HDFC announced that it has entered into definitive agreements to transfer its entire shareholding in HDFC Realty, a real estate brokerage platform; and, HDFC Developers (which runs the HDFC RED platform) to Quikr, India's market leader in digital classified business. HDFC has also acquired an equity stake in Quikr India. The announcement was made after market hours yesterday, 21 December 2017.
HDFC Realty is HDFC's offline brokerage business with a presence across residential and commercial properties as well as consulting and valuation services. RED is an online real estate classifieds platform with 7,000 project listings on its platform. It generates traffic of over 80,000 unique visitors per month.
With 30 million monthly users, Quikr is India's largest classifieds platform that runs multiple vertical businesses across real estate, automobiles, jobs, services and goods. Its real estate vertical 'Quikr Homes' generates 3.5 million monthly unique visitors. The company has rapidly established itself as a leader in digital real estate.
Post integration of HDFC Realty and RED, Quikr will become India's leading online-to-offline real estate platform, and offer consumers end-to-end home buying services.
Canara Bank said it proposes to offload 4% stake in Canfin Homes (CFHL) through empanelled merchant bankers/ investment bankers. The post deal stake holding by Canara Bank in CFHL will be 26%. The announcement was made after market hours yesterday, 21 December 2017.
Navin Fluorine International said that its board approved a capital expenditure of Rs 115 crore towards creating additional current good manufacturing practice (cGMP) capacity and associated infrastructure at its Dewas facilities in Madhya Pradesh. The expanded capacity will be utilized for the company's expanding contract manufacturing activity for the value added complex chemicals and fluoro intermediates manufactured for innovator pharma companies across the globe. The investment in expansion of the capacity is based on customer enquiries and discussions and in anticipation of future research pipeline of innovators. The new capacity addition will be similar to the company's existing multi product plant configuration with multistage batch and products processing capabilities. The new capacity is expected to come on stream by June 2019. The capital investment of Rs 115 crore will be funded through a combination of internal accruals and debt. The announcement was made after market hours yesterday, 21 December 2017.
Dalmia Bharat said creditors approved its resolution plan for Murli Industries. The announcement was made after market hours yesterday, 21 December 2017.
Dalmia Bharat announced that the Committee of Creditors (CoC) of Murli Industries (MIL), constituted in accordance with the provisions of the Insolvency and Bankruptcy Code 2016 on 20 December 2017 approved the proposed Resolution Plan (RP) submitted by subsidiary, Dalmia Cement (Bharat) (DCBL), for recommendation to National Company Law Tribunal, Mumbai for its approval in relation to revival of MIL. Following receipt of requisite approvals, the RP provides for a payment of Rs 402 crore which is 1.7 times higher than the determined liquidation value.
MIL has an integrated cement manufacturing plant with an installed capacity of 3 million tonne (MnT) in Chandrapur district, Maharashtra along with a captive thermal power plant of 50 MW. In addition MIL also has paper and solvent extraction units in Maharashtra. MIL was referred to the corporate insolvency resolution process by its lenders in April 2017 under the provisions of the Code.
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