Daily Bulletin (29th November, 2019)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20191129-38

1.Scrip code : 954977
Name : Mahindra & Mahindra Ltd.
Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement
We refer to our letter dated 29th May, 2019 wherein it was intimated that the Board of Directors of Mahindra & Mahindra Limited (“the Company”) at its Meeting held on 29th May, 2019, subject to requisite approvals/consents, approved the Scheme of Merger by Absorption of Mahindra Vehicle Manufacturers Limited, a wholly owned subsidiary of the Company (“MVML”) with the Company and their respective Shareholders (“Scheme”) under the provisions of sections 230 to 232 of the Companies Act, 2013 with the Appointed date as 1st April, 2019. The following documents are enclosed: (a) Certified True Copy of the said Scheme (b) Certified True Copy of the Extract of the Resolution passed by the Board of Directors of the Company dated 29th May, 2019.

2.Scrip code : 540064
Name : Future Retail Ltd.
Subject : Clarifies on News item
With reference to news appeared in www.business-standard.com dated November 29, 2019 quoting “CCI approves Amazon.com’s proposal to acquire 49% stake in Future Coupons”, Future Retail Ltd has submitted to BSE a copy of Clarification is enclosed.

Daily Bulletin (28th November, 2019)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20191128-31

1.Scrip code : 531212
Name : Nalin Lease Finance Ltd.
Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement
With regards to the captioned matter, we would like to inform you that the Hon”ble National Company Law Tribunal, Ahmedabad Bench (‘NCLT”) has sanctioned the Scheme of Arrangement involving Amalgamation of Amee Finance Limited, Gandhi Shroff Services Private Limited, Nalin Services Limited and Nalin Consultancy Services Limited with Nalin Lease Finance Limited (‘Scheme’) under Sections 230 to 232 of the Companies Act, 2013 and other applicable provisions of the Act and the Rules framed thereunder. The copy of NCLT Order sanctioning the Scheme, as uploaded and available on the website of the NCLT, is attached herewith for your reference and record. The Scheme will become effective upon filing of the certified copy of Order of the NCLT sanctioning the Scheme with the Registrar of Companies, Ahmedabad. The same will be intimated to the Stock Exchange in due course.

2.Scrip code : 524804
Name : Aurobindo Pharma Ltd.
Subject : Announcement under Regulation 30 (LODR)-Acquisition
This is to inform you that Auro Vaccines LLC, 100% subsidiary of Aurobindo Pharma USA Inc., USA, which in turn is 100% subsidiary of the Company, has entered into a definitive agreement to acquire certain business assets from Profectus BioSciences Inc., USA., a clinical-stage vaccine development company. The disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Part A of Schedule III of the aforesaid regulations, is attached as ‘Annexure A’.

3.Scrip code : 500087
Name : Cipla Ltd.
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Cipla Limited”s wholly owned subsidiary Cipla (EU) Limited, holding 60% stake in Cipla Pharma Lanka (Private) Limited {Cipla Pharma Lanka), Sri Lanka, has signed an agreement with CitiHealth Imports(Private) Limited to acquire the remaining 40% stake in Cipla Pharma Lanka. Post-acquisition, Cipla Pharma Lanka will become a wholly owned subsidiary.

4.Scrip code : 500325
Name : Reliance Industries Ltd
Subject : Announcement under Regulation 30 (LODR)-Acquisition
This is in furtherance to the disclosure made by the Company on October 25, 2019 with respect to setting up a wholly-owned subsidiary (WOS) for Digital Platform initiatives. It is hereby informed that the WOS has been incorporated and the Company, as a subscriber to the memorandum of association of the WOS, has invested Rs 1,00,000 to acquire 10,000 equity shares of Rs. 10 each at par of the WOS namely ‘Jio Platforms Limited’ (JPL). JPL was incorporated on November 15, 2019 and is yet to commence its business operations. The investment in JPL does not fall within related party transaction and the promoter/ promoter group/ group companies do not have any interest in JPL. No governmental or regulatory approvals were required for the said investment.

