State Bank of India announced after market hours yesterday, 20 December 2016, that its shareholders approved the proposal to raise capital through the issue of preferential shares to the government. They also gave an in-principle nod to additional fund raising by way of a public issue, should the bank need to tap the markets.
According to a notification issued to stock exchanges, shareholders approved a preferential issue of shares for upto Rs 5681 crore to the Government of India. This is part of the government's capital infusion plan into the lender.
Separately, shareholders also approved fund raising upto a limit of Rs 15000 crore via a public issue. This fund raising could be in the form of a follow-on public offer (FPO) or private placement through a qualified institutional placement (QIP) or through other means such as American Depository Receipts (ADRs) or Global Depository Receipts (GDRs). Any such public fund raising would be subject to the condition that the government's shareholding in SBI does not fall below 52%.
Bharti Airtel announced after market hours yesterday, 20 December 2016, that its subsidiary Network 12i has entered into a definitive agreement with Orascom Telecom Media and Technology Holding S.A.E (Orascom) to acquire Orascom's entire equity stake in Middle East North Africa Company Submarine Cable Systems S.A.E (MENA-SCS). The acquisition is subject to requisite regulatory approvals.
MENA-SCS is a 100% subsidiary of Orascom. MENA - SCS owns and operates a submarine cable network between India and Europe covering Middle East, with options to extend the network to Africa.
The proposed acquisition of MENA-SCS is aimed at further strengthening Airtel's global network that currently runs across 225,000 Rkms, covering 50 countries and 5 continents. The additional capacity will enable Airtel to serve the growing demand for data services and enterprise services across its footprint of 18 countries across South Asia and Africa.
Reliance Communications (RCom) said that Fitch Ratings (Fitch), International rating agency, has revised the company's long-term foreign, local currency issuer default ratings and senior secured notes (Notes) ratings from 'BB-' to 'B+'. Fitch has also placed on rating watch negative and assigned a recovery rating of 'RR4' to the notes. The announcement was made after market hours yesterday, 20 December 2016.
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Essel Propack said that it is raising funds of Rs 20 crore through issue of commercial papers (CPs) on private placement basis. Further, the company also said that it has redeemed CPs for Rs 25 crore as per the terms. The announcement was made after market hours yesterday, 20 December 2016.
Oriental Carbon & Chemicals announced that it has commissioned/started the commercial production, ahead of schedule, on 20 December 2016, of the first phase (5,500 metric tonnes per annum capacity) of its project for expansion of insoluble sulphur production capacity at special economic zone (SEZ) at Mundra, Gujarat. The announcement was made after market hours yesterday, 20 December 2016.
Binani Industries said that the consortium of banks to Edayar Zinc, a subsidiary of Binani Industries has appointed an Advocate Commissioner to take possession of the properties mortgaged in favour of the banks and has given a notice to take possession on or after 26 December 2016. Binani Industries said it has been advised that the action is illegal. The company is looking into the matter and is taking suitable legal remedies, it added. The announcement was made after market hours yesterday, 20 December 2016.
Sasken Communication Technologies said that a meeting of the buyback committee of the board of directors of the company will be held on 23 December 2016, to finalize the price at which the shares will be bought back and to fix the record date to ascertain the shareholders who are eligible to participate in the buyback. The outcome of the postal ballot being conducted seeking shareholders approval will also be announced on 23 December 2016. The announcement was made after market hours yesterday, 20 December 2016.
Satin Creditcare Network said that meeting of working committee of the board of director of the company is scheduled to be held on 23 December 2016, for the issuance of non-convertible debentures upto the amount of Rs 15 crore through private placement. The announcement was made after market hours yesterday, 20 December 2016.
Jyoti Structures has received an order from ESKOM, the South African utility, for supply of towers and construction of 765 and 400 kV Masa Ngwedi Transmission line Sec C. The order valued at approximately $15 million is to be executed in 18 months. The project is funded by World Bank. Jyoti is currently executing three contracts for ESKOM in South Africa. Total value of these contracts is approximately $80 million. In the past, the company has satisfactorily completed three major projects for the same client. The announcement was made after market hours yesterday, 20 December 2016.
Seamec said it entered into a charter party agreement with National Petroleum Construction Company for the charter hire of vessel, Hal Supporter, for undertaking a job in West Coast of India. The tenure of the contract is for a firm period of 45 days with option for extension. The contract will likely to continue till end January 2017. For the said contract, the company has taken vessel Hal Supporter from HAL on charter basis. The value of charter during firm period is $171,000. The announcement was made after market hours yesterday, 20 December 2016.
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