Jaiprakash Associates and Shree Cements will be watched as the fair trade regulator, the Competition Commission of India (CCI), has approved Jaiprakash Associates' proposed sale of its Haryana's cement grinding unit to Shree Cements, saying the deal will not raise anti-competition concerns in the country.
Axis Bank after market hours yesterday, 18 November 2014 said it priced $500 million 3.250% senior unsecured notes due 2020 (the Notes). The Notes are issued by Axis Bank's DIFC branch, Dubai and are rated Baa2 by Moody's, BBB- by S&P and BBB- by Fitch. The Notes have been issued at a price of 99.656 to yield 3.319%. The Notes will be denominated in US dollars, and will bear fixed interest of 3.250% per annum, with interest payable semi-annually in arrears, Axis Bank said. The bank will apply the net proceeds to meet the funding requirement of its foreign branches and for general corporate purposes, Axis Bank said.
Infosys will be watched after the board of Infosys BPO after market hours yesterday, 18 November 2014, announced that it has appointed Anup Uppadhayay as Chief Executive Officer and Managing Director of the company. The board of Infosys BPO also appointed Deepak Bhalla as Chief Financial Officer of the company. The board of Infosys BPO also announced the separation of Abraham Mathews, its Chief Financial Officer from the services of the company for not complying with its code of conduct. This departure is in keeping with the company's goal of setting the highest standards of corporate governance and adhering to the letter and spirit of the company's code of conduct. Gautam Thakkar, the current Chief Executive Officer has submitted his resignation to the company effective 30 November 2014, taking responsibility on moral grounds and will be assisting Uppadhayay in this transition.
Mahindra & Mahindra (M&M) announced after market hours yesterday, 18 November 2014, that it would carry out preventive inspection of a part of its engines manufactured during May 2014. The preventive inspection and replacement (if needed) of this part (vacuum pump) would be free of cost for customers who would be individually contacted by the company. The proactive part Inspection replacement is in keeping with M&M's customer-centric approach as well as in keeping with the company's endeavour to ensure a hassle free experience for its customers. This is also in keeping with SIAM's voluntary code on vehicle recall. The inspection is limited to approximately 2300 (two thousand three hundred) vehicles of Scorpio Vlx/Sle /Lx , XUV 500 W4/W6AN8 and Xylo H9/1-18/H4 variants, the company said in a statement.
Adani Enterprises after market hours yesterday, 18 November 2014, in a clarification with regard to news item titled "Adani ties up $1-bn SBI loan for OZ coal venture" said it has signed Memorandum of Understanding ('MOU) with State Bank of India (SBI) wherein SBI has agreed in principle to consider extending financial assistance of an amount upto $1 billion for development of Carmichael coal mine. This is, however, subject to SBI's due diligence and internal credit approval and also pursuant to the definitive understanding/agreement to be executed between the parties, Adani Enterprises said.
Drug maker Ranbaxy Laboratories is being excluded from the National Stock Exchange's CNX Nifty Junior index and would be replaced by Reliance Infrastructure. These changes would be effective from 28 November 2014. The changes have been made on account of proposed scheme of amalgamation with Sun Pharmaceuticals Industries. These changes were announced after market hours on Tuesday, 18 November 2014 by India Index Services & Products (IISL), a subsidiary of NSE Strategic Investment Corporation.
Power Grid Corporation of India said after market hours yesterday, 18 November 2014, that its board has approved two transmission projects worth over Rs 1000 crore. The transmission major would be implementing two projects valued at Rs 1046.71 crore, it said in a regulatory filing. The company would carry out sub-station works associated with system strengthening in Southern region for import of power from Eastern Region at an estimated cost of Rs 972.42 crore. This project is to be commissioned within 36 months from the date of investment approval. Besides, Power Grid Corporation of India would be implementing a Common Transmission Scheme associated with ISGS Projects in Nagapattinam / Cuddatore Area of Tamil Nadu - Part-A1(b) at an estimated cost of Rs 74.29 crore. This project has a completion schedule of 30 months. The two projects were approved by the board during its meeting on 11 November 2014.
Info Edge (India) before market hours today, 19 November 2014 said that the company has committed to make an additional investment of an amount of about Rs 185 crore in the shares of Zomato Media (which owns and operates an online food guide portal www.zomato.com). Info Edge (India) would be investing along with two other investors in this round of funding, which aggregates to Rs 370 crore and includes purchase of shares from certain existing shareholders.
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Info Edge would be subscribing/purchasing equity shares and convertible preference shares of Zomato Media. Upon disbursement of this amount, the total amount invested by Info Edge in Zomato Media will be about Rs 327 crore and the shareholding of Info Edge (India) in Zomato Media, post aforesaid aggregate fund raise of Rs 370 crore, will be maintained at 50.1% on a fully converted and diluted basis. Zomato Media is raising funds at a pre-money company valuation of about Rs 3700 crore (approx. $600 million, assuming 1$ at Rs.61.5).
Apar Industries after market hours yesterday, 18 November 2014 said that Petroleum Specialities Pte. (PSPL), Singapore, a wholly owned subsidiary of Apar Industries is in the process of setting up a facility in United Arab Emirates (UAE) for the manufacture of a comprehensive range of speciality oils and lubricants. The said plant will have state-of-the-art facilities to store, blend and process a wide range of speciality oils and lubricants for the power, cosmetics, industrial and automotive verticals, Apar Industries said.
Texmaco Rail & Engineering after market hours yesterday, 18 November 2014 said that, in respect of issue of equity shares to qualified institutional buyers (QIBs) pursuant to the qualified institutional placement (QIP), the committee of the directors of the company has, as its meeting held yesterday, 18 November 2014, pursuant to the board and shareholder resolutions dated 21 July 2014 and 4 September 2014, respectively, passed the resolution authorising the opening of the Issue from 18 November 2014.
IOL Chemicals & Pharmaceuticals after market hours yesterday, 18 November 2014 said that its board of directors will meet on 28 November 2014, inter alia, to consider and approve the conversion of foreign currency convertible bonds (FCCBs) into equity shares and also to constitute a Committee to consider joint venture(s), restructuring etc to unleash the potential of the company.
Hatsun Agro Product's board of directors at its meeting held yesterday, 18 November 2014, allotted 10 lakh fully paid up equity shares of Re 1 each at Rs 300 per share (including a premium of Rs 299 per share) to the persons/entities belonging to non-promoter group on cash basis.
IL&FS Engineering and Construction Company scheduled a meeting of the Board of Directors of the company on 28 November 2014, to consider additional fund raising options for the company.
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