. Kanimozhi, daughter of late DMK chief M Karunanidhi, declared in her poll affidavit that the value of her movable assets stood at Rs 21.16 crore. She had two four-wheelers, including a BMW X5, valued at around Rs 84.11 lakh. The gross market value of her immovable assets was Rs 8.92 crore. Her liabilities stood at Rs 1.92 crore. According to the affidavit, of the six cases against her, she had been acquitted in the 2G Spectrum allocation case in 2017. Her income, based on the IT returns for 2017-18, was Rs 1,40,29,910, up from Rs 1,24,11,320 in FY ...
Rail Vikas Nigam IPO to open on Mar 29; price band at Rs 17-19 per share
State-owned Rail Vikas Nigam Ltd (RVNL) has fixed a price band of Rs 17-19 per equity share for its upcoming initial public offering, which would run from March 29-April 3, to raise about Rs 481 crore. The IPO comprises of up to 25,34,57,280 equity shares of the company through an offer for sale by the President of India, acting through the Ministry of Railways, Government of India, a company statement said Tuesday. The IPO is expected to raise about Rs 481 crore at the upper end of the price band. The offer includes a reservation of 6,57,280 equity shares for eligible employees for allocation and allotment on a proportionate basis. A discount equivalent to Rs 0.50 per equity share on the offer price shall be offered to retail individual bidders and eligible employee bidders, respectively. Yes Securities (India) Ltd, Elara Capital (India) Private Ltd and IDBI Capital Markets & Securities Ltd are the book running lead managers to the offer, while Alankit Assignments Ltd is the ...
L&T Hydrocarbon wins contract for coke calciner project in Oman
Infrastructure major Larsen & Toubro (L&T) Tuesday said it has won a contract for a coke calciner project at Sohar Industrial Estate in Oman. The project falls under the 'large' category classification by L&T and is in the range of Rs 2,500-5,000 crore. "L&T Hydrocarbon Engineering Limited (LTHE), a wholly-owned subsidiary of L&T, has won a large order from Tawfiq Coke Products-Oman. The contract scope includes selection of technology licensor, FEED & EPC for a 2 x 225,000 TPA plant of calcined coke from green pet coke," the company said in a statement. Process facilities include material handling, rotary kiln and cooler, combustion chamber, gas separation and associated offsite and utilities packages. The company said this award would further reinforce L&T's operations in Oman and provide an opportunity to contribute to the expansion of industrial facilities in Sohar. L&T is an Indian multinational company engaged in technology, engineering, ...
Mumbaikars income grew world's 3rd fastest in 5 yrs
Mumbai has recorded the third highest growth in annual household incomes among 32 major cities across the world during 2014-18, as per the inaugural issue of Knight Frank's global report Urban Futures.
Will launch 5G phone in India when market is ready: Vivo
Saying that it is presently working on building the elements that would be the key to the future growth of 5G embedded smartphones, Chinese handset maker Vivo has said it will launch a 5G smartphone in India when the market is ready.
L&T offers to buy 31% shares of Mindtree
Infrastructure behemoth Larson & Toubro (L&T) Ltd on Tuesday offered to buy over 5.13 crore shares or 31 per cent of IT major Mindtree's equity stake for Rs 5,030 crore at Rs 980 per share of Rs 10 face value.
Building business sustainability with Notion Press' Mask Behind the Face
Notion Press' latest book, Mask Behind the Face, is the perfect roadmap for CFOs, CEOs and Company Boards to stay ahead of the times and competition while reinventing their businesses. Written by Anil Goel, former Executive Director and CFO of Taj Group of Hotels, the book brings out the author's three and a half decades of experience in transforming some of the most renowned businesses in India to the fore.Maintaining successful businesses for an extended period of time is a challenge for any leader in the corporate sector. All businesses face the challenges and competition that arise with time. How businesses face up to this challenge and transform themselves reflects their ability to stay successful and at the top for a long time. Mask Behind the Face is an experiential business history which is anecdotal, diagnostic and prescriptive.Drawing inferences from the author's professional experience during his tenure at Tata Global Beverages and Indian Hotels Company, there are several ..
WayCool Foods enters fast growing ready-to-cook segment
Chennai based food supply chain company WayCool Foods & Products Pvt. Ltd. has taken a significant equity stake in M/s Benani Foods Private Limited - a Chennai based manufacturer of ready-to-cook products and food ingredients.The company has acquired the stakes of angel investors including that of M/s TVS Electronics. TVS Electronics had invested in Freshey's at an early stage and has built a strong product development and operational capabilities since inception.Benani Foods manufactures and markets value-added, ready-to-cook products such as idli and dosa batter, paneer, idiyappams and papads. The company retails its products under the brand "Freshey's and caters to 1,250 retail outlets and around 50 enterprise clients. Freshey's will continue to operate under the same brand name after the acquisition. WayCool's strong & robust supply chain mechanism and distribution network will enable entry of Freshy's across other markets of South India as well, as part of WayCool's ..
Board of Mindtree decides against buyback and constitutes committee to deliberate on L&T offer
At meeting held on 26 March 2019
Unitech sells power transmission biz to Sterling and Wilson
Crisis-hit realty firm Unitech Ltd Tuesday said the company has sold its power transmission business to Sterling and Wilson. Unitech Power Transmission is engaged in the business of manufacturing and installation of power transmission lines. In a regulatory filing, Unitech said it has entered into a share purchase agreement with Sterling and Wilson Pvt Ltd to sell entire issued and paid-up share capital of Unitech Power Transmission Ltd. The company, however, did not disclose the deal value. The Supreme Court had allowed Unitech to sell stake in its wholly owned subsidiary Unitech Power Transmission Ltd, The closing formalities are being completed, it added. After the completion of this transaction, Unitech Power Transmission Ltd will become a wholly owned subsidiary of Shapoorji Pallonji-promoted Sterling and Wilson Pvt Ltd. Unitech is in a crisis due to default in delivery of housing projects to its customers. Homebuyers have filed cases in various courts, including the Supreme ...
Nifty March futures at premium
Turnover in F&O segment rises