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Coal India in focus as arm NLC approves Rs 1244-crore share buyback plan

Coal India in focus as arm NLC approves Rs 1244-crore share buyback plan

Feb 27,2017

Coal India announced that the board of directors of its wholly-owned subsidiary Northern Coalfields (NCL), at its meeting held on 24 February 2017, approved the buyback of 76,356 fully paid equity shares, representing 4.3% of the paid-up share capital of NCL, from its shareholders on a proportionate basis through tender offer. The announcement was made on Saturday, 25 February 2017.

The maximum buyback size is Rs 1244.12 crore at a price of Rs 1.62 lakh each, payable in cash, subject to the approval of the shareholders of NCL. Since NCL is a wholly-owned subsidiary of Coal India, both, pre and post buyback by NCL, Coal India shall hold 100% of the paid-up equity share capital.

L&T announced that its wholly owned subsidiary L&T Hydrocarbon Engineering (LTHE) has bagged an onshore engineering, procurement and construction (EPC) contract worth around Rs 1100 crore from Indian Oil Corporation (IOCL) for setting up a 0.740 million metric tonne per annum (MMTPA) fluidised cracking unit (FCC) including LPG treatment facility at its Bongaigaon refinery, Assam. The announcement was made on Saturday, 25 February 2017.

State Bank of India (SBI) announced that the Government of India (GoI) has issued orders dated 22 February 2017, for acquisition of its associated banks viz. State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP) and State Bank of Hyderabad (SBH). In terms of the orders, the entire undertaking of SBBJ, SBM, SBT, SBP and SBH shall stand transferred to and vested in SBI from 1 April 2017. The announcement was made after market hours on Thursday, 23 February 2017.

It may be recalled that the Finance Minister on 15 February 2017, announced that the Cabinet had approved the merger of SBBJ, SBM, SBT, SBP and SBH with SBI. SBI holds 90% stake in SBM, 79.09% stake in SBT and 75.07% stake in SBBJ as per the shareholding pattern as on 31 December 2016. SBH and SBP are not listed on the bourses.

TCS announced that Community Savings Bank Association (CSBA) has selected TCS BaNCS on the Cloud as the core banking solution for its member banks across the entire United Kingdom. The vision of CSBA is to have a local network of customer owned, regional banks that create and support wealth creation in local communities. TCS BaNCS on the Cloud is a digital banking solution designed to meet the market requirements in the UK. The announcement was made after market hours on Thursday, 23 February 2017.

Power Grid Corporation of India (PGCIL) announced that it has entered into loan agreement with Asian Development Bank (ADB) for an amount not exceeding $500 million for part funding of its projects. The announcement was made after market hours on Thursday, 23 February 2017.

Adani Ports and Special Economic Zone (APSEZ) announced the terms of buyback of non-convertible debentures (NCDs) on Friday, 24 February 2017. It intends to buyback NCDs aggregating to Rs 500 crore, due to mature on 28 April 2017 at a buyback price of Rs 10.80 lakh each. It will buyback NCDs aggregating to Rs 170 crore, due to mature on 15 September 2017 at Rs 10.62 lakh each. APSEZ will buyback NCDs aggregating to Rs 250 crore, due to mature on 18 May 2018 at Rs 10.71 lakh each. It will buyback NCDs aggregating to Rs 250 crore, due to mature on 18 August 2018 at Rs 10.69 lakh each. It may be noted that APSEZs board had on 14 February 2017, approved buyback of NCDs aggregating to Rs 1170 crore in one or more tranches.

ONGC announced that its board approved development of five projects with an investment of Rs 7327 crore which will lead to production of 14.97 million metric tonnes (MMT) of oil and 2.97 billion cubic metres (BCM) of gas. ONGC has notified 18 discoveries so far in the financial year (FY) 2017.

In order to settle the long pending Gujarat and Assam royalty issue, an understanding has been reached on 17 February 2017 between Ministry of Petroleum and Natural Gas (MOP&NG), government of Gujarat/Assam and ONGC wherein it has been agreed that the outstanding amount towards differential royalty would be paid by the Government of India (GoI) directly to the governments of Gujarat and Assam. Payments already made to the state governments by ONGC based on interim Supreme Court (SC) orders (Rs 2562 crore) shall be adjusted in the accounts as expenditure. Based on this settlement, SC has disposed off the case on 20 February 2017 and it has absolved the company of outstanding royalty demand by government of Gujarat and Assam amounting to Rs 9796 crore and potential interest claim of Rs 2868 crore.

