Daily Bulletin (21st June, 2019)

There are no current notifications of our companies on this date

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20190621-26

1. Scrip code : 524208
Name : Aarti Industries Ltd
Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement
Intimation of order of the NCLT approving the composite scheme of Arrangement between Aarti Industries Limited, Arti Surfactants Limited and Nascent Chemical Industries Limited and their respective shareholders.

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 4,500 equity shares on 21.06.2019 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

3. Scrip code : 532187
Name : IndusInd Bank Ltd.
Subject : Indusind Bank Takes Note Of Record Date July 4, 2019 Determined By Bharat Financial Inclusion Ltd. (BFIL)For The Purposes Of Determining The Shareholders Of BFIL Who Shall Be Entitled To Receive Shares Of The Bank In Accordance With The Scheme Of Arrangement Amongst BFIL, IBL And IFIL.
IndusInd Bank takes note of Record Date July 4, 2019 determined by Bharat Financial Inclusion Ltd. (BFIL)for the purposes of determining the shareholders of BFIL who shall be entitled to receive shares of the Bank. In accordance with the Scheme and pursuant to its effectiveness, the Bank will issue and allot to those shareholders of BFIL whose names would appear in the register of members of BFIL on the Record Date, 639 (six hundred and thirty nine) equity shares of the Bank, credited as fully paid up, for every 1,000 (one thousand) equity shares of the face value of INR 10/ (Rupees ten) each fully paid-up held by such member in BFIL.

4. Scrip code : 533181
Name : Intrasoft Technologies Limited
Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition
Shares Purchase by Promoter

5. Scrip code : 534690
Name : LAKSHMI VILAS BANK LTD
Subject : Approval Received From The Competition Commission Of India For The Proposed Amalgamation Of Indiabulls Housing Finance Limited (IHFL) And Indiabulls Commercial Credit Limited (ICCL) (Which Is A Wholly-Owned Subsidiary Of IHFL), As ‘Transferor.
Companies’, Into And With The Lakshmi Vilas Bank Limited (LVB), As ‘Transferee Company’. In compliance with applicable regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended and with reference to our intimation on April 05, 2019 and May 03, 2019 on the proposed amalgamation of Indiabulls Housing Finance Limited (the ‘Company’ or ‘IBH’ or ‘Transferor Company 1’) and Indiabulls Commercial Credit Limited (‘ICCL’ or ‘Transferor Company 2’) into and with The Lakshmi Vilas Bank Limited (‘LVB’ or ‘Transferee Company’) under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013, as amended, Companies (Compromises, arrangements and Amalgamations) Rules, 2016, as amended, and other rules and regulations framed thereunder, the Bank has taken up with applicable regulatory authorities for approval of the amalgamation process. Further, as intimated by Bank to the Stock Exchanges on April 12, 2019, April 22, 2019 and May 20, 2019 on the proposed preferential issue of Equity Shares to Indiabulls Housing Finance Limited, the Bank had also sought approval from Competition Commission of India (‘CCI’). Towards the same, this is to inform that the CCI has by way of its letter dated June 20, 2019 intimated that at its meeting held on June 20, 2019, considered the proposed combination (Comb Reg. No. (C-2019/05/662) and approved the same under Section 31 (1) of the Competition Act, 2002. Further, it is informed that the Amalgamation process is also subject to receipt of other applicable regulatory approvals, which we note to intimate on receipt. This is for your information and record

6. Scrip code : 540650
Name : Magadh Sugar & Energy Limited
Subject : Intimation Of Record Date For Issue Of Bonus Shares
Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements), 2015, in continuation with the announcement made by the Company on May 14, 2019, for Issue of Bonus shares in the ratio of 4:10 [i.e. 4 (Four) Bonus equity shares of Rs. 10/- each for every 10 (Ten) existing fully paid up equity shares of Rs. 10/- each], subject to the approval of the shareholders through Postal Ballot, the Company has fixed June 30, 2019 as the Record date to determine eligible shareholders entitled to receive the Bonus shares BSE Limited National Stock Exchange of India Limited The Calcutta Stock Exchange Ltd Type of Security Record Date Purpose 540650 MAGADSUGAR 23935 Equity Sunday, June 30, 2019 Issue of Bonus shares, to be approved by shareholders by passing resolution through Postal Ballot result to be declared on or before June 23, 2019. Kindly take the same on your record. Thanking you, Yours faithfully For Magadh Sugar & Energy Limited S Subramanian Company Secretary.

