Daily Bulletin (20th June, 2019)

There are no current notifications of our companies on this date


1. Scrip code : 532633
Name : Allsec Technologies Ltd.
Subject : Updates on Open Offer
Axis Capital Ltd (“Manager to the Offer”) has submitted to BSE a copy of advertisement in accordance with Regulation 18(7) of Page 47 bu200619 the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (as amended) (“Takeover Regulations”) and Second Corrigendum to the detailed Public Statement with respect to the Open Offer to the public shareholders of Allsec Technologies Ltd (“Target Company”).

2. Scrip code : 531223
Name : Anjani Synthetics Limited
Subject : Announcement under Regulation 30 (LODR)-Acquisition
With Reference to above mentioned subject, please note that ANITA VASUDEV AGARWAL has purchased 10,500 equity shares on 20.06.2019 of Anjani Synthetics Limited, a Company registered under the Companies act, 1956, having its registered office at 221 (Maliya) New Cloth Market, Ahmedabad-380002. Please find enclosed herewith Annexure the Disclosure as per Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 We request you to take the above information on your records.

3. Scrip code : 533228
Name : Bharat Financial Inclusion Limited
Subject : Record Date For The Purposes Of Composite Scheme Of Arrangement Among Bharat Financial Inclusion Limited (“BFIL”), Lnduslnd Bank Limited (“Bank”), Lnduslnd
Financial Inclusion Limited (“IFIL”) And Their Respective Shareholders And Creditors (“Scheme”)
This is in furtherance of our letter dated June 19, 2019, wherein we had intimated that the Board of Directors of BFIL (“Board”) at its meeting convened on June 19, 2019 inter alia considered and noted the order dated June 10, 2019 (“NCLT Order”) vide which the Hon”ble National Company Law Tribunal, Mumbai Bench sanctioned the Scheme and fixed Thursday, July 4, 20 I 9 as the Effective Date of the Scheme, on which date the NCLT Order will be filed by the Bank, BFIL and lFIL with the jurisdictional Registrar of Companies. 2. In accordance with Regulation 42(l)(e) of the SEBI LODR Regulations, we would like to inform you that the Board of BFIL, at its meeting held on June 19, 2019, has also fixed Thursday, July 4, 2019 as the Record Date, following the effectiveness of the Scheme, for the purposes of determining the shareholders of BFIL who shall be entitled to receive shares of the Bank, as consideration pursuant to the Scheme.

4. Scrip code : 533160
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Disclosure details of Mr. Vinod K. Goenka regarding Purchase of shares by him in terms of Regulation 29(2) of SEBI (SAST) Regulations, 2011

5. Scrip code : 507552
Name : Foods & Inns Ltd.
Subject : Disclosure By Promoters For Acquisition Of Shares Under SEBI (SAST) Regulations 2011
This refers to the reporting requirements in terms of Regulations 29 (2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011 by the Promoters of the Company. We have received from the following Promoter the report under above Regulation, a copy of which is enclosed for your records: 1. MPIL Corporation Limited Kindly take the said reports on record and oblige.

6. Scrip code : 540614
Name : G G Engineering Limited
Subject : Intimation Of REVISED Record Date For The Purpose Of Allotment Of Bonus Equity Shares As Per Regulation 42 Of The SEBI (Listing Obligations And Disclosure Requirements), Regulations, 2015
In pursuance of Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, We further wish to inform that the Board of Directors of the Company have approved and fixed 29th June, 2019, as the Record Date for the purpose deciding the Members who shall be eligible to the allotment of the Bonus Shares.

7. Scrip code : 532764
Name : GeeCee Ventures Limited
Subject : Corporate Action-Updates on Buy back
In reference to the captioned subject and in furtherance to our letter dated May, 30 2019 whereby we had submitted the Draft Letter of Offer, the Company hereby submits the Letter of Offer (‘LOF’) dated June 18, 2019 in terms of Buyback Regulations and relevant provisions of the Act.