Daily Bulletin (November 27, 2019)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20191127-26

  1. Scrip code : 541770
    Name : CreditAccess Grameen Ltd.
    Subject : Announcement under Regulation 30 (LODR)-Acquisition We wish to inform you that the Board of Directors (‘Board’) of CreditAccess Grameen Limited (the ‘Company’), at its meeting held on November 27, 2019 approved: (i) the acquisition of up to 76.2% of the share capital of Madura Micro Finance Limited (‘MMFL’) by the Company from its existing shareholders (the ‘Acquisition’); and (ii) a scheme of arrangement amongst the Company, MMFL and their respective shareholders and creditors, providing for the amalgamation of MMFL into the Company (the ‘Amalgamation’ and together with the Acquisition the ‘Transaction’). The Acquisition is subject to obtaining necessary approvals from the regulatory authorities such as the Reserve Bank of India and other customary conditions precedent.
  2. Scrip code : 500477
    Name : Ashok Leyland Ltd.,
    Subject : Announcement under Regulation 30 (LODR)-Press Release / Media Release Please find attached a copy of the communication being released to the Press on bagging of an order by the Company for 1750 buses from Tamil Nadu State Transport Undertakings.
  3. Scrip code : 533163
    Name : ARSS Infrastructure Projects Limited
    Subject : Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
    This is to intimate to your good-self that a work order of Rs. 281,11,62,900.00 (Rupees Two Hundred Eighty One Crore Eleven Lakh Sixty Two Thousand Nine Hundred) only for ‘Construction of 2 -Lane road of Potin to Pangin section of NH-13 from Km 0.00 to Km 44.35 (Packaage-1) in the State of Arunachal Pradesh under Arunachal Pradesh Package of Roads and Highways of SARDP-NE (Tender ID No.2019_MoRTH_492540_1), have been awarded in favour of one of our Joint Venture (JV) ‘ARSS-Nabam Tullon LLP (JV)’ by Office of Chief Engineer (Zone-V), Director General (RD) & Special Secretary, Government of India, Ministry of Roads Transport & Highways, on 26.11.2019 which was intimated to the company on 27.11.2019. A copy of LOA (letter of Acceptance) of Award is enclosed herewith. The same is for your kind perusal and record.

 

Daily Bulletin (November, 26 2019)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20191126-38

 

  1. Scrip code : 526951
    Name : Stylam Industries Limited
    Subject : Announcement under Regulation 30 (LODR)-Acquisition Pursuant to the provisions of Regulations 30 of Securities and Exchange Board of India (Prohibition and Insider Training) Regulations, 2015, This is to inform you that Stylam Industries Limited have acquired 34% stake in Alca Vstyle Sdn. Bhd., a Company incorporated under the laws of Malaysia.
  2. Scrip code : 540595
    Name : Tejas Networks Limited
    Subject : Announcement under Regulation 30 (LODR)-Press Release / Media Release Please find enclosed press release titled: ‘Tejas Networks enters into Strategic Partnership with Bharat Electronics Limited Receives purchase orders of over INR 60 crores’.
  3. Scrip code : 532281
    Name : HCL Technologies Ltd
    Subject : Intimation Of Record Date For Bonus Issue We would like to inform you that the record date for determining the entitlement of the equity shareholders of the Company for the bonus shares has been fixed for December 7, 2019, subject to the approval by the shareholders for issuance of bonus shares and increase in authorized share capital of the Company as proposed vide Postal Ballot Notice dated October 26, 2019.
  4. Scrip code : 540727
    Name : Poojawestern Metaliks Limited
    Subject : Corporate Action-Board recommends Bonus Issue
    The Board of Directors in their meeting held on today has 1. Recommended the issuance of bonus equity shares in the ratio of 1:1 [i.e. 1(One) bonus equity share of `10/- each for every 1 (One) fully paid-up equity share held as on record date] subject to the approval of shareholder’s approval. The record date for reckoning eligible shareholders entitled to receive bonus shares will be communicated later.

