Max India announced after market hours yesterday, 26 February 2019, that its board approved selling its 51% stake in Max Bupa Health Insurance Company (Max Bupa), to private equity firm, True North. The all cash transaction values Max Bupa at an enterprise value of Rs 1,001 crore and is subject to requisite regulatory approvals. The transaction will lead to a cash inflow of Rs 511 crore for Max India. The company intends to utilise the proceeds to invest in both existing and new business opportunities which are currently under evaluation.
Allahabad Bank, Corporation Bank and Dhanlaxmi Bank will be watched. After reviewing the performance of banks under Prompt Corrective Action (PCA) framework, the Reserve Bank of India (RBI) decided to remove Allahabad Bank, Corporation Bank and Dhanlaxmi Bank out of the PCA Framework, subject to certain conditions and continuous monitoring.
ONGC's wholly owned subsidiary, ONGC Videsh, announced that Mozambique LNG1 Company, the jointly owned marketing entity of ONGC Videsh and joint venture partners of Mozambique Rovuma Offshore Area 1 project incorporated at Singapore, has entered into long-term LNG sale and purchase agreement (SPA) with with four international firms and a BPCL subsidiary. These latest deals build upon previously executed deals for long term offtake of LNG from Rovuma Offshore Area 1 project and take long-term sales to more than 9.5 MMTPA. The announcement was made after market hours yesterday, 26 February 2019.
Reliance Industries will be watched. With reference to news item, "RIL, TCG front-runners to take over iconic Garden Vareli brand," RIL clarified after market hours yesterday, 26 February 2019, that it is unable to comment on media speculation and rumors and it would be inappropriate on its part to do so. The company evaluates various opportunities on an ongoing basis. Further, there is no information which has not been announced to the stock exchanges and which should have been announced by the company in terms of the regulations.
Tata Steel said that its committee of directors approved the issuing 40,000 unsecured, redeemable, rated, listed, nonconvertible debentures (NCDs) of face value Rs 10 lakh each, aggregating to Rs 4,000 crore, plus a green shoe option of up to Rs 1,000 crore. The NCDs will be allotted on 1 March 2019 and will mature on 1 March 2034. The announcement was made after market hours yesterday, 26 February 2019.
MRF announced after market hours yesterday, 26 February 2019, that the strike at its manufacturing plant at Tiruvottiyur, Chennai, Tamil Nadu has been called off by the workmen. The company had earlier stated that a large number of workmen had illegally gone on a strike with effect from 9 February 2019.
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