The board of directors of realty major DLF holds a meeting today, 6 March 2013, to consider offer of securities and all related actions thereto, subject to the approval of shareholders, for achieving the minimum public shareholding in compliance to the Securities Contracts (Regulations) Rules, 1957 as amended and read with Clause 40A of the listing agreement. The promoters currently hold 78.58% stake in DLF (as per the shareholding pattern as on 31 December 2012). As per the Sebi mandated minimum public shareholding rule, private-sector companies must cut founders' stake to adhere to the rules by 13 June 2013, while the deadline for state-run firms is 13 August 2013.
AstraZeneca Pharma India said its promoter, AstraZeneca Pharmaceuticals AB Sweden, has notified its decision of reducing its shareholding in the company to comply with the minimum public shareholding requirement, as specified in Securities Contracts (Regulation) Rules, 1957. The decision is subject to receipt of all necessary statutory and regulatory approvals. As per the Sebi mandated minimum public shareholding rule, private-sector companies must cut founders' stake to adhere to the rules by 13 June 2013, while the deadline for state-run firms is 13 August 2013. The current shareholding of the promoter in AstraZeneca Pharma India is approximately 89.99%.
ICICI Bank said after market hours Tuesday, 5 March 2013, that it has received aggregate capital repatriation of $100 million from ICICI Bank UK PLC (ICICI Bank UK) its wholly owned banking subsidiary in the United Kingdom. This comprises redemption of $50 million of preference share capital and return of $50 million of equity capital, after receiving requisite approvals. ICICI Bank UK PLC had a capital adequacy ratio of 31.5% as on 31 December 2012. Post the repatriation, the capital base of ICICI Bank UK is $495 million and its capital adequacy ratio continues to be strong, ICICI Bank said in a statement.
ICICI Bank already has a strong capital adequacy ratio, and the above return of capital would further improve the same and enhance ICICI Bank's ability to optimise capital deployment and return on equity, ICICI Bank said.
Mahindra & Mahindra said after market hours on Tuesday, 5 March 2013, that there was a brief stoppage of work for about 3 hours in two assembly shops of the company's Nashik Plant. However, from the 2nd shift production in all shops of the plant was back to normal. There is no material effect of this temporary disruption on the production & operations front and the Management is confident that the shortfall in production of around 90 vehicles will be soon made good.
The company has also received a notice of strike from the Employees' Union, Nashik to commence the strike on or after 11th March, 2013, should the Charter of Demand made by them are not settled by that time. The Management is in regular dialogue with the Union for the normal wage negotiation process and will put in its best efforts to reach a mutually agreeable settlement at the earliest possible.
The appropriate Government Agencies are being kept informed of the same and are also part of the discussions in this regard, company said.
Meanwhile, Mahindra & Mahindra, the promoter of Mahindra Holidays & Resorts India has submitted to BSE a Notice of Offer for Sale of an aggregate of 3,400,000 shares of representing 4.02% of the equity share capital of Mahindra Holidays as on 5 March 2013 exclusively through the separate window provided by the stock exchanges for this purpose. The sale shall take place on the separate window of the Stock Exchanges and shall commence on March 07, 2013 at 9.15 IST and shall close on the same day at 15.30 IST.
Dish TV India after trading hours on Tuesday, 5 March 2013, said that the company's board of directors has approved the divestment of the company's investment in its wholly owned subsidiary viz. Dish TV Singapore Pte.
Welspun Projects has entered into agreement with Leighton Welspun Contractors (LWIN) for transfer of 72% of EPC order book of the company to LWIN, subject to shareholders and other necessary consents, approvals etc. In consideration of transfer of aforesaid EPC order book, LWIN will issue to the company 1.15 crore equity shares of Rs 10 each comprising of 7.5% of the post issued share capital of LWIN. The value of the purchase consideration being issued in the nature of the equity shares for the purposes of the transfer of the aforesaid EPC order book is Rs 115.03 crore.
HEG said that India Ratings & Research (Fitch Group) vide its letter dated 5 March 2013 affirmed the Short Term Rating of Working facilities at 'IND A1+' and has downgraded Long Term Issuer rating to 'IND A+' from 'IND AA-'. The outlook is rated as Stable.
Geodesic said it is in the process of group restructuring to facilitate Foreign Currency Convertible Bond (FCCB) redemption and is in talks with the bond holders regarding the same. The company said it expects to complete the redemption process by 31 March 2013, subject to regulatory clearances, which are expected around the same time.
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