8. Scrip code : 531213
Name : Manappuram Finance Limited
Subject : Acquisition Updates
Pursuant to Regulation 30(2) of the SEBI(LODR) Regulations, 2015, this is to inform your good office that the Company has completed acquisition of 92.6% of Equity Shares of M/s Manappuram Comptech & Consultants Ltd by way of purchase of 25000 shares at Rs.365.37/- per share, for the total consideration of Rs 91,34,250 (Rupees Ninety One Lakh Thirty Four Thousand Two Hundred and Fifty.) Acquisition of remaining 7.4% (2000 Equity Shares) is in process and will be completed by 31st August, 2019.

9. Scrip code : 538970
Name : Manvijay Development Company Limited
Subject : Announcement under Regulation 30 (LODR)-Open Offer – Updates
We are in receipt of letter dated June 20, 2019 from Mark Corporate Advisors Private Limited regarding Open Offer along with Public Announcement (PA) to the extent of 16,84,800 Equity Shares of Rs. 10/- each at an offer price of Rs. 10/- per share by Yatin Sanjay Gupte and M/s. Wardwizard Solutions India Private Limited (Acquirers’) pursuant to Share Purchase Agreement dated June 20, 2019 signed between all the Promoters of the Company and the Acquirers. The Promoters intend to sale their entire shareholding of 45,28,800 Equity Shares of Rs. 10/- each representing 69.89% of the paid-up capital of the Company. We are enclosing herewith letter of Mark Corporate Advisors Private Limited along with PA the contents of which are self-explanatory.

10. Scrip code : 532663
Name : Sasken Technologies Limited
Subject : Corporate Action-Updates on Buy back
We wish to inform you that the Buy-back Committee of the Board of Directors, at its meeting held on June 20, 2019, inter alia, considered and determined the Buy-back Price of Rs.825/- (Rupees Eight hundred twenty five only) per equity share (the Buy-back Price) and the total consideration for Buy-back not exceeding Rs.16,988.76 lakhs (the Buy-back Size) excluding the transaction costs viz. brokerage, applicable taxes such as securities transaction tax, GST, stamp duty, etc., With the Buy-back price of Rs.825 per equity share and the Buy-Back Size of not exceeding Rs.16,988.76 lakhs, the total number of shares to be bought back in the Buy-Back shall be up to 20,59,243 equity shares representing 12.04% of the total number of equity shares of the Company as on March 31, 2019.

ED arrests two former IL&FS executives in alleged money laundering case

The ED had registered the enforcement case investigation report (Ecir) on February 19.

They will both be presented on Thursday at a special court of PMLA in Mumbai.

The Enforcement Directorate (ED) on Wednesday arrested two former top executives — Arun Kumar Saha and Karunakaran Ramchand — for their alleged involvement in money laundering activities at Infrastructure Leasing & Financial Services (IL&FS) group.

Saha was former joint managing director (MD) of IL&FS Financial Services, while Ramchand was former MD of IL&FS Transportation Networks (ITNL).

Confirming the development, a senior ED official told Business Standard that they were arrested under Section 19 of the Prevention and Money Laundering Act (PMLA). The ED had registered the enforcement case investigation report (Ecir) on February 19. They will both be presented on Thursday at a special court of PMLA in Mumbai, the official added.

Hari Shankaran, ex-chairman, il&fs, had already been arrested by the SFIO. According to the ED, the PMLA investigation revealed that Saha and Ramchand, who were also members of the Committee of Directors of IL&FS Financial Services (IFIN), were involved in “illegal activities”.

“They were involved in sanctioning and disbursement of loan without taking proper security to the group companies, which were already in financial distress and unable to pay earlier loans,” the ED said.

Further, they were involved in indirectly routing funds from IFIN to ITNL through the third party, which was the contractor of ITNL — a flagrant violation of RBI norms.

The ED said both of them were not cooperating and were evasive while responding on the issues. Both the officials, being part of the top management earlier as well as being influential people, may try to influence witnesses and destroy evidence. Therefore, they were arrested under Section 19 of the PMLA Act, it noted.

