ICICI Bank before market hours today, 15 March 2016 said that the bank through its DIFC (Dubai) branch, priced an issuance of 10 year fixed rate notes of an aggregate principal amount of $700 million. The notes were sold under the rule 144A/RegS format. The notes carry a coupon of 4% and were offered at an issue price of 99.592.
Zee Entertainment Enterprises (Zee) after market hours yesterday, 14 March 2016 announced that its board of directors at a meeting held on 14 March 2016, approved in-principle an acquisition of 100% equity stake in Fly By Wire International (FBW), Bangalore. FBW provides aircraft charter services under a NSOP license obtained from Director General of Civil Aviation (DGCA) and currently owns/operates one Bombardier Challenger 605 aircraft. FBW clocked turnover of Rs 1.33 crore in the financial year ended 31 March 2015.
The acquisition shall be an all-cash deal. In addition to the consideration of Rs 2.75 crore payable for the entire stake in FBW, FBW which has the aircraft as the main asset in its books, also has an outstanding bank loan of Rs 58.50 crore availed earlier by FBW for financing the aircraft, Zee said. Zee initially proposes to acquire 49% equity stake in FBW and the balance 51% equity stake shall be acquired within 5 days of receipt of approval from Ministry of Civil Aviation. The process is expected to be completed by mid-July 2016, Zee said.
During FY 2015-16, subsequent to sale of the smaller aircraft owned by the company, Zee has been chartering the aircraft from FBW on an exclusive basis. However, due to frequent use of the aircraft owned by FBW, besides dependency on the aircraft, the cost of hiring has also increased, Zee said. Hence in order to save costs and for ensuring better operational and administrative efficiency, it is considered expedient to own the aircraft by acquiring 100% equity stake in FBW, Zee said.
Coal India (CIL) will be watched. As on 13 March 2016, CIL and its subsidiaries surpassed half a billion tonne of coal production. Till 13 March 2016, CIL and its subsidiaries produced 501.34 million tonne of coal with a positive growth of 9.1% compared to the same period last year. CIL and subsidiaries also achieved an off-take of 504.09 million tonne with a positive growth of 9.4% compared to same period last year as on 13 March 2016. The announcement was made after trading hours yesterday, 14 March 2016.
Persistent Systems said that on 14 March 2016 it signed an agreement to acquire assets of PRM Cloud Solutions, an Australia-based company engaged in salesforce implementation services. PRM Cloud Solutions is a subsidiary of Datetix Group, a company listed on Australian Securities Exchange (ASX). The announcement was made after trading hours yesterday, 14 March 2016.
Indian Hume Pipe Company said it has received letter of acceptance for executing comprehensive water supply service improvements in Anantapuramu Municipal Corporation (Package - I) under Andhra Pradesh Municipal Development Project (ADMDP) for the contract price of Rs 147.36 crore from Anantapuramu Municipal Corporation, Andhra Pradesh. The announcement was made after trading hours yesterday, 14 March 2016.
More From This Section
Dharani Sugars & Chemicals after trading hours yesterday, 14 March 2016 said that its board of directors will meet on 26 March 2016 to consider allotment of equity shares to promoter group entity Dharani Developers on a preferential basis. Dharani Developers held 9.44% stake in Dharani Sugars & Chemicals as per the shareholding pattern as on 31 December 2015.
Greenply Industries said that its board of directors has approved incorporation of a private company in Singapore as a wholly-owned subsidiary company of Greenply Industries, to cater to export markets of MDF and laminated flooring products.
Further, the board also approved transfer of 3.80 lakh equity shares of Rs 10 each of Himalaya Granites held by the company as an investment, to Saurabh Mittal, a related party of the company, at prevailing market price in one or more transactions. The announcement was made after trading hours yesterday, 14 March 2016.
Satra Properties India said that its board of directors will meet on 1 April 2016 to consider the extension of date of redemption of 18% secured redeemable non-convertible debentures (unlisted) issued on private placement basis alongwith alteration in other terms and conditions. The announcement was made after trading hours yesterday, 14 March 2016.
Powered by Capital Market - Live News