Daily Bulletin (3rd July, 2019)

There are no current notifications of our companies on this date
https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20190703-40

1. Scrip code : 505688
Name : Bharat Gears Ltd.
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, this is to inform you that the Board of Directors of the Company, in its meeting held on July 02, 2019 has deliberated and subject to the approval of the shareholders at the ensuing annual general meeting, approved the acquisition of 1,48,77,038 (One Crore Forty Eight Lakhs Seventy Seven Thousand Thirty Eight) equity shares constituting 100% of the equity paid-up capital of Xlerate Driveline India Limited, a group company of the Company, as per the details attached. You are requested to kindly take the same on record.

2. Scrip code : 532454
Name : Bharti Airtel Ltd.
Subject : Update On Scheme Of Arrangement Between Bharti Airtel Limited And Telesonic Networks Limited And Their Respective Shareholders And Creditors Under Sections 230 To 232 Of The Companies Act, 2013
Pursuant to Regulation 30(7) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to inform you that Hon’ble National Company Law Tribunal, New Delhi, Principal Bench, vide its order dated July 02, 2019 (‘Order’) received today, has sanctioned the Scheme of Arrangement between Bharti Airtel Limited (‘Transferor Company’ or ‘Airtel’) and Telesonic Networks Limited (‘Transferee Company’ or ‘Telesonic’) and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013, for the transfer of the Optical Fibre Cable business undertaking of Airtel and vesting of the same with Telesonic, on a going concern basis by way of a Slump Sale in accordance with section 2(42C) of the Income-tax Act, 1961. The copy of the Order is enclosed. Kindly take the same on record.

3. Scrip code : 540596
Name : Eris Lifesciences Limited
Subject : Intimation Of Record Date For Buy-Back Of Equity Shares
Fixed Monday, July 15, 2019 as the Record Date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the Buyback.

4. 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 Post-Offer advertisement under Regulation 18(12) in terms of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 to the Shareholders of MindTree Ltd (“Target Company”).

5. Scrip code : 526797
Name : Greenply Industries Ltd
Subject : Intimation Of Record Date Pursuant To Regulation 42 Of The Securities & Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015.
This is to inform you that consequent to receipt of the approval of Hon’ble Guwahati Bench of National Company Law Tribunal (‘NCLT’) to the Composite Scheme of Arrangement under Sections 230 to 232 read with Section 66 of the Companies Act, 2013 between Greenply Industries Limited and Greenpanel Industries Limited, and their respective shareholders and creditors, for demerger of the demerged undertaking of Greenply Industries Limited into Greenpanel Industries Limited with effect from April 01, 2018 (Appointed Date) and in consideration of the said demerger, the Demerger Committee of the Board of Directors of the Company at their meeting held on 3rd July, 2019 has fixed the record date i.e. 15th July, 2019 for ascertaining the name of shareholders of the Company who will be eligible to receive the equity shares of Greenpanel Industries Limited. Accordingly, Greenpanel Industries Limited shall issue and allot to the shareholders of Greenply Industries Limited whose names appear in the register of members of Greenply Industries Limited as on the Record Date i.e. 15th July, 2019, 1 (One) equity share of INR 1.00 (Indian Rupee One only) each in Greenpanel Industries Limited, credited as fully paid up for every 1 (One) equity share of INR 1.00 (Indian Rupee One only) each held by them in Greenply Industries Limited.

Tata Steel to subscribe up to 90% of Tata Sponge Rs 1,650 cr rights issue

The Tata Sponge rights issue opened for subscription on Tuesday and will end on July 16. It has been priced at Rs 500 a share

Tata Steel will subscribe up to 90 per cent of the Rs 1,650 crore rights issue of Tata Sponge.

In an intimation to the stock exchanges, Tata Sponge has informed that its promoter (Tata Steel) has undertaken that it will participate in the rights issue to the extent of 90 per cent of the rights issue, up to Rs 1,485 crore.

The Tata Sponge rights issue opened for subscription on Tuesday and will end on July 16. The issue has been priced at Rs 500 a share.

On June 13, the Tata Sponge board decided on the issue of 3.3 crore shares to eligible equity shareholders who will get to subscribe to 15 shares for seven held.
In October, the board had approved a rights issue not exceeding Rs 1,800 crore.

The issue would be used to retire borrowings on account of the acquisition of Usha Martin’s steel business.