The enforcement agency examining the books of IFIN and other subsidiaries found significant transactions between group firms such IL&FS Rail and Transportation Networks. It was also observed that groups firms had done so deliberately, with an intent to siphon off the loan amount.


HDFC to acquire Apollo Munich Health Insurance for Rs 1,347 crore

Apollo Munich will be later merged with general insurance company HDFC ERGO, part of the HDFC group.

Mortgage lender Housing Development Finance Corporation (HDFC) will acquire controlling stake of 51.2 per cent in Apollo Munich Health Insurance for about Rs 1,347 crore from Apollo Hospitals group and few employees who hold stake in the standalone health insurer.

After the acquisition, Apollo Munich Health Insurance will be merged with the non-life insurance arm of mortgage lender HDFC Ergo. The deal is subject to regulatory approvals and the entire process is expected to be completed in nine months.

“We had to do a two-step transaction since if HDFC Ergo had directly bought Apollo stake, it would have breached the 49 per cent cap on foreign investment in insurance for Munich Re,” Deepak Parekh, chairman of HDFC and HDFC Ergo General Insurance, said while addressing a press meet.

Munich Re is already HDFC’s partner in the general insurance company.

Ergo International AG, which holds 49 per cent stake in HDFC Ergo, is a subsidiary of Munich Re and Munich Re also holds stake in Apollo Munich Health Insurance. After the amalgamation, Munich Re will continue to hold 49 per cent stake in HDFC Ergo and the combined entity will have a gross direct premium of Rs 10,807 crore.

To support the transaction with its material benefits for Apollo Munich, Munich Health will give Rs 294 crore to Apollo Hospitals Enterprises and Apollo Energy in connection with the termination of their joint venture.

The merged entity will have a combined market share of 6.4 per cent in the non-life insurance industry with 308 branches in the country. It will also be the second largest private insurer in the accident and health segment in the country, HDFC said in a statement.

Apollo Munich Health Insurance is a joint venture between Apollo Hospitals group and German reinsurer Munich Re where Apollo Hospitals holds around 10 per cent and Apollo Energy 40.4 per cent of Apollo Munich on a fully diluted basis and Munich Re holds 49 per cent. “The combined expertise of HDFC Ergo and Apollo Munich will result in greater product innovation, wider distribution and enhanced servicing capabilities, benefiting their 1.2 crore policy holders,” said Parekh. With this acquisition, three of the seven standalone health insurance companies have been acquired. Recently, Max Bupa Health Insurance was acquired by private equity firm True North. Similarly, Star Health Insurance was also acquired by private equity firms and Rakesh Jhunjhunwala.

“We are sure that the new shareholder will continue to nurture and scale the business to greater heights and confident that all stakeholders will be positively impacted. The funds from the divestment will enable us to focus on investing and growing our core healthcare business,” said Shobana Kamineni, chairperson of Apollo Munich Health Insurance.

In FY19, Apollo Munich Health Insurance collected premiums to the tune of Rs 2,194 crore and the profit after tax of the company was Rs 11 crore. The combined ratio of the standalone health insurer was 100.7 per cent. It has a market share of 4.4 per cent in the health insurance market and 7.6 per cent in the retail health insurance market.

The combined entity will have a portfolio mix of 39 per cent accident and health insurance, 28 per cent health insurance and the rest will be commercial and crop insurance.


IndiaMART to launch IPO on June 24, plans to raise Rs 475 crore

The company has priced its IPO between Rs 970 and Rs 973 per share. The offer will close on June 26.

IndiaMART InterMESH, which operates Indiamart.com, an online listing platform for small and medium businesses in India, will launch its initial public offering (IPO) on June 24. The firm is planning to raise Rs 475 crore. The company has priced its IPO between Rs 970 and Rs 973 per share. The offer will close on June 26.

Intel Capital, Amadeus Capital Partners and Quona Capital will make a partial exit through the IPO. The IPO is purely offer for sale and the company will not receive any proceeds. ICICI Securities, Edelweiss Financial Services and Jefferies are managing the IndiaMART initial share sale.

