Daily Bulletin (1st July, 2019)

There are no current notifications of our companies on this date

1. Scrip code : 524208
Name : Aarti Industries Ltd
Subject : Corporate Action-Updates on Amalgamation/ Merger / Demerger
Updates/Snopsis of Record Date for Demerger

2. Scrip code : 540975
Name : Aster DM Healthcare Limited
Subject : Announcement under Regulation 30 (LODR)-Acquisition
With reference to the captioned subject, we would like to inform that Malabar Institute of Medical Sciences Limited (‘MIMS’), a subsidiary of Aster DM Healthcare Limited (‘Company’), has incorporated a Limited Liability Partnership, Ezhimala Infrastructure LLP, in India. MIMS owns 40% ownership in Ezhimala Infrastructure. The details required as per Circular Number CIR/CFD/CMD/4/2015 dated September 09, 2015 pertaining to continuous disclosure requirements for Listed Entities under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, has been enclosed as Annexure I. We request you to kindly take the above information on record.

3. Scrip code : 524648
Name : Indo Amines Ltd.
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Acquisition of 60% equity shares of M/s Ashok Surfactants Private Limited by way of transfer from existing equity shareholders of M/s Ashok Surfactants Private Limited to the Company.

4. Scrip code : 531109
Name : Ishan Dyes & Chemicals Ltd.
Subject : Corporate Action-Outcome of Right issue In continuation of our letter dated April 23, 2019 informing the issue of up to 51,81,762 Equity Shares of Rs.10/- each at a price of Rs. 27/- per Equity Share on a rights basis to the existing shareholders of the Company on the record date (‘Rights Issue’), this is to inform you that the Board of Directors of the Company has, at its meeting held on Saturday, June 29, 2019, inter alia: 1. Approved the Letter of Offer to be filed with BSE Limited, the SEBI and to be dispatched to the existing shareholders of the Company as on Record Date; 2. Fixed the Rights Issue Schedule as follows: Issue Opening Date Friday, July 12, 2019 Last date for request of Split Application Form Friday, July 19, 2019 Issue Closing Date Friday, July 26, 2019 The meeting commenced at 01.00 PM and concluded at 02.00 PM.

5. Scrip code : 524330
Name : Jayant Agro-Organics Limited.
Subject : Allotment Of Bonus Equity Shares
With reference to the captioned subject matter, we wish to inform that, the Bonus Committee at its meeting held today, i.e. 3rd August, 2017, has allotted 1,50,00,000 bonus equity shares of Rs.5/- each in the ratio 1:1 to those shareholders whose names have appeared in the register of members/ list of beneficial owners as on the closing hours of 2nd August, 2017 being the record date for this purpose. The said Bonus shares shall rank pari-passu with the existing equity shares in all respects except that they shall not be entitled to the final equity dividend in respect of financial year ending March 31, 2017. Consequent to the bonus issue, the paid up share capital of the Company stands increased to Rs. 15,00,00,000/- consisting of 3,00,00,000 equity shares of Rs.5/- each fully paid up. Kindly take the above on record and oblige.

6. Scrip code : 533148
Name : JSW Energy Limited
Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition
Vide our letter dated 3rd May, 2016, we had informed you about the Company agreeing to acquire the 1000 MW (4×250 MW) thermal power plant located at Village Tamnar, District Raigarh in the state of Chhattisgarh from Jindal Steel and Power Limited. Further, vide letter dated 28th June, 2018, we had informed you that as the conditions precedent were yet to be completed, it was decided to extend the Long Stop Date from 30th June, 2018 to 30th June, 2019. We now wish to inform you that with the elapsing of the Long Stop Date without completion of the stipulated conditions precedent, the proposed acquisition of the said power plant stands terminated. The above is for your kind information and record.

7. Scrip code : 532663
Name : Sasken Technologies Limited
Subject : Buy-back Offer
Vivro Financial Services Private Limited (“Manager to the Buy-back Offer”) has submitted to BSE a copy Public Announcement for the attention of the Equity Shareholders / Beneficial Owners of Equity Shares of Sasken Technologies Ltd (“Target Company”) for the buy-back of Equity Shares through the Tender Offer Route as prescribed under the Securities and Exchange Board of India (Buy-Back of Securities), Regulations, 2018.

