Tech Mahindra announced before market hours today, 22 June 2016 that the Investment Committee of Board of Directors of the company on 21 June 2016 approved the proposal to acquire 100% stake in The Bio Agency Limited, a UK based entity. The company is acquired for the enterprise value of GBP 40 million plus surplus cash not exceeding GBP 5 million as at the completion date. The payment of GBP 22 million and the surplus cash will be made upfront and the balance is deferred payments based on company performance. The closing of the transaction is expected to take place in the first week of July 2016. BIO, UK specializes in digital transformation and innovation, helping organizations change the way they engage with customers. It has revenues of GDP 12.5 million for the year ended 30 April 2016. The acquisition brings forth the synergy that will open up more clients for BIO globally, especially in US and Europe, scaling their offering geographically and enabling new services and deeper digital change.
Hindustan Unilever (HUL) turns ex-dividend today, 22 June 2016 for final dividend of Rs 9.50 per share for the year ended 31 March 2016 (FY 2016).
Majesco announced after market hours yesterday, 21 June 2016 a partnership with eGain, a global provider of cloud customer engagement solutions. As part of the alliance, Majesco will embed eGain's knowledge-guided digital engagement capabilities into its insurance industry solution. The companies will also team together on joint business opportunities in engaging and serving clients.
Jindal Steel & Power announced after market hours yesterday, 21 June 2016 that the Board of Directors of the company at its meeting held on 21 June 2016, inter alia, approved issuance of non-convertible debentures upto Rs 5000 crore and also approved Issuance of further securities upto Rs 5000 crore.
Kwality announced after market hours yesterday, 21 June 2016 that a meeting of the Board of Directors of the company will be held on 24 June 2016, inter alia, to raise funds upto Rs 300 crore by way of term loan and issue of non-convertible debentures.
Sharon Bio-Medicine announced after market hours yesterday, 21 June 2016 that the Board of Directors of the company at its meeting held on 21 June 2016, has discussed the current financial position of the company and decided to introduce more profitable products increase capacity utilization and get the business to move in the regulated markets specifically the United States of America.
Shrenuj & Company announced after market hours yesterday, 21 June 2016 that as a part of strategy, the company has undertaken an exercise to rationalise its manpower across all levels. As a result, some of employees have started tendering their resignations. The company is putting its every effort to retain the best talent in the organisation. Alternative strategies are being considered to overcome the current challenges.
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Shares of Max Ventures and Industries will be listed on the bourses today, 22 June 2016 pursuant to the scheme of arrangement. Pursuant to the scheme of arrangement, 1 share of Max Ventures and Industries earlier known as Capricorn Ventures was issued and allotted for every 5 shares of Max Financial Services earlier known as Max India Limited. Erstwhile Max India had earlier this year announced its demerger into three listed companies Max Financial Services, Max India and Max Ventures & Industries. The third holding company, Max Ventures & Industries (MVIL) will manage the investment in the manufacturing subsidiary, Max Speciality Films, which is an innovation leader in the Speciality Packaging Films business. It will also evaluate new ideas in the 'wider world of business', including but not limited to sectors such as real estate, education and technology.
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