Voltas and Shima Seiki Mfg. (Shima), a leading Japanese textile machines manufacturer, have entered into a distribution agreement for sales and marketing of Shima's products in India. The announcement was made after trading hours yesterday, 8 April 2019.
Sun Pharmaceutical Industries (Sun Pharma) announced that its subsidiary, Sun Pharma Distributors (SPDL), will commence distribution of the company's formulation products in India from April 2019, on the same terms as was with Aditya Medisales, in a phased manner upon receipt of requisite regulatory approvals. This phased transition is expected to be fully completed by the first quarter of financial year ending March 2020. The above-mentioned transition and consequential one-time reduction in sales and profit will impact Sun Pharma's financial results for the period ended 31 March 2019.
Further, Atlas Global Trading has completed assignment of its business rights and obligations, including those arising from the supply contract with Sun Pharma to a wholly owned subsidiary of Sun Pharma. This has no material impact on the profit or loss for the year ended 31 March 2019. The announcement was made after trading hours yesterday, 8 April 2019.
Panacea Biotec will be watched. India Resurgence Fund ("lndiaRF"), promoted by Piramal Enterprises and Bain Capital Credit, along with its affiliates announced an investment of up to Rs 992 crore in Panacea Biotec. The investment proceeds will be used for a one-time settlement with existing lenders, general working capital and growth requirements of the company. This investment is structured by way of non-convertible debentures (NCDs) of up to Rs 864 crore and subscription amount of Rs 32 crore towards share warrants to be allotted on a preferential basis. The subscription amount represents 25% of total amount of Rs 128 crore proposed to be raised upon issuance of equity shares against warrants. Subject to exercise of warrants, IndiaRF (along with its affiliates) will collectively end up owning 10.4% stake in the company on a fully diluted basis. The announcement was made after trading hours yesterday, 8 April 2019.
DLF will be watched. Government of Singapore (GIC) sold 6.79 crore shares, or 3.81% stake, in DLF at Rs 191.01 each. As on 31 December 2018, GIC held 7.32 crore shares, or 4.105% stake in DLF. Societe General acquired 2.08 crore shares, or 1.17% stake in DLF. Both the transactions took place via bulk deals on NSE yesterday, 8 April 2019.
Coffee Day Enterprises has approved to enter in to the share subscription and shareholders agreement between Coffee Day Enterprises (CDEL) along with its material subsidiary Coffee Day Global (CDGL) and Coffee Day Consultancy Services (CDCSPL) with Impact HD Inc., (IHD) for subscription to equity shares of the CDCSPL by IHD by investing Rupee equivalent to $15 million for 49% stake in the CDCSPL. Post subscription of equity shares by IHD, CDEL and CDGL will hold 51% of the paid-up-equity capital of CDCSPL. The CDCSPL will carry out the business of providing consultancy services in retail sector. Subsidiary of CDCSPL operates and manages Coffee Day Fresh & Ground business. The announcement was made after trading hours yesterday, 8 April 2019.
Asian Paints announced that a fire broke out at its paint manufacturing facility in Vishakhapatnam, Andhra Pradesh, in the afternoon yesterday, 8 April 2019. The fire has been brought under control. The company is in the process of assessing the extent of damage. The manufacturing operations of the plant have been affected. This will not have any impact on the business operations of the company. The announcement was made after trading hours yesterday, 8 April 2019.
Majesco, a global leader of cloud software solutions for insurance business transformation, announced the appointment of Wayne Locke as Chief Financial Officer (CFO) effective 8 April 2019. The announcement was made after trading hours yesterday, 8 April 2019.
Yes Bank said its board will meet on 26 April 2019, to consider borrowing/raising funds in Indian/foreign currency by issue of debt securities including but not limited to non-convertible debentures, bonds, MTN. The board will also consider raising of funds by way of issuance of equity shares including but not limited through preferential issue and/or qualified institutions placement (QIP)/ global depository receipts (GDRs)/ American depository receipts (ADRs)/ foreign currency convertible bonds (FCCBs)/ or any other methods on private placement basis, subject to regulatory approvals, as may be required. The board will also consider audited financial statements of the bank for the quarter and year ended 31 March 2019. The announcement was made after trading hours yesterday, 8 April 2019.
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