8. Scrip code : 532371
Name : Tata Teleservices (Maharashtra) Ltd.
Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement
In furtherance to our previous intimations in this regard, we wish to inform you that pursuant to fulfilment of the conditions set out in clause 9 of Part D of the Scheme, the Scheme has become effective today i.e. July 01, 2019. Further, TTML and Airtel have agreed that Friday, July 12, 2019 shall be the ‘Record Date’ for the purpose of reckoning the equity shareholders and holders of redeemable preference shares of TTML, who will be entitled to receive consideration pursuant to the Scheme in the following ratio: a) 1 (one) equity share of Airtel for every 2,014 (two thousand fourteen) equity shares each held in TTML on the Record Date; and b) 10 (Ten) fully paid-up redeemable, non-participating, non-cumulative preference shares of face value INR 100 (Rupees hundred only) of Airtel to all (and not each) shareholders holding fully paid-up, redeemable preference shares of TTML in proportion to their holding of redeemable preference shares of TTML on the Record Date. This intimation is provided in accordance with the requirements of Regulations 30 and 42(1)(e) of the SEBI (Listing Obligations and Disclosures Requirements) Regulation, 2015.

9. crip code : 511742
Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement
Intimation of approval of the Hon’ble National Company Law Tribunal, Mumbai Bench to the scheme of arrangement between Asia Pragati Capfin Private Limited and UGRO Capital Limited (formerly known as Chokhani Securities Limited) and their respective shareholders and creditors under section 230-232 read with section 52 and section 66 of the Companies Act, 2013

Budget 2019: Here are the financial services industry bigwigs’ expectations

The budget could further the agenda of building a new India and is expected to open the doors of opportunities to investors in financial markets across asset classes.

Union Budget 2019 is expected to set the tone for the Narendra Modi government 2.0 on July 5. Market participants will listen keenly to the announcements of the Finance Minister Nirmala Sitharaman as she presents the Union Budget for 2019. The interim budget presented on February 1 by the then Finance Minister Piyush Goyal hinted at continuation of the reforms agenda. The re-election of National Democratic Alliance in the Loksabha election with clear majority gives a clear path to the Narendra Modi-led government to act on the opportunity by accelerating the reforms process.

The budget should further the agenda of building a new India and is expected to open the doors of opportunity to investors in financial markets across asset classes. There is a wide belief that government must take some firm action to accelerate the economic growth and the fruits of economic development should be enjoyed by all strata of the society. No wonder, many are waiting for the Union Budget to see if their wishes would be fulfilled. Here are some of the wish lists from Union Budget2019.

Neil Parag Parikh, Chairman and CEO, PPFAS Mutual Fund.

Though the upcoming Union Budget may seem like a needless diversion from the ongoing Cricket World Cup for some, to many others it is still an event to be tracked closely and debated vigorously.

The current one, to be announced by a new Finance Minister holds out the hope that the dovish stance on monetary policy will be supplemented by a fiscal tailwind. The recent admittance of an economic slowdown and lack of job creation, in certain quarters have further bolstered this hope.

But are such expectations realistic? To me, it appears to be a stretch.

For one, large-scale deviations from the Budget announced last February are unlikely, given that we are midway through the year. Second, given that the new Finance Minister is still learning the ropes, she may prefer to open her innings with a staid Budget.

Given the current milieu, I expect that there may just be some tinkering around the edges. These could manifest as:
Some reclassification/re-ordering of GST categories for consumer-facing industries, which are facing softening demand (Such as automobiles and some FMCG firms).

The aim would be spurring demand on the back of price-cuts. The recent tirade against anti-profiteering could be viewed as a nudge to manufacturers that they must pass on all ensuing benefits.

A small increase in the income tax-exemption limit or minor changes in the slabs.

Measures to encourage spending on infrastructure (more than measures, we need better accountability regarding timely project completion).

Measures to provide some respite to the rural sector (Perhaps on the agricultural front or by announcing easier credit terms)

On the whole, tepid tax collection figures in the recent fiscal year will reduce the latitude for large-scale tax cuts.

Also, given that this Budget immediately follows the Elections, there may not be any political angle to it. Consequently, I feel the announcements may be more tactical, aiming to cause as little disruption as is feasible.

In a nutshell, my expectations are decidedly more conservative than those of many others. However, I would not mind being proven pleasantly wrong on Budget Day.


DHFL lenders to meet today to seek resolution to Rs 90,000-crore debt

The consortium of 30 lenders led by state-run Union Bank of India, which includes banks and other financial institutions, may also consider conversion of debt into equity

Lenders of troubled NBFC DHFL are scheduled to meet on Monday, seeking a solution for the Rs 90,000 crore debt that is owed to them.

The consortium of 30 lenders led by state-run Union Bank of India, which includes banks and other financial institutions, may also consider conversion of debt into equity that can make them the largest shareholder in the mortgage lender, sources said over the weekend.

The debt recast plan will be arrived at as per the RBI’s revised circular on resolving asset quality stress, they said.

The circular gives lenders a 30-day period since default to arrive at a debt recast plan.

DHFL’s promoter group, the Wadhawan family which owns over 39 per cent of the firm, has been looking at various ways of coming out of the stress which first came to light late last year following the IL&FS crisis.

