RBL Bank, NeoGrowth Credit Pvt. Ltd and Overseas PrivateInvestment Corporation (OPIC), the US Government's development finance Institution have jointly committed to provide financing for small and medium enterprises (SMEs) in the Indian retail space. The announcement was made after market hours on Friday, 7 October 2016.
RBL Bank, one of India's fastest growing private sector banks, will lend to NeoGrowth to enable it to provide loans to SMEs excluded from mainstream funding. This financing will be backed by a $5 million loan guarantee from OPIC. NeoGrowth, a non-banking finance institution, uses innovative technology to serve the funding requirements of SMEs, which do not get loans easily from commercial banks owing to their small size, inadequate credit history and lack of collateral. RBL Bank's loan will allow NeoGrowth to provide loans ranging from Rs 2 lakh to Rs 75 lakh to the retail SMEs.
JSW Steel announced that it has been declared a preferred bidder in 5 mines in the auctions for category C mines conducted by state government of Karnataka during the period 1 October 2016 to 6 October 2016. The estimated resources in these 5 mines as per the tender documents are around 111 million tonnes. The highest final offer price by the company to become a preferred bidder is in the range of 58.9% to 102.52% of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in Karnataka from time to time. The announcement was made after market hours on Friday, 7 October 2016.
A2Z Infra Engineering announced that it has received a contract from Jharkhand Urja Sancharan Nigam (JUSNL) for design, engineering, supply, erection, testing and commissioning on turnkey basis of deposit work of Steel Authority of India (SAIL). Total contract price of the work is around Rs 96 crore. The announcement was made after market hours on Friday, 7 October 2016.
JK Paper announced that it has acquired all the remaining 16,865 shares or 1.03% of JK Enviro-Tech Limited (JKETL), the subsidiary of the company and consequently, JKETL has now become a wholly owned subsidiary of the company. The announcement was made after market hours on Friday, 7 October 2016.
Power Grid Corporation of India announced that POWERGRID Vizag Transmission, a wholly owned subsidiary of the company, secured though Tariff Based Competitive Bidding (TBCB), has successfully completed the element Srikakulam - Vemagiri 765 kV D/c line on 30 September 2016. The other element of the project Khammam - Nagarjunasagar 400kV D/C was completed in last financial year. With the completion of both the elements, the project required to be established by POWERGRID Vizag Transmission Limited has been completed. The announcement was made after market hours on Friday, 7 October 2016.
Shriram City Union Finance announced that the Banking and Securities Management Committee as empowered by the company's board of directors in its meeting held on 7 October 2016 allotted 1,000 secured non convertible redeemable debentures of face value of Rs. 10 lakh each aggregating to Rs 100 crore to two investors of the company. The announcement was made after market hours on Friday, 7 October 2016.
Adani Transmission (ATL), the largest private power transmission company operating in India, completed the acquisition of 74% shares of Maru Transmission Service Company Limited (MTSCL) and 49% shares of Aravali Transmission Service Company Limited (ATSCL). While payment has been made for 100% stake in both the companies, the remaining stake in both the companies will be transferred to ATL in a manner consistent with the Transmission Service Agreement. This acquisition is in sync with ATL strategy to enhance the value for its stakeholders, through organic as well as inorganic growth. The announcement was made after market hours on Friday, 7 October 2016.
With this, cumulative network of ATL will reach around 10900 ckt kms, out of which approximate 9000 ckt kms are under operation (including 3500 ckt kms under process of acquisition) and approximate 1900 ckt kms are under various stages of construction. With this scale of operations, ATL will enjoy substantial benefit of scale driving in terms of cost optimization and shared resources.
Recently, the company has successfully concluded two capital market fund raising programmes - USD Bond with overwhelming responses from global investors across Asia, USA, London and rupee denominated INR Offshore bond (Masala Bond).
Speciality Restaurants announced on Saturday, 8 October 2016 closure of "Sweet Bengal" confectionery by the company at Mumbai.
Sunil Hitech Engineers announced after market hours on Friday, 7 October 2016 that the meeting of the board of directors of the company is scheduled to be held on 11 October 2016, to consider the issue of bonus shares and the issue of convertible warrants to the promoters and non-promoters.
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