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Bharti Airtel in focus on entering into an agreement with Millicom to merge telecom operations in Ghana
Mar 06,2017

Bharti Airtel and Millicom International Cellular SA announced that they have through their respective subsidiaries entered into an agreement for Tigo Ghana and Airtel Ghana to combine their operations in Ghana. As per the agreement, Airtel and Millicom would have equal ownership and governance rights in the combined entity. The announcement was made after market hours on Friday, 3 March 2017.

The combined business would serve nearly 10 million customers, of which 5.6 million are data customers. It would cover more than 80% of Ghanas population with high speed data and would have revenues close to $300 million, making it one of the largest communications companies in Ghana, Airtel said.

Cipla announced that it has entered into agreements, through its Wholly Owned Subsidiary Inyanga Trading 386 Proprietary (Inyanga), with the group companies of Ascendis Health, South Africa for divesting its animal health business in South Africa and Sub-Saharan Africa. The announcement was made on Saturday, 4 March 2017.

Under the agreements, Cipla will divest its 100% stake in Cipla Agrimed Proprietary (Cipla Agrimed), South Africa and Cipla Vet Proprietary (Cipla Vet), South Africa. The total consideration of transaction would be ZAR 375 million with potential revision linked to FY2017 performance along with customary adjustment (within the price band of R250m and R500m) in relation working capital and net debt/cash adjustments. The deal is subject to customary closing conditions including approval from competition commission of South Africa and is expected to close in the next 3 months.

Dr Reddys Laboratories has announced the completion of the acquisition of 100% stake in Imperial Credit, a non-banking finance company, based in Kolkata, for a consideration of Rs 2.05 crore. The acquisition process was consummated on receipt of applicable regulatory approvals. The company proposes to undertake the groups captive financial activities through this entity. The announcement was made after market hours on Friday, 3 March 2017.

IndusInd Bank opened a new branch in Gurgaon to expand presence across Haryana. IndusInd Bank had recently inaugurated a branch in Gurgaon, one of the leading financial and industrial hubs in India. With the inauguration of this branch, the bank now has 29 branches in Gurgaon city. The announcement was made after market hours on Friday, 3 March 2017.

Punjab National Bank said that it has raised Rs 1500 crore Additional Tier I (Basel III Compliant) Capital Bonds at a coupon rate of 8.95% per annum, payable semi - annually on private placement basis on 3 March 2017. The announcement was made after market hours on Friday, 3 March 2017.

Shares of Jagran Prakashan will be in focus as the initial public offer (IPO) of Music Broadcast will open for subscription today, 6 March 2017. The price band for the IPO is Rs 324 to Rs 333 per share. The IPO closes on 8 March 2017. Music Broadcast, promoted by Jagran Prakashan, operates radio stations under the brand Radio City.

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Coal India provides update on subsidiary - Central Coalfields
Mar 04,2017

Coal India announced that the Board of Directors of its subsidiary, Central Coalfields (CCL) meeting held on 03 March 2017 has considered and approved the buyback of 5,21,000 fully paid equity shares of face value of Rs 1000 each from the members of CCL on a proportionate basis through tender offer representing 5.54% of total equity shares in the paid up share capital for an aggregate amount not exceeding Rs 1001.88 crore, at a price of Rs 19,230 per equity share, subject to approval of shareholders of CCL.

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Dr Reddys Laboratories acquires a NBFC - Imperial Credit
Mar 04,2017

Dr Reddys Laboratories announced that it has completed the acquisition of 100% stake in Imperial Credit, a Non Banking Finance Company, for a consideration of Rs 2.05 crore. The Company proposes to undertake the groups captive financial activities through this entity.

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Board of Diamond Power Infrastructure appoints director and COO
Mar 04,2017

Diamond Power Infrastructure announced that the Board of Directors of the Company at its meeting held on 04 March 2017 has appointed Surinder Kumar Negi as an Additional Director and has appointed Naba Mukherjee as COO with immediate effect.