Last September, Tata Steel had entered into a definitive agreement for the acquisition of the steel business. It was later announced that the vehicle for the acquisition would be Tata Sponge, a 54.5 per cent subsidiary of Tata Steel.

In April, Tata Sponge completed the acquisition of Usha Martin’s steel business including captive power plants for Rs 4,094 crore subject to hold backs of Rs 640 crore, pending transfer of assets like mines and certain land parcels.

However, in May, Tata Sponge informed that it had completed the registration of the transfer deed among Usha Martin, the company and the government of Jharkhand for transfer the operative iron ore mine.

Tata Sponge, engaged in sponge iron business, had been evaluating options to value-add its product portfolio and enter into steel manufacturing. Going forward, Tata Sponge will be Tata Steel’s vehicle for long products.

The move is in sync with Tata Steel’s endeavour to create a larger long products portfolio to participate in the growing market for long products, driven by an increase in urbanisation and infrastructure development. To achieve this, integration of the steel business of Usha Martin and a roadmap for growth in long products have been identified as one of the focus areas for the future.

https://www.business-standard.com/article/companies/tata-steel-to-subscribe-up-to-90-of-tata-sponge-rs-1-650-cr-rights-issue-119070201006_1.html

From Hero MotoCorp to TVS, two-wheeler sales remain in reverse gear

Auto companies in India count dispatches to dealers as sales

Reflecting the broad-based slowdown in consumption, two-wheeler sales in India for scooters and motorcycles, showed no signs of turning the corner in June, as most companies crimped dispatches to align demand to supply. Combined sales of top six makers skidded 11% to 1,608,395 units during the month over the same period a year ago, showed monthly sales data released by companies.

Auto companies in India count dispatches to dealers as sales. The overall volumes were dragged down by top two manufacturers, Hero MotoCorp and Honda Motorcycle and Scooter India (HMSI) as the firms pared dispatches sharply to address stock pile at their dealerships. While deliveries to Hero dealers dropped 12% year-on-year, it contracted 15% at HMSI’s.

TVS Motor, the third largest two-wheeler maker, too, snipped deliveries by 8 per cent over last June. Bajaj Auto, which so far had managed to buck the slowing trend, corrected deliveries, albeit, marginally. The company cut dispatches by 1% over last year.

https://www.business-standard.com/article/companies/from-hero-motocorp-to-tvs-two-wheeler-sales-remain-in-reverse-gear-119070300055_1.html

Zuari Agro Chem to issue CCDs worth Rs 405 cr

Zuari Agro Chemicals said CCDs will issue in the ratio of 4:5, which means 4 CCDs will be issued for every five equity shares held by eligible shareholders of the company as on the record date.

Zuari Agro Chemicals July 3 said it will issue compulsory convertible debentures (CCDs) worth Rs 405 crore. The CCDs will be issued to the company’s shareholders at the rate of Rs 120 apiece. In total, 3.36 crore CCDs will be issues, the company said in a regulatory filing.

A decision in this regard was taken in the Right Issue Committee meeting, it added.

Zuari Agro Chemicals said CCDs will issue in the ratio of 4:5, which means 4 CCDs will be issued for every five equity shares held by eligible shareholders of the company as on the record date.

The conversion price of each CCD has been fixed at Rs 10 per share.

https://www.moneycontrol.com/news/business/zuari-agro-chem-to-issue-ccds-worth-rs-405-cr-4166821.html

HDFC plans to raise Rs 45,000 crore by issuing bonds on private placement

HDFC will take up the proposal for the approval of shareholders at the annual general meeting to be held on August 2, it said in a regulatory filing.

Mortgage lender HDFC Ltd plans to raise up to Rs 45,000 crore by issuing bonds in various tranches on a private placement basis, the company said on July 3.

HDFC will take up the proposal for the approval of shareholders at the annual general meeting to be held on August 2, it said in a regulatory filing.

“The board of directors of the Corporation shall consider the issuance of secured redeemable non-convertible debentures, in various tranches under a shelf disclosure document, aggregating Rs 45,000 crore on a private placement basis,” HDFC said.

The country’s largest mortgate lender will also announce the first quarter earning for the current fiscal on the day of the AGM.

Stock of HDFC closed 0.19 percent down at Rs 2,489.50 on BSE.

https://www.moneycontrol.com/news/business/companies/hdfc-plans-to-raise-rs-45000-crore-by-issuing-bonds-on-private-placement-4166141.html