7. Scrip code : 532819
Name : MindTree Limited
Subject : Updates on Open Offer
Axis Capital Ltd and Citigroup Global Markets India Private Ltd (“Managers to the Offer”) has submitted to BSE a copy of Corrigendum to the detailed public statement and the letter of offer with respect to the open offer by Larsen & Toubro Ltd (“Acquirer”) to the shareholders of Mindtree Ltd (“Target Company”)

8. Scrip code : 539917
Name : NAGARJUNA FERTILIZERS AND CHEMICALS LTD.
Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition
This is to inform you that we have received a disclosure under Regulation 10(6) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 (‘SAST Regulation’) from Mr. K Rahul Raju on behalf of his daughters, pursuant to Family Settlement, in respect of inter-se transfer of his shares amongst immediate relatives on June 15, 2019 and the same is enclosed herewith for your kind information and records. This being an Inter-se transfer of shares amongst immediate relatives, the same falls within the exemption under Regulation 10(1)(a)(i) provided under SAST Regulation. Further, the aggregate holding of the Promoter and Promoter Group before and after the above inter-se transaction remains the same.

9. Scrip code : 513023
Name : Nava Bharat Ventures Ltd
Subject : Corporate Action-Updates on Buy back
Sub: Buy back- daily report With reference to the subject cited above, we hereby submit the daily report pursuant to Regulation 18(i) of the SEBI (Buy Back of Securities) Regulations, 2018 regarding equity shares bought back by Nava Bharat Ventures Limited as on June 21, 2019.

10. Scrip code : 533166
Name : Sundaram Multi Pap Ltd.
Subject : Filing Of Scheme Of Amalgamation With NCLT
This is further to our communication dated January 12, 2019 wherein we had informed National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) (together referred to as the ‘Stock Exchanges’) about the Scheme which, inter alia, envisages amalgamation of the ECESL into and with SMPL and dissolution of the ECESL without being wound up, subject to requisite approvals, permissions and sanctions of regulatory and other authorities. We further wish to draw your attention to our communication dated May 07, 2019 wherein we had informed the Stock Exchanges about the receipt of the observation letters from the Stock Exchanges giving their ‘No Objection’ in terms of regulation 94 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, enabling the Company to file the draft Scheme with the National Company Law Tribunal.

11. Scrip code : 514236
Name : TTL ENTERPRISES LIMITED
Subject : Updates on Open Offer
TTL Enterprises Ltd has submitted to BSE a copy of Recommendations of the Committee of Independent Directors (“IDC”) of TTL Enterprises Limited (Formerly known as Trupti Twisters Limited) (“Target Company”) in relation to the Open Offer (“Offer”) made by Ardent Ventures LLP (“Acquirer”), to the Public shareholders of the Target Company (“Shareholders”) under Regulations 26(7) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and Subsequent Amendments thereto (“SEBI (SAST) REGULATIONS, 2011”).

Daily Bulletin (20th June, 2019)

There are no current notifications of our companies on this date

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20190620-36

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
Name : D B REALTY LIMITED
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.

https://www.business-standard.com/article/companies/ed-arrests-two-former-il-fs-executives-in-alleged-money-laundering-case-119062000061_1.html

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.

https://www.business-standard.com/article/companies/hdfc-to-acquire-apollo-munich-health-insurance-for-rs-1-347-crore-119061900949_1.html

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.

https://www.business-standard.com/article/markets/indiamart-to-launch-ipo-on-june-24-plans-to-raise-rs-475-crore-119061901408_1.html

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.

https://www.moneycontrol.com/news/business/markets/indusind-bank-bharat-financial-record-date-merger-4118221.html

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.`

https://www.moneycontrol.com/news/business/markets/jain-irrigation-management-clarification-4118301.html

Carlyle Group likely to invest $200mn in Swiggy

Carlyle could invest up to $200 million in the unicorn at a valuation of $4.5 billion.

Food delivery unicorn Swiggy is in talks to raise money from US-based private equity fund Carlyle Group, two people aware of the matter said.

If Carlyle does invest, it would mark only its second Indian technology startup bet, after backing e-commerce logistics firm Delhivery—first in 2017 and later in March this year.

As recently as December, Swiggy raised $1 billion in a round led by existing investor Naspers Ltd, the biggest ever funding round in the country’s booming food-tech sector.

Carlyle could invest up to $200 million at a valuation of $4.5 billion which Swiggy (Bundl Technologies Pvt. Ltd) is seeking, a jump from the $3.3 billion it was valued at in December, said the first of the people cited above.

While a spokesperson for Carlyle declined to comment, Swiggy did not respond to emails seeking comment.

“Swiggy’s meteoric rise in the last two years have seen heavy interest from late-stage investors including private equity funds. While it is still growing quickly and burning cash, investors see it as a long-term bet,” said a third person, an investor aware of the discussions.

Founded in 2014, Swiggy became a unicorn—a startup valued at more than $1 billion—last year. The Bengaluru-based firm has so far raised $1.5 billion from several investors, including DST Global, South Africa’s Naspers, New York-based hedge fund Coatue Management and venture capital firms Accel and Norwest Venture Partners.

Swiggy plans to use the funds to grow its delivery fleet, expand beyond food to other delivery services and ramp up its hyperlocal offerings, said the two people, both of whom spoke under condition of anonymity.