 

Daily Bulletin (November, 25 2019)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20191125-37

  1. Scrip code : 532179
    Name : Corporation Bank
    Subject : In-Principle Approval Of Alternative Mechanism (AM) For The Amalgamation Of Corporation Bank And Andhra Bank Into Union Bank Of India.I
    n-principle approval of Alternative Mechanism (AM) for the Amalgamation of Corporation bank and Andhra Bank into Union bank of India.
  2. Scrip code : 515085
    Name : Restile Ceramics Ltd.
    Subject : Board Meeting Intimation for Sub: Intimation Of Board Meeting RESTILE CERAMICS LTD.has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 29/11/2019 ,inter alia, to consider and approve Dear Sir/Madam, Sub: Intimation of Board Meeting The Board of Directors had considered the draft Scheme of Amalgamation and Arrangement between Restile Ceramics Limited (‘RCL’ or ‘Transferor Company 1’) and Atreya Finance Private Limited (‘AFPL’ or ‘Transferor Company 2’) with Bell Granito Ceramica Limited (‘BGCL’ or ‘Transferee Company’) in its Board Meeting held on 14th November 2019. Owing to the requirement of further information, the Board of Directors hereby inform that the said matter shall be considered in its meeting on 29th November 2019. You are requested to take the above on your record. Thanking You. Yours Faithfully, For Restile Ceramics Limited Authorised signatory
  3. Scrip code : 533271
    Name : Ashoka Buildcon Limited
    Subject : Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order In continuation to the announcement made on November 18, 2019, Ashoka Buildcon Limited (‘the Company’) further updates that the Company’s subsidiary viz. Ashoka Concessions Limited (‘ACL’) has received a Letter of Award (LOA) from National Highways Authority of India (‘NHAI’) for the Project viz. Four laning of NH-161 from Kandi (Design Km 0.000) (Km 498.250 of NH-65) to Ramsanpalle (Design Km 39.980/Existing Km 44.757) (Design Length = 39.980 Km) in the State of Telangana under Bharatmala Pariyojna on Hybrid Annuity Mode. The accepted Bid Project Cost is Rs.1,000 Crore. This is for your kind information.
  4. Scrip code : 522263
    Name : JMC Projects (india) Ltd.
    Subject : Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order JMC secures new orders of Rs. 615 Crores
  5. Scrip code : 500387
    Name : Shree Cements Ltd.,
    Subject : Announcement under Regulation 30 (LODR)-Qualified Institutional Placement The QIP Committee at its meeting held today i.e. on 22nd November, 2019, has inter alia, passed the following resolutions: a. Approved the closure of the issue period for the QIP today i.e. on 22nd November, 2019; b. Determined and approved the issuance of 1243523 Equity shares of Rs. 10 each at issue price of Rs. 19300 per Equity Share (including a premium of Rs. 19290 per Equity Share), [which is at a discount of 2.56% i.e. Rs. 506.46 per Equity Share to the floor price of Rs. 19806.46 per Equity Share], determined according to the formula prescribed under Regulation 176(1) of the SESI ICDR Regulations, for the Equity Shares to be allotted to eligible qualified institutional buyers pursuant to the QIP; c. Approved and adopted the placement document dated 22nd November, 2019; and d. Approved and finalized the confirmation of allocation note (“CAN”) to be issued to the eligible qualified institutional buyers, intimating them of allocation of Equity Shares, pursuant to the QIP.