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Board of Upper Ganges Sugar & Industries appoints directors
Mar 04,2017

Upper Ganges Sugar & Industries announced that the Board of Directors has considered and appointed Kailash Chand Gupta and Brij Mohan Agarwal, as Additional Directors of the Company with effect from 04 March 2017.

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Karnataka Bank bags four ASSOCHAM Social Banking Excellence Awards
Mar 04,2017

Karnataka Bank has bagged four Social Banking Excellence Awards under the following categories, instituted by the Associated Chamber of Commerce & Industry of India (ASSOCHAM), under Small Bank Category.

Winner - Government Scheme
Winner - Priority Lending
Runner up - Agricultural Banking
Runner up - Overall Best Social Bank

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Shrenuj & Company announces resignation of director
Mar 04,2017

Shrenuj & Company announced that Dr. M Y Khan, Independent Director of the Company has tendered his resignation from the Board due to personal and health reasons. The resignation will be effective from 3 March 2017.

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Board of Celebrity Fashions allots equity shares and warrants
Mar 04,2017

Celebrity Fashions announced that the Board of Directors of the Company at its meeting held on 04 March 2017 have issued and allotted 30,67,484 equity and 56,96,756 Convertible Warrants at an issue price of Rs 11.41 per share on Preferential basis to Promoters and Director.

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Reliance Power provides update on subsidiary - Reliance Green Power
Mar 04,2017

Reliance Power announced that its subsidiary, Reliance Green Power has disposed off its entire shareholding of 10,000 equity shares of Rs 10 each, aggregating Rs 1 lakh held in its subsidiary, RPL Aditya Power at its par value.

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ARSS Infrastructure Projects JV wins work order worth Rs 140.52 crore
Mar 04,2017

ARSS Infrastructure Projects announced that a work order amounting to Rs.140.52 crore, namely Execution of work of track linking (Excluding Supply of Rails, Thick Web Switches and PSC Lime sleeper) OHE, S&T and other allied works from Haridaspur (KM 0.00) to Kendrapara (KM 43.873) including Kendrapara yard in connection with construction of New BG Railway Line from Haridaspur to Paradeep (KM 81.200) in Khurda Road Division of east Coast railway in the State of Odisha, India has been awarded in favour one of the Companys Joint Venture (JV) i.e. ARSS-SIPS (JV) by Rail Vikas Nigam on 3 March 2017.

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Lloyd Electric & Engineering announces change in registered office
Mar 04,2017

Lloyd Electric & Engineering has shifted its registered office to the following address with effect from 03 March 2017 -

UNIT NO. 8, BLOCK-B, OLD DISTRICT COURTS COMPLEX, INDUSTRIAL AREA, PHASE II, NOIDA, UTTAR PRADESH- 201305.

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Housing Development & Infrastructure decides to divest subsidiary -Excel Arcade
Mar 04,2017

Housing Development & Infrastructure announced that the Finance Committee of the Board at its meeting held on 04 March 2017 has decided to divest its 100% shareholding of its wholly owned subsidiary , viz. Excel Arcade. HDIL was holding 1954000 shares and had invested Rs. 10,81,50,100 in that Company. It was meant to be a SPV for a project at Vikroli. Since the timeline for the project is uncertain, it was decided to divest the Investment in the Subsidiary Company for Rs. 17,00,00,000.

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Vishnu Chemicals to hold EGM
Mar 04,2017

Vishnu Chemicals announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 7 April 2017 .

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Manvijay Development Company to hold board meeting
Mar 04,2017

Manvijay Development Company will hold a meeting of the Board of Directors of the Company on 8 March 2017, to appoint M/s. Ferrao MSR & Associates as Secretarial Auditor of the Company

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Kunststoffe Industries to hold board meeting
Mar 04,2017

Kunststoffe Industries will hold a meeting of the Board of Directors of the Company on 14 March 2017 EGM

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