“Swiggy’s ambition is that it wants to be the only one delivering anything to your house. Food is only one part of that,” said another investor. This is evidenced by its acquisition of Supr Daily last September, which focuses on milk and grocery delivery. In February this year, Swiggy also launched Swiggy Stores, where it ties up with local grocery and mom-and-pop stores for home delivery, posing a direct threat to Google-backed Dunzo, a startup which specializes in delivery outside food. It is currently piloting the programme in Gurugram.

Over the past year, both Swiggy and rival Zomato have held discussions with Japanese investment giant SoftBank’s Vision Fund for an investment, but neither has concluded. Mint reported on 12 June that Swiggy is in advanced talks to raise as much as $1 billion from investors, including $300-500 million from SoftBank.

The Times of India reported on 6 June that Google is also expected to invest in Swiggy, with Naspers said to lead the round.

Food-tech funding has also seen a surge globally, with UK-based delivery startup Deliveroo raising $575 million from Amazon Inc., while US-based Doordash raised $600 million, valued at $12.6 billion, from investors including SoftBank, DST Global and Sequoia Capital.

Over the past year, private equity has emerged as a steady source of late-stage capital for India’s tech startups. In this month alone, PE firm General Atlantic led a $52 million investment in brokerage-free real estate platform NoBroker, while The Economic Times reported that Canadian pension fund CPPIB is investing $150 million in Delhivery, acquiring shares from existing investors. Other instances include Warburg Pincus’ investment in trucking logistics firm Rivigo and Ecom Express and CPPIB and General Atlantic’s investment in online learning firm Byju’s.

https://www.moneycontrol.com/news/business/companies/carlyle-group-likely-to-invest-200mn-in-swiggy-4113531.html

Deloitte ban to disrupt businesses and investment inflows: US to India

MNCs, foreign investors invest on the Big Four’s advice, it says

The United States has told India that any move to ban Deloitte and other big auditing firms would disrupt businesses and investment inflows into the country.

This was disclosed to Deloitte global CEO Punit Renjen by US ambassador Kenneth Juster last week, sources said.

The US government has also conveyed to India that multi-national corporations and foreign investors make their decision to invest globally on the advice and guidance from the Big Four networks, which also provide consultancy services, according to sources.

It has said the government, or the regulator, could impose a penalty on Deloitte, but a ban would not have any rationale, particularly when the case is sub-judice.

During talks with New Delhi, Washington cited the example of KPMG which recently agreed to pay $50 million over altered audits in the US.

Renjen comes to India once in two years to meet his family in Haryana’s Rohtak. He met the ambassador and officials in his “spare” time, sources said, adding that he did not go to the ministries — North Block or Shashtri Bhawan — to meet the officials, but met them “somewhere else”. He left India on Monday to take part in a meeting in Singapore. When contacted, Deloitte spokesperson said, “Punit makes frequent personal trips to India. However, as a policy, we don’t comment on the specific travel plans of our executive leadership.”

A query sent to the US embassy remained unanswered.

MCA has sought a ban on Deloitte Haskins & Sells and BSR and Co, a part of KPMG, for their alleged role in not disclosing full facts on IL&FS, which defaulted on its payments last year.

The MCA had also instructed the serious fraud office to initiate disciplinary action against statutory auditors before the ICAI and the NFRA. It was asked to share the investigation report with the current management of IL&FS for initiating action under various provisions of Companies Act.

Invoking Section 140 (5) of the Company Act in the case would allow debarring an audit firm for at least five years.

The moves comes after the SFIO filed a complaint against 30 people, including these two audit firms, for concealing information by not flagging the alleged criminal conspiracy and misreported the financial statements of IL&FS firms.

The companies Big Four firms, including PwC and EY, audit, have up to 65 per cent of the total market cap of listed firms.

https://www.business-standard.com/article/companies/deloitte-ban-to-disrupt-businesses-and-investment-inflows-us-to-india-119061900060_1.html

RBI fines HDFC Bank Rs 1 crore for non-compliance of KYC norms

The RBI said it had received a reference from Customs authorities regarding submission of forged bill of entries by certain importers to the bank for remittance of foreign currency

The Reserve Bank of India (RBI) has fined HDFC Bank Rs 1 crore for non-compliance with the central bank’s norms on ‘know your customer (KYC)/anti-money laundering (AML)’ and ‘reporting of frauds’.

“This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” the RBI said in a statement on its website.

Elaborating on the background, the RBI said it had received a reference from Customs authorities regarding submission of forged bill of entries by certain importers to the bank for remittance of foreign currency.

“Examination in this regard revealed violations of RBI directions on ‘KYC/AML norms’ and on reporting of frauds based on which a notice was issued to the bank advising it to show cause as to why monetary penalty should not be imposed for non-compliance with the aforesaid directions,” the statement said.

The fine was imposed after hearing from the bank, as RBI thought imposition of penalty was warranted.

https://www.business-standard.com/article/economy-policy/rbi-fines-hdfc-bank-rs-1-crore-for-non-compliance-of-kyc-norms-119061900067_1.html