Reliance Communications (RCom) announced its exit from the Reserve Bank of India (RBI)'s Strategic Debt Restructuring (SDR) framework, with zero equity conversion and zero loan write-offs for lenders and bond holders. Upon completion of all transactions as announced, the balance debt in RCom is expected to be approximately Rs 6000 crore only, representing reduction of over 85% of total debt. The announcement was made after market hours yesterday, 26 December 2017.
IDBI Bank said that upon reviewing the rating engagements with various foreign rating agencies, it has decided to terminate all the rating contracts/engagements with Moody's Investors Services (Moody's) for various issues made under the MTN Bond Programme. The announcement was made after market hours yesterday, 26 December 2017.
Canara Bank announced that its board approved raising additional equity share capital amounting upto Rs 90 crore (based on face value) through qualified institutional placement (QIP) route, by issuing upto 9 crore equity shares of face value Rs 10 each with a premium to be decided as per the applicable guidelines/regulations for an aggregate amount not exceeding Rs 3500 crore inclusive of such premium. The announcement was made after market hours yesterday, 26 December 2017.
Jindal Steel & Power (JSPL) has successfully completed a 250 ton basic oxygen furnace (BOF) marking the completion of its 6 million tones per annum (MTPA) integrated steel project at Angul, Odisha. With the completion of the new steel making facility, JSPL will utilize the full capacity of its 4 MTPA mega blast furnace, the largest in India. The BOF will also enable the company to achieve significantly higher cost effectiveness and efficiencies for steel making.
The 250 ton basic oxygen furnace will produce 3 million tonnes of high-grade steel per annum. JSPL's Angul steel making complex is the largest and most modern integrated steel plant in the state of Odisha that has been established at an investment of Rs 33000 crore. The BOF is the last major installation at the 6 MTPA integrated steel plant, marking the completion of JSPL's expansion and capital expenditure program. The announcement was made after market hours yesterday, 26 December 2017.
Srikalahasthi Pipes announced that the capital raising committee of the company approved the closure of the qualified institutional placement (QIP) yesterday, 26 December 2017. The committee determined and approved the issue price of Rs 360.50 per equity share (including a premium of Rs 350.50 per equity share), which is at a discount of 5% (i.e. Rs 18.96 per equity share), to the floor price of Rs 379.33 per equity share. The announcement was made after market hours yesterday, 26 December 2017.
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