Reliance Industries (RIL) will be in spotlight. Pursuant to the sale agreements signed by Reliance Exploration & Production DMCC (REPDMCC), an indirect wholly owned subsidiary of RIL and TOTAL, for the sale of the entire 76% interest held by REPDMCC in the Mauritius-incorporated Gulf Africa Petroleum Corporation (GAPCO), REPDMCC, TOTAL and GAPCO have obtained requisite regulatory approvals, consents and successfully completed the sale transaction.
GAPCO is a holding company with operating subsidiaries in Tanzania, Kenya and Uganda which are primarily engaged in petroleum product import, and trading, storage, distribution, marketing, supply and transportation of oil products in East Africa.
Since the acquisition of 76% equity interest in GAPCO by REPDMCC in 2007, GAPCO has significantly grown and is one of leading petroleum marketing company in East Africa owning retail outlets as well as onshore and offshore terminals.
REPDMCC's sale of its interest in GAPCO is pan of a joint transaction, wherein REPDMCC as well as the minority shareholder have sold their entire respective holdings in GAPCO for cash. The announcement was made after market hours yesterday, 29 March 2017.
Bharti Airtel announced that it has completed sale of 11.32% stake in its mobile tower arm Bharti Infratel to its wholly-owned subsidiary Nettle Infrastructure. Post the inter-se transfer, Bharti Airtel will hold 50.33% while Nettle will hold 11.32% in Bharti Infratel. The announcement was made after market hours yesterday, 29 March 2017.
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Punjab National Bank (PNB) announced that it has raised Rs 250 crore through unsecured, subordinated, fully paid-up, non-convertible, Basel III compliant, perpetual debt instruments (series X) in the nature of debentures for inclusion in additional tier I capital. The coupon rate is 9.21% payable annually. The announcement was made after market hours yesterday, 29 March 2017.
Union Bank of India announced that it has issued 2,500 non-convertible, unsecured subordinated Basel III Compliant perpetual debt instruments aggregating to Rs 250 crore, eligible for inclusion in Additional Tier 1 (AT1) Capital. The bonds were issued on private placement basis. They carry a coupon rate of 9.1% per annum payable annually.
The AT1 bonds are rated 'BWR AA+/Stable' by Brickwork Rating India (Brickwork) and 'IND AA' by India Ratings and Research (India Ratings). The announcement was made after market hours yesterday, 29 March 2017.
Alkem Laboratories said that the United States Food and Drug Administration (USFDA) has issued an Establishment Inspection Report (EIR) for the company's active pharmaceutical ingredient (API) manufacturing facility located at Ankaleshwar, which was inspected in December 2016.
The inspection has now been closed by the USFDA. In response to the Form 483 issued by the USFDA, the company had submitted a detailed corrective and preventive action (CAPA) plan to the regulator within the stipulated timelines. The USFDA has reviewed the CAPA and has found them acceptable. The announcement was made after market hours yesterday, 29 March 2017.
Bharat Financial Inclusion said it has completed a securitization transaction for a pool amount of Rs 223.42 crore. With this, the company has completed four securitization transactions aggregating to Rs 1075.86 crore in FY17. The entire pool qualifies for Priority Sector treatment as per the Reserve Bank of India's Priority Sector lending guidelines.
The pool has been rated AA (SO) by a leading rating agency, signifying a 'high degree of safety regarding timely servicing of financial obligations'. Such instruments carry very low credit risk. The announcement was made after market hours yesterday, 29 March 2017.
Auto stocks will be watched after the Supreme Court yesterday, 29 March 2017, passed an order for ban on sale of vehicles that do not meet BS IV emission standards on and from 1 April 2017.
In this context, Hero MotoCorp, the leading two-wheeler manufacturer, said that, recognizing the need of the hour, it carefully planned a proactive move to switch from BS III to BS IV compliant products across all its range well in time and has been producing only BS IV compliant products since one month before the given deadline.
Hero MotoCorp said it has reduced its BS III inventory significantly in the past few months with the aim to minimize its stakeholder losses. However, environmental protection will take precedence over temporary financial benefits, it added. The announcement was made after market hours yesterday, 29 March 2017.
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