Grasim Industries (Grasim) announced after market hours yesterday, 4 January 2016 that Aditya Birla Chemicals (India) (ABCIL) has been merged with company from the appointed date of 1 April 2015 with all the requisite approvals for the scheme of amalgamation in place. With the merger becoming effective, Grasim's standalone EBITDA (earnings before interest, taxation, depreciation and amortization) for the six months ended 30 September 2015 stands increased from Rs 728 crore (pre-merger) to about Rs 883 crore (post-merger). Grasim will issue 14.62 lakh equity shares to the eligible shareholders of ABCIL in the ratio of one equity share of Rs 10 each of Grasim for every sixteen shares of Rs 10 each of ABCIL. This merger has resulted in the geographical diversification of the Chlor-Alkali business of Grasim, the company said. It also enables the business to capitalize growth opportunities backed by Grasim's inherent strengths, the company added.
Wipro after market hours yesterday, 4 January 2016, announced that it has appointed TK Kurien as the Executive Vice Chairman and Abidali Z Neemuchwala as the Chief Executive Officer and member of the board of the company. Both these appointments are effective 1 February 2016. Kurien will continue to report to Azim Premji and will remain a member of the board until 31 March 2017.
Bank of Baroda (BoB) announced after market hours yesterday, 4 January 2016 that the seventh installment of annual interest amounting to Rs 26.72 crore on the bank's Rs 300.20 crore IPDI Series-I bonds will be paid on 30 January 2016.
JSW Steel after trading hours yesterday, 4 January 2016, announced that the Karnataka high court on 3 December 2015 provided a partial relief on the payment of Forest Development Tax (FDT) while hearing a petition filed by mine owners and the purchasers of iron ore, including JSW Steel on the levy of FDT by the Karnataka state government. The parties are entitled to appeal to the high court within the stipulated period of 90 days. JSW Steel said that the company is closely monitoring the developments in this regard.
The Reserve Bank of India (RBI) yesterday, 4 January 2016 notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49% of the paid up capital of Siti Cable Network under the Portfolio Investment Scheme (PIS). The RBI has stated that the company has passed resolutions at its board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges, the RBI said.
The Reserve Bank of India has imposed monetary penalty of Rs 1 crore on State Bank of Travancore for violation of its instructions, inter alia, on reporting of data to Central Repository of Information on Large Credits (CRILC). The penalties have been imposed taking into account the violations of the instructions/directions/guidelines issued by the RBI from time to time. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers, the RBI said.
Gravita India after market hours yesterday, 4 January 2016, announced that it has commenced commercial production of pet recycling by setting up plant through its step-down subsidiary Gravita Nicaragua S.A. situated in Nicaragua. The present annual production capacity of the plant is 3,600 metric tonne per annum. The management of the company is of the view that entering into pet recycling business will enhance the recycling DNA of the group.
IFCI after market hours yesterday, 4 January 2016, announced that the board of directors of the company at its meeting held on 4 January 2016, approved the partial disinvestment of equity shareholding of IFCI in Stock Holding Corporation of India (SHCIL). It also approved the disinvestment of entire stake of IFCI in Assets Care and Reconstruction Enterprise (ACRE).
SRS after market hours yesterday, 4 January 2016, announced that it has completed the acquisition process of entire paid share capital of 'SRS Entertainment', a group company, comprising of 1.33 crore shares of Rs 10 each at par on 2 January 2016. Thus, SRS Entertainment has become the wholly owned subsidiary of the company.
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