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Monday, March 31, 2014

GMR Infra in focus after units files for IPO

GMR Infrastructure said that the draft red herring prospectus (DRHP) has been filed on 28 March 2014 by GMR Energy, a subsidiary of the company, with the Securities and Exchange Board of India for its initial public offering (IPO).

NTPC said after market hours on Friday, 28 March 2014 that 10 megawatts (MW) Solar PV Power Station at Talcher is declared on commercial operation from 28 March 2014. The total capacity of non-conventional energy projects of NTPC has become 30 MW. With the commissioning and commercial declaration of above unit, the total commissioned and commercial capacity of NTPC group has become 42974 MW and 41314 MW respectively.

Power Grid Corporation of India (PGCIL)'s board of directors at its meeting held on Thursday, 27 March 2014, approved the investment approval for 'Augmentation of transformers in Northern Region - Part B' at an estimated cost of Rs 155.57 crore, with commissioning schedule of 24 months from the date of investment approval.

L&T clarified that the ongoing strike at its Hazira Campus in Gujarat has no material adverse impact on the operations and performance of the company.

Trent said that the High Court of Judicature at Bombay has approved the scheme of amalgamation and arrangement between Landmark, Fiora Link Road Properties and Trexa ADMC with Trent and their respective shareholders and creditors. The company would now proceed to seek the other regulatory approvals and the Scheme will be effective on getting the last of such approval, the company said.

Tech Mahindra clarified after market hours on Friday, 28 March 2014 that media report reading "Tech Mahindra may buy stake in social biz startup", is speculative in nature and not issued by the company.

Tata Chemicals (TCL) and Olam International (Olam), in a joint statement issued after market hours on Friday, 28 March 2014, said they have on 28 March 2014 signed a termination agreement and wish to announce that TCL will not proceed with its proposed 25.1% equity participation in the greenfield ammonia-urea fertiliser manufacturing project (GFC) in the Republic of Gabon, Africa. On 11 April 2011, the parties had announced TCL's participation in the project in which Olam currently holds 80% stake with the Government of the Republic of Gabon (“ROG”) holding the remaining 20%.

This decision was made due to a change in TCL's investment focus away from overseas fertiliser manufacturing and Olam's intention to move to a minority and non-consolidated position in the project. Since TCL's intention to invest in the project was announced in 2011, Olam and TCL have worked together closely to complete the project's Front End Engineering Design (FEED) phase. Olam acknowledges the significant contribution of TCL and its dedicated management team in developing the project to its current stage. TCL will maintain its relationship with GFC going forward by providing any technical support that may be requested by Olam or GFC's other equity partners.

"As announced previously, Olam is continuing its discussions with other industry participants who have expressed their desire to partner with us in the project. This is in line with our intention to bring down our final equity stake to below 50%. Our belief in the project's strategic and financial value to the Group still remains intact," said Olam's Executive Director of Finance and Business Development, A. Shekhar.

Mr. PK Ghose, Executive Director and CFO of TCL said: "We will continue to pursue the strategy of bringing world class products and services to the Indian farmers, with continuing investments in innovation and partnerships focused on the home market."

IFCI after market hours on Friday, 28 March 2014 said that the book building for an issue of Rs 215 crore with green shoe option upto Rs 215 crore was fully subscribed on Thursday, 27 March 2014, with aggregate bids for Rs 310 crore including green shoe option of Rs 95 crore.

Excel Industries on Friday, 28 March 2014 said that pursuant to shareholders' approval at the extraordinary general meeting (EGM) of the company held on 15 March 2014 and in-principle approval for listing of securities under the listing agreement, the board of directors of the company at its meeting held on Friday, 28 March 2014 has issued and allotted to Utkarsh Global Holdings, a promoter group company, for consideration in cash, on preferential basis, twenty Lakh convertible warrants of face value of Rs 69 each. The warrants are convertible within 18 months in one or more tranches from the date of allotment, at the option of the holder of warrants, into one equity share of face value of Rs 5 each of the company at a premium of Rs 64 per equity share, Excel Industries said.

Readymade Steel India's board of directors at its meeting held on Friday, 28 March 2014, allotted 6 lakh equity shares of Rs 10 each at Rs 200 per share fully paid to the investor who is non promoter namely BEC Infra on a preferential basis, on conversion of outstanding loan and advances received against the goods into equity shares.

Himachal Futuristic Communications after market hours on Friday, 28 March 2014 said that the company has voluntarily sought the delisting of GDRs from London Stock Exchange and Luxembourg Stock Exchange. The GDRs listing have been cancelled from London Stock Exchange and Luxembourg Stock Exchange with effect from 21 March 2014 and 23 December 2013 respectively consequent upon resignation by the Depository, Bank of New York (BNY Mellon). The company has not appointed any Successor Depository and has terminated the deposit agreement due to lack of liquidity with virtually no trading taking place due to investors' decreasing interest in depositary receipts, Himachal Futuristic Communications said.

Polygenta Technologies on Friday, 28 March 2014 said that 2.20 crore compulsory convertible preference shares (CCPS) held by PerPETual Global Technologies, the promoters were converted into equal number of equity shares on Friday, 28 March 2014.

Lyka Labs said after market hours on Friday, 28 March 2014 that the board of directors of the company at its meeting held on 28 March 2014, has decided to re-appoint Shri. N. I. Gandhi as managing director for a period of 5 years from 1 April 2014 subject to approval of shareholders in the general meeting and other statutory approvals.

The board has also decided to invest in 35 lakh shares of Rs 10 each of Lyka Exports at a premium of Rs 25 in lieu of its outstanding subject to approval of the shareholders in the General Meeting. It also decided to transfer domestic marketing division of ethical products under slump sale to Lyka Healthcare a wholly owned subsidiary company from 1 March 2014.