TCS announced after market hours yesterday, 22 September 2015, that its Digital Software & Solutions (DS&S) unit has launched an analytics-based software solution for intelligent city operations to help address growing expectations of digitally connected, urban citizens. The solution offers customized city data models for the accelerated deployment of smart city programs, TCS said in a statement.
Mindtree after market hours yesterday, 22 September 2015, announced the launch of a state-of-the-art Global Learning & Delivery Center at Bhubaneshwar in Odisha. The facility was named Mindtree Kalinga. Built on a 20-acre campus, Mindtree Kalinga takes young engineers through a 90-day learning program to create a digital workforce for the future, Mindtree said in a statement.
Standard Greases and Specialities Pvt. Ltd together with Janus Consolidated Finance Pvt. Ltd, Alpha TC Holdings Pte Ltd and Tata Capital Growth Fund - I, after market hours yesterday, 22 September 2015, announced an open offer for acquisition of up to 2.26 lakh shares, constituting 26% of the fully diluted voting equity share capital of Tide Water Oil Company (India) from its public shareholders. The open offer price was fixed at Rs 16,632 per share, aggregating to Rs 376.73 crore on full acceptance of the offer. The offer price is at a discount of 2.42% compared with Tide Water Oil Company (India) stock's closing price of Rs 17,046 on the BSE yesterday, 22 September 2015.
Standard Greases and Specialities Pvt. Ltd and Janus Consolidated Finance Pvt. Ltd collectively held 2.17 lakh fully paid-up equity shares or 24.935% of voting share capital of Tide Water Oil Company (India). The open offer was being made to increase the shareholding of Standard Greases and Specialities Pvt. Ltd in Tide Water Oil Company (India) and to get classified as promoter of the company in accordance with Sebi regulations.
Amtek Auto will be in focus. With regard to news item titled "Amtek said in refinance talks as bond payment deadline ends, Amtek Auto clarified after market hours yesterday, 22 September 2015, that it is in advanced discussions with various banks and financial institutions for re-alignment of its debt obligations. Media reports suggested that the company has missed payments on the Rs 800 crore worth of bonds that matured on 20 September 2015.
Ujaas Energy said after market hours yesterday, 22 September 2015 that it has received an Letter of Intent for a project worth about Rs 65.88 crore for design & engineering, manufacturing/procurement, supply, installation, testing and commissioning including warrantee obligation, for 10 megawatts (MW) of Teesta Canal Fall Hydroelectric Power Plant, Stage-II at Haptiagachh in West Bengal.
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Tara Jewels said after market hours yesterday, 22 September 2015 that it has signed an exclusive manufacturing and supply agreement with Sterling Jewelers Inc (USA), a part of Signet Group, which is the largest speciality jeweler in USA and UK, for the designer Brand Angel Sanchez. A launch order valued at Rs 29 crore (about $ 4.4 million) has been successfully delivered, Tara Jewels said. The designs are being tested initially in about 60 stores. Sterling Jewelers Inc (USA) has about 1,400 stores in America.
Natco Pharma's 16 lakh shares issued under its qualified institutional placement (QIP) programme will be admitted for trading today, 23 September 2015.
Visa Steel announced before market hours today, 23 September 2015, that the lenders of the company in its Joint Lenders Forum (JLF) meeting held on 22 September 2015 have decided to invoke Strategic Debt Restructuring (SDR) pursuant to RBI Circular dated 8 June 2015. The company is in discussion with lenders for preparing a conversion package to enable inviting a strategic investor in its special steel business.
Sterlite Technologies announced before market hours today, 23 September 2015, that it has entered into a definitive agreement for the acquisition of Elitecore Technologies (Elitecore), a global telecom software product company. Elitecoreis a leading provider of Operations Support Services /Business Support Services and is majority owned by First Carlyle Ventures Mauritius, whose affiliate is advised by The Carlyle Group. Elitecore was established in 1999 by highly experienced software technocrats with over 20 years of experience. Today, it is ranked amongst one of the leading product-centric IT companies from India that has a global customer base. Elitecore has a rich product portfolio, robust technology platform, strong customer track record and excellent partnerships. Over the last few years, Elitecore has made significant inroads in both Indian and global telecom operators and has expanded its geographic footprint to include South East Asia, Middle East & Africa and lately Eastern Europe and Latin America. Elitecore is a profitable niche player with FY 2015 revenues of Rs 147 crore and EBITDA of Rs16 crore and is cash positive on a net debt basis. The company has been continuously profitable for the last 7 years and the financial performance would continue to improve given the strategic decision to build its service capabilities and focus on investing in right growth product categories.
This acquisition will be for an overall enterprise value of approximately Rs 180 crore in an all-cash deal. The transaction is expected to be value accretive by for the financial year ending 31 March 2018 (FY 2017) and is expected to be closed shortly subject to completion of certain regulatory and statutory formalities. Upon completion of the transaction, Elitecore Technologies is proposed to be merged into Sterlite Technologies.
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