Ashok Leyland said that the board of directors approved the proposal of amalgamating Hinduja Foundries, a Hinduja Group Company with Ashok Leyland. The transaction is subject to various regulatory approvals and approval of shareholders of both the companies. The board of directors also approved, subject to regulatory approvals the exchange ratio wherin shareholders holding 100 shares in Hinduja Foundries will get 40 shares of Ashok Leyland. One thousand 2008 series global depository receipts (GDRs) of Hinduja Foundries will get 133 shares of Ashok Leyland. One 2006 series GDRs of Hinduja Foundries will get 4,800 shares of Ashok Leyland. The appointed date for the proposed transaction is 1 October 2016.
State Bank of India announced after market hours yesterday, 14 September 2016 that it has concluded the issue of $300 million AT1 Basel III compliant non-convertible, perpetual non call 5 year subordinated, unsecured note/bonds at a coupon 5.5% payable semi-annually, under bank's $10 billion RegS MTN Programme. The notes will be issued through bank's Dubai International Financial Centre Branch on 22 September 2016 and will be listed on Singapore Stock Exchange.
Reliance Communications (RCom) said the company and Maxis Communications Berhad (MCB), promoters of Aircel, a leading pan-India mobile operator signed definitive documents for the merger of their Indian wireless businesses-the largest-ever consolidation in the Indian telecom sector. The RCom-Aircel combination will create a strong operator ranked amongst India's top 4 telecom companies by customer base and revenues, also ranking amongst the top 3 operators by revenues in 12 important circles.
The merged company will have the second-largest spectrum holding amongst all operators, aggregating 448 MHz across the 850, 900, 1800 and 2100 MHz bands, and will enjoy enhanced business continuity through extended validity of spectrum holdings till 2033-35. The merged company will be one of India's largest private sector companies, with an asset base of over Rs 65000 crore ($9.7 billion) and net worth of Rs 35000 crore ($5.2 billion). The combined entity will enjoy substantial benefits of scale driving significant revenue growth, and capex and opex synergies with an NPV of Rs 20000 crore ($3 billion).
RCom and MCB will each hold a 50% stake in the merged entity with equal representation on the board of directors and all committees. The company will be managed by an independent professional team under the supervision of the board. RCom's overall debt will reduce by Rs 20000 crore ($3 billion) or over 40% of its total debt, and Aircel's debt will reduce by Rs 4000 crore ($600 million), upon completion of the transaction in 2017.
RCom will continue to own and operate its high growth businesses in the domestic and global enterprise space, data centers, optic fibre and related telecom infrastructure, besides owning valuable real estate. On consummation of the merger, RCom and MCB are committed to additional equity infusion into merged company to further strengthen the balance sheet, fund future growth plans, and enhance financial flexibility. Both parties are already in talks with leading international investors in this regard. The merged company's subscribers will have access to nationwide 'gold standard' 4G LTE services on the sub-1 GHz band, under RCom's existing nation-wide spectrum sharing/ ICR arrangements with Reliance Jio Infocomm.
The combined 2G, 3G and 4G networks position the merged entity for further strategic collaborations, and provide the entity the unique capability to offer a robust platform of services across all customer segments in all 22 telecom circles, including the mass market, leading to a superior customer experience at an affordable price point, and bringing the Internet to All in furtherance of Prime Minister Narendra Modi's vision of Digital India.
Separately, RCom's consolidated net profit rose 5.88% to Rs 54 crore on 3.75% decline in total income to Rs 5361 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 14 September 2016.
Unitech posted consolidated net loss of Rs 44.82 crore in Q1 June 2016 compared with net loss of Rs 279.63 crore in Q1 June 2015. Total income rose 26.94% to Rs 495.93 crore in Q1 June 2016 over Q1 June 2015. The result was announced before market hours today, 15 September 2016.
Shares of Hero MotoCorp turn ex-dividend today, 15 September 2016 for final dividend of Rs 32 per share for the year ended 31 March 2016.
Shares of Mahanagar Gas turn ex-dividend today, 15 September 2016 for final dividend of Rs 17.50 per share for the year ended 31 March 2016.
Shares of Oil India turn ex-dividend today, 15 September 2016 for final dividend of Rs 8 per share for the year ended 31 March 2016.
Shares of Reliance Capital turn ex-dividend today, 15 September 2016 for dividend of Rs 10 per share for the year ended 31 March 2016.
Shares of Reliance Infrastructure turn ex-dividend today, 15 September 2016 for dividend of Rs 8.50 per share for the year ended 31 March 2016.
NBCC (India) reported 16.39% rise in consolidated net profit to Rs 47.09 crore on 16.61% rise in total income from operations (net) to Rs 1273.26 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 14 September 2016.
BEML reported net loss of Rs 107.10 crore in Q1 June 2016, higher than net loss of Rs 68.10 crore in Q1 June 2015. Total income fell 49.7% to Rs 300.52 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 14 September 2016.
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