Further, ONGCs board has approved execution of farm-in/farm-out agreement with Gujarat State Petroleum Corporation (GSPC) in respect of acquisition of 80% participative interest (PI) and operatorship in the NELP-III block KG-OSN-2001/3.

Inox Leisure announced that it has commenced the commercial operations of a multiplex cinema theatre, taken on lease basis and located at Jamnagar, Gujarat with effect from 24 February 2017. The multiplex cinema theatre has 5 screens and 954 seats.

Inox Leisure is now present in 58 cities with 115 multiplexes, 454 screens and a total seating capacity of 1.15 lakh seats across India. The announcement was made on Saturday, 25 February 2017.

Sun TV Network announced that the board of directors of the company at its meeting held on 24 February 2017, re-appointed K. Vijaykumar as Managing Director and Chief Executive Officer.

The board also appointed Kalanithi Maran as Executive Chairman and Kavery Kalanithi as Executive Director of the company for a period of 5 years with effect from 20 April 2017. The announcement was made on Friday, 24 February 2017.

Promoter Kalanithi Maran held 75% stake in Sun TV Network as per shareholding pattern as on 31 December 2016.

Eveready Industries India announced that it has on 23 February 2017 commenced commercial production with a capacity of 500 million of batteries and 9 million liquid crystal display (LED) flashlights per annum at its new unit at Industrial Growth Centre, Matia, Goalpara, Assam. The announcement was made on Friday, 24 February 2017.

Pidilite Industries said that Nina Waterproofing Systems, a subsidiary of the company has incorporated a subsidiary in Srilanka in the name of Nina Lanka Construction Technologies, which is proposed to be engaged in providing waterproofing services to various projects including construction projects. The announcement was made on Friday, 24 February 2017.

Kothari Products announced that the company has divested the entire stake in Sukhdham Constructions & Developers, a 100% subsidiary to Innerline Realty Pvt. Ltd., Mumbai. The announcement was made on Saturday, 25 February 2017.

Shiva Cement announced that the board meeting of the board of directors of the company will be held on 28 February 2017, to review the implementation of share purchase agreement dated 10 January 2017 executed between the existing promoters of the company & JSW Cement Limited & their PACs. The announcement was made on Saturday, 25 February 2017.

Jain Irrigation Systems announced that the meeting of sub committee of the board of directors of the company was held on 25 February 2017 which considered and approved the issue of foreign currency convertible bonds (FCCBs) upto $75 million to non-promoter entities for redemption of FCCBs worth $50 million issued in 2012/2013 and balance $25 million fresh issue for permitted use. The announcement was made on Saturday, 25 February 2017.

Centrum Capital announced that the fund raising committee in its meeting held on 25 February 2017 has approved an issuance of secured, unlisted, unrated, redeemable, non-convertible, principal protected market linked debentures of upto an amount of Rs 50 crore to be issued in one or more series by way of private placement. The announcement was made on Saturday, 25 February 2017.

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Honeywell Automation India to pay dividend
May 26,2017

Honeywell Automation India announced that dividend, if approved, shall be paid on 18 August 2017.

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Aashee Infotech to hold board meeting
May 26,2017

Aashee Infotech will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Pioneer Investcorp to hold board meeting
May 26,2017

Pioneer Investcorp will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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SPS International to hold board meeting
May 26,2017

SPS International will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Indian Infotech and Software to hold board meeting
May 26,2017

Indian Infotech and Software will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Agro Dutch Industries to hold board meeting
May 26,2017

Agro Dutch Industries will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Riddhi Siddhi Gluco Biols will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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AF Enterprises will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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ABC Gas (Intl.) will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Mahashree Trading to hold board meeting
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Mahashree Trading will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Rishi Laser to hold board meeting
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Rishi Laser will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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RSC International to hold board meeting
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RSC International will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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Royale Manor Hotels & Industries to hold board meeting
May 26,2017

Royale Manor Hotels & Industries will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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SRG Securities Finance to hold board meeting
May 26,2017

SRG Securities Finance will hold a meeting of the Board of Directors of the Company on 27 May 2017.

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May 26,2017

Ras Finance will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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