Canara Bank's board of directors at its meeting held on Friday, 23 September 2016, permitted the bank to raise additional equity share capital of an amount not exceeding Rs 1128 crore, including premium by way of rights issue with the Government of India (GoI) contribution of Rs 748 crore and Rs 380 crore from public shareholders. The board decided to constitute a rights issue committee of the board of directors to decide and permit on terms, timing, pricing, and other modalities of the rights issue. Further, the board decided to issue senior unsecured bonds in foreign currency in the range of $500 million in the international market under the $2 billion medium term note (MTN) programme of the bank for the purpose of providing funds to the overseas branches of the bank (the bank has so far raised $1100 million under this programme) and form a committee to decide the quantum, timing, tenor, pricing, costs etc. The announcement was made after market hours on Friday, 23 September 2016.
Dena Bank said after market hours on Friday, 23 September 2016 it has allotted 4,000 unsecured, subordinated, non-convertible Basel III compliant Tier II bonds, in the nature of debentures aggregating to Rs 400 crore on private placement basis. It may be recalled that the bank's board of directors had last month approved for raising of Basel III compliant Tier II bonds upto an amount of Rs 1100 crore, in one or more tranche, in one or more instruments.
GNA Axles debuts on the secondary equity market today, 26 September 2016. The company had priced the initial public offer (IPO) at the top end of the Rs Rs 205 to Rs 207 price band. The IPO of GNA Axles saw strong response from investors. Bidding for the IPO ended on 16 September 2016. The IPO received bids for 24.52 crore shares and it was subscribed 54.88 times.
Welspun India announced that it has secured the 'Interactive Textile Article and Augmented Reality System' patent, which protects Welspun's new product line TILT, a new brand from Welspun that focuses on seamlessly integrating technology into textiles. The announcement was made after market hours on Friday, 23 September 2016.
Nitesh Estates said its board will meet on 28 September 2016, to consider augmenting the long term fund requirements of the company including by way of further issue of capital and other means. The announcement was made after market hours on Friday, 23 September 2016.
The board of Vardhman Textiles approved the proposal to buyback the fully paid-up equity shares of face value of Rs. 10 each of the company. The buyback shall be upto an aggregate amount not exceeding Rs 720 crore at a maximum price of Rs 1,175. At maximum buyback price, the buyback translates into approximately 61.27 lakh equity shares of the company. The announcement was made on Saturday, 24 September 2016.
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