IndiaMART’s online marketplace provides a platform for business buyers to discover products and services, and contact the suppliers of such business products and services. As of March 31 2019, the company had 82.7 million registered buyers and 5.5 million suppliers.

IndiaMART is the first firm to hit the primary markets with an IPO after the election. Companies had deferred their fundraising plans due to election-related uncertainties.


IndusInd Bank, Bharat Financial gain over 2% after fixing record date for merger

M R Rao, currently the MD and CEO of Bharat Financial, will become the MD and CEO of IFIL

IndusInd Bank and Bharat Financial Inclusion shares gained more than 2 percent each on June 20 after both companies board members fixed July 4 as the record date for merger.

“All assets and liabilities of Bharat Financial shall become assets and liabilities of the Bank with effect from the appointed date, being January 1, 2018. Simultaneously with amalgamation, the business correspondent undertaking of Bharat Financial shall be transferred to IFIL, a wholly-owned subsidiary of the Bank. All assets and liabilities originated by IFIL will be booked in the balance sheet of the Bank,” IndusInd said in its BSE filing.

The Bank further said both board members fixed July 4, 2019 as the effective date of the scheme, on which date the NCLT Order will be filed by the bank, Bharat Financial and IFIL with Registrar of Companies.

July 4 will also be the record date, following the effectiveness of the scheme, for determining the shareholders of Bharat Financial who shall be entitled to receive shares of the bank, as consideration pursuant to the scheme, it added.

The board of directors have decided to publish consolidated financial results for the quarter ending June 2019 on July 12.

As per the scheme, the Bank will issue and allot its 639 shares to shareholders of Bharat Financial on the record date against every 1,000 shares held by them in Bharat Financial.

“The scheme also contemplates a preferential allotment of share warrants to the promoters of the bank. Each share warrant, upon exercise, shall entitle the promoters to one equity share. The share warrants shall be issued to the promoters of the bank at Rs 1,709 per warrant,” IndusInd Bank said.

M R Rao, currently the MD and CEO of Bharat Financial, will become the MD and CEO of IFIL.

Bharat Financial Inclusion was quoting at Rs 888.65, up 2.48 percent and IndusInd Bank was up 2.09 percent at Rs 1,411.75 on the BSE at 1013 hours IST.


Jain Irrigation rebounds after management clarifications, surges 9%

Promoters held 28.65 percent stake in Jain Irrigation, of which 48.41 percent was pledged against loans

Jain Irrigation Systems shares rallied nearly 9 percent intraday on June 20 after the company clarified on its recent share fall and pledged shares.

“We wish to reassure our investors and stakeholders that company is moving forward with normal operations and is confident of fulfilling it’s agenda while making serious efforts to deleverage its balance sheet,” the irrigation systems manufacturer said in its BSE filing.

“Unabated and unprecedented significant fall in share price is not the result of anything linked to company’s current or expected performance but may be linked to exit of company’s stock from F&O and/or negative sentiments born out of speculative operations fuelled by rumours,” it added.

On June 19, it crashed 28 percent amid worries over its pledged shares. On June 20 intraday, it was down 17 percent before showing a sharp recovery.

Jain Irrigation said management remained committed to owning and running all major business based on the intrinsic value that has been created while pursuing deleveraging to reduce debt by Rs 2,000 crore as conveyed earlier.

Any new investment infusion either by private equity / sovereign or other investors in one or more divisions is being done is not to address any immediate shortfall in debt, it added.

The company said deleveraging is part of a well thought out strategy to create a much better balance sheet. “However, one must note that there is no pressure while servicing existing debt as repayments are spread out over the next 5-6 years and aligned with expected normal cash-flows based on company’s growth plan,” it added.

Promoters have informed the company that they are in touch with all their lenders for pledged shares and working on solutions for the current scenario, it added.

Promoters held 28.65 percent stake in Jain Irrigation, of which 48.41 percent was pledged against loans.

The stock recovered 31 percent from its day’s low of Rs 16.30 (the 52-week low) to hit an intraday high of Rs 21.40. It was quoting at Rs 21.05, up Rs 1.35, or 6.85 percent on the BSE at 1036 hours IST.`