IT major Infosys will be in spotlight. In its press release issued after market hours on Thursday, 24 August 2017, the company has announced an overhaul of its board of directors (board). The board appointed Nandan Nilekani as a non-executive, non-independent director and as the chairman of the board with immediate effect. It has accepted the resignation of R. Seshasayee as the chairman of the board and as a director on the board with immediate effect.
The board has accepted the resignation of Dr. Vishal Sikka as the executive vice-chairman of the board and as a director on the board with immediate effect. It has accepted the resignation of Professor Jeffrey S. Lehman as a director on the board with immediate effect. It has accepted the resignation of Professor John Etchemendy as a director on the board with immediate effect. It has accepted the resignation of Ravi Venkatesan as the co-chairman of the board with immediate effect. However, he continues as an independent director.
Infosys' board held its first meeting on Friday, 25 August 2017 chaired by its newly elected chairman Nandan Nilekani. Nilekani stated that the board is focused on bringing complete stability to the company. It has also tasked its committee of directors to work with the CEO (U B Pravin Rao) and management to review and refresh the company's strategy by October.
Real estate major DLF said its board approved a 33.34% stake sale in its rental arm DLF Cyber City Developers (DCCDL) for Rs 8900 crore to Reco Diamond, an affiliate of Singapore-based GIC Real Estate.
In addition, DCCDL will buy back Rs 3000 crore of preference shares held by promoters in two instalments, taking the total money accruing to DLF's promoters to Rs 11900 crore. This entire amount, after paying requisite taxes, will be ploughed by the promoters into DLF as equity, and will be used to reduce the developer's debt. This 6.66% stake to be bought back by DCCDL will be extinguished.
Post completion of series of steps as contemplated in the transaction, DLF shall hold 66.66% equity shares (up from 60% on a fully diluted basis earlier) and Reco Diamond shall hold 33.34% equity shares in DCCDL. The announcement was made on Friday, 25 August 2017.
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Rural Electrification Corporation (REC) announced on Friday, 25 August 2017, that it entered into memorandum of understanding (MoU) with Maharashtra State Power Generation Company (MAHAGENCO) for extending financial assistance to the tune of Rs 13000 crore and for providing required services. The above MoU is non-binding in nature and the financial assistance is subject to appraisal of the proposal(s) to be submitted by MAHAGENCO to REC and approval of competent authority.
Gujarat Fluorochemicals said that the ratings agency CRISIL Ratings has assigned a long-term rating of CRISIL AA/stable (Reaffirmed) on the company's total bank loan facilities of Rs 2000 crore. CRISIL has assigned a short-term rating of CRISIL A1+ (Reaffirmed) on the company's bank loan facilities. The announcement was made after market hours on Thursday, 24 August 2017.
Future Enterprises announced that its subsidiary Future Supply Chain Solutions (FSCSL) has filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a public offer of up to 97.84 lakh equity shares representing 25% of the existing issued and paid-up equity share capital of FSCSL for cash.
The OFS constitutes up to 19.56 lakh equity shares held by the company in FSCSL representing up to 5% of the existing issued and paid-up equity share capital of FSCSL and 78.27 lakh equity shares held by Griffin Partners (other participating shareholder) in FSCSL representing up to 20% of the existing issued and paid-up equity share capital of FSCSL. The announcement was made after market hours on Thursday, 24 August 2017.
Meghmani Organics after market hours on Thursday, 24 August 2017, said that it formed subsidiary Meghmani Agrochemicals to undertake manufacturing and sale of chemicals and chemical products.
Lumax Auto Technologiesafter market hours on Thursday, 24 August 2017, said that it signed a joint venture agreement with Francisco Albero S.A.U., Spain to manufacture and supply oxygen censors to the Indian automotive industry. Lumax Auto Technologies will own the 51% of the joint venture company, Lumax FAE Technologies, with FAE owning the remaining 49% .
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