These include selling stakes in group companies, while they are also reportedly fine with giving up half of their stake in the listed company.

According to earlier media reports, an alternative investing firm has evinced interest in the company’s wholesale book, at least two private equity funds are interested in buying stake in DHFL.

The DHFL debt has been downgraded by multiple rating agencies as the stress kept building up, while the company has also deferred announcement of quarterly results last week.

The RBI blames the crisis on asset liability mismatches at firms like DHFL, which typically borrowed short for creating long term assets.

The banking regulator has vowed multiple times to do everything possible to ensure systemic financial stability.

In last week’s financial stability report, it said the impact of a big housing finance company going down will be the same as a large commercial bank going down.


With Jet in NCLT hangar, assets on Tata radar

Tata Group will focus on assets it can use to scale up & tap the gap created by the exit of Jet.

The Tata Group plans to bid for some assets of Jet as it undergoes bankruptcy resolution, said people with knowledge of the matter. It had told bankers as much when they sought to interest the group in a rescue plan before the carrier was sent to bankruptcy court. The focus for the Tata Group will be assets it can use to scale up and tap the gap created by the exit of Jet, officials said.
“We were reluctant when it was on the books of the company. Now that it’s with NCLT (National Company Law Tribunal), one can look at the bilateral rights and whatever is available in terms of fleet to quickly grow our business,” said one of the persons. “There is no value in buying the company anyway.”

The Tata Group had withdrawn from talks for a possible acquisition in November 2018. The board of group holding company Tata Sons advised caution due to worries over the Naresh Goyal promoted airline’s liabilities and ownership. The Tata Group has a presence in aviation through budget airline AirAsia India Pvt Ltd and full-service carrier Vistara, a joint venture with Singapore Airlines Ltd.
“With demand evidently remaining unfulfilled, we like other airlines have sought to get more aircraft into our fleet, including those grounded at present,” said Tata SIA Airlines chairman Bhaskar Bhat. “Acquiring (Jet’s) Boeings makes our otherwise A320 Airbus fleet asymmetric but it will at least service the gap even if temporarily.” On June 20, the NCLT admitted an insolvency appeal from State Bank of India (SBI) against Jet after the airline repeatedly defaulted on loan repayments.

Slots Allocated on Temporary Basis

Grant Thornton partner Ashish Chhawchharia was appointed insolvency resolution professional for Jet. A person in the know said that while executives from Etihad Airways, the Hinduja Group and the newly formed consortium of UK-based Adi Partners and the airline’s employees have met Chhawchharia, no executive from the Tata Group has approached him yet.

The government has farmed out Jet’s slots to its rivals as its grounding in April has created a shortfall in capacity and fares have soared. The ministry of civil aviation has allowed Jet’s rivals to use its slots till the end of December, around when the NCLT wants the insolvency procedure completed. A new investor will get back the slots if it can get Jet flying again. Jet also has a fleet of 14 planes — mostly wide-bodied Boeing 777s and Airbus 330s. The start of the bankruptcy process has stalled efforts by financers and lessors to repossess Jet’s planes.

“Long before NCLT, the employees and the planes were steadily being depleted from the company,” said an executive. “The government also started reallocating the slots to various airlines. Now very little is left in Jet Airways to buy. Even the international bilateral rights will slip away from an airline that has no aircraft to use them.”

The Tata Group sees demand rising in such a situation, said people with knowledge of the matter.

“We have been requesting our suppliers to hurry up with deliveries,” said one of them. “We are clearly expanding our network aggressively and have also got international rights.”
Tata Sons and Singapore Airlines have infused a combined Rs 900 crore into Vistara in the past few months, bolstering efforts by the carrier to improve its financial health and take delivery of new planes from Airbus SE and Boeing Co. Tata Sons pumped in Rs 459 crore fresh equity by subscribing to two rights issues, one in December and the other in March.
Vistara recently obtained government approval to launch international flights. It currently operates 730 flights a week to 24 cities in the country using a fleet of 23 single-aisle Airbus A320 and six Boeing 737s earlier flown by Jet. The airline has been slow to expand and currently accounts for just 5% of the domestic market. It has approvals to start international operations to Singapore, Bangkok and Dubai. It has stalled plans to start maiden international flights to Colombo after the Easter Sunday blasts in the island-nation.

It plans to add about 60 planes, including 10 Boeing 787 Dreamliners in the next five years through a mix of direct orders, leases and options. The rest will be Airbus A320neos and A321neos.
AirAsia India aims to start international operations by October this year and is looking to fly to Sri Lanka, Thailand and Kuala Lumpur. The airline recently received its 21st plane and aims to take the fleet size to 40 aircraft in a year. It operates 164 daily flights.