Cairn India said its board has approved a proposal to buyback equity shares from the open market at a maximum price Rs 335 per equity share, up to an aggregate amount not exceeding Rs 5725 crore.
The maximum buyback price represents over 4% premium compared to the average of the weekly high and low of the closing share price of the company during the last two weeks. The indicative maximum number of equity shares that can be bought back would be 17.08 crore, resulting in the reduction of equity capital by approximately 8.9%, Cairn India said in a statement.
The company said the buyback is expected to begin in January 2014 after receiving shareholders' approval through postal ballot process.
Tata Consultancy Services (TCS) announced after market hours on Tuesday, 26 November 2013 that Keler, Hungary's Central Securities Depository, has selected the Market Infrastructure solution of TCS BaNCS for modernizing its technology and to set up its capability for T2S settlement.
The TCS BaNCS solution will provide KELER with a modern, standards compliant, multi-asset, multi-entity solution that will enable KELER to quickly introduce new products and services to its market participants and engage with its stakeholders better through faster reporting and communication.
Commenting on the selection, Gyorgy Dudas, the CEO of Keler, said, "We are excited that with this deployment we will be ushering our Depository into a unique position in the Central and Eastern European market landscape. This opens up new avenues for us as we enhance our capabilities and offerings and be on time for T2S Settlement as well."
The Market Infrastructure solution of TCS BaNCS is a proven multi-asset class, multi-entity platform which will enable KELER to modernize the Hungarian Post Trade space with improved services to its depository participants, custodians and cash settlement banks both in domestic and cross border markets. KELER will also leverage the standard set of interfaces of TCS BaNCS for interacting with the T2S platform.
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R. Vivekanand, Vice President, TCS said "Hungary is an important market for us. We are eager to demonstrate our Market Infrastructure and T2S capability there, and to expand our track record in the European CSD space. It is a great opportunity to be part of Keler's vision to herald a new era in the Hungarian Capital Market."
Voltas said it bagged three overseas project orders worth Rs 1000 crore in the Middle-East. The first project is for a 120-bed integrated health centre and workers' hospital in Qatar. The second one is for a sports hall and administrative office in a 5,350-seat indoor stadium being built to host the World Cup Handball Competition scheduled for January 2015 in the country, the company said in a statement. The third project is for a 5-Star hotel, the Kempinski Wave in Muscat.
Thermax has received an order valued approximately Rs 269 crore for the design, engineering, manufacture, supply, erection and commissioning of 3 HRSGs (Heat Recovery Steam Generators) from a leading petrochemical company for its proposed captive power plant as a part of its expansion program. Each HRSG generates 275 Ton Per Hour (TPH) High Pressure steam and 30 TPH Low Pressure steam for the customer's captive power and process requirements, the company said.
Reliance Industries (RIL) may reportedly be allowed to hike rates for its gas from April after it offered financial guarantees to the government to settle any claims against it over a shortfall in its gas output. In June, India approved a move to higher, market-related rates for locally-produced gas from April 2014, but the finance ministry later said prices for Reliance should be capped because the company's gas production from the offshore D6 block was far below its supply commitment.
Swan Energy said its board will meet on 4 December 2013 to consider a 2-for-1 stock-split.
Flexituff International said its board will meet on 29 November 2013 to consider raising funds through issue of equity shares/convertible securities on preferential allotment basis/private placement basis.
Sharon Bio-Medicine said its board has considered extending the old bonds of $16.5 million by five years and issue new bonds of $8.046 million in lieu of interest accrued on the old bonds. The floor price of new bonds is Rs 288.49. The conversion price of new bonds shall not be below the floor price, the company said.
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