Daily Bulletin (November 22, 2019)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20191122-27

  1. Scrip code : 509053
    Name : Banas Finance Limited
    Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement In respect to the Amalgamation in form of merger under section 230 to 232 of Companies Act 2013 amongst ‘Proaim Enterprises Limited’ (the Transferor Company-1), ‘Axon Ventures Limited’ (the Transferor Company-2) and ‘Rockon Enterprises Limited’ (the Transferor Company-3) collectively referred to as ‘Transferor Companies’ with ‘Banas Finance Limited’ (Transferee Company) the copy of order from National Company Law Tribunal for convening meeting of Equity shareholders & creditors, delivered on 6th November, 2019 and received by us on 22nd November, 2019
  2. Scrip code : 542753
    Name : MAHAAN IMPEX LIMITED
    Subject : Open Offer Finshore Management Services Ltd (“Manager to the Offer”) has submitted to BSE a copy of Public Announcement under Regulation 13(1) and 15(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended (“SEBI (SAST) Regulations, 2011”) to the equity shareholders of Mahaan Impex Ltd (“Target Company”).
  3. Scrip code : 533398
    Name : MUTHOOT FINANCE LIMITED
    Subject : Announcement under Regulation 30 (LODR)-Acquisition Execution of the Share Purchase Agreement for the proposed Acquisition of IDBI Asset Management Limited and IDBI MF Trustee Company Limited We wish to inform you that a share purchase agreement has been entered into by and between Muthoot Finance Limited, IDBI Bank Limited, IDBI Capital Markets & Securities Limited, IDBI Asset Management Limited and IDBI MF Trustee Company Limited in relation to the proposed acquisition by Muthoot Finance Limited of 100% equity shares of IDBI Asset Management Limited held by IDBI Bank Limited and its nominees and IDBI Capital Markets & Securities Limited, and 100 % equity shares of IDBI MF Trustee Company Limited held by IDBI Bank Limited and its nominees subject to receipt of necessary regulatory approvals from Securities and Exchange Board of India and other relevant regulators.

CSB Bank IPO

CSB Bank

IPO Dates: Nov 22, 2019 – Nov 26, 2019

  1. Pricing Of Issue:
Tentative Price Band Rs 193 to Rs 195
Issue Type This is a 100% Book Building Issue involving both the issue of Fresh Equity Shares and an Offer for Sale by 26 Shareholders
Issue Size Rs. 409.68 crs
Fresh Issue 12,00,000 Eq Shares of ₹10 (aggregating up to ₹23.4 Cr)
Offer for Sale 1,97,78,298 Eq Shares of ₹10 (aggregating up to ₹ 395.6 Cr)
Face Value ₹10 Per Equity Share
Book Running Lead Manager: Axis Capital Limited and IIFL Holdings Limited
Registrar Link Intime
Listing at Bombay Stock Exchange, National Stock Exchange
Market Lot 75 Shares (Rs 14625)

 

  1. Planned Usage of Funds:
     To augment Bank’s Tier-I capital base to meet the Bank’s future capital requirements;
    2. To achieve the benefits of listing the Equity Shares on the Stock Exchanges and Offer for Sale
  2. Promotersand Management
    The Promoter of the Bank is FIH Mauritius Investments Ltd which holds 50.09% of the company with an Average cost of Acquisition being Rs. 140 per share. The promoter will remain as the promoter of the Bank post listing.

FIHM is a wholly owned subsidiary of Fairfax India Holdings Corporation which is backed by Mr. Prem Watsa who has a proven track record in investing.

FIHM’s principal activity is to achieve long-term capital appreciation, by investing in public and private equity securities and debt instruments and it has no experience in the banking business. The Promoters have to reduce their stake to 40% in the next 5 years, 30% in the next 10 years and 15% in the next 15 years

The Management:

Mr. Rajendran Chinna Veerappan- Managing Director and Chief Executive Officer

Mr. Madhavan Karunakaran Menon- Part – time Chairman and Non-executive Director

  1. Products & Services, Places & Plants:
    Catholic Syrian Bank mainly operates in the South Indian region and has concentrated operations in Kerela.
  2. Participation in Equity:

CSB has a total of 26082 shareholders out of which 26 are offering their shares in the Offer for sale. The 26 shareholders combined hold 2,05,42,749 or 11.928% of the company out of which 1,97,78,298 or 11.48% are being offered by them with 20 of the 26 shareholders completely exiting the company

7,65,451 or 0.44% of the shares will be with the 6 shareholders who have not completely exited

FIHM is going to remain the promoter of the Bank with 49.74% of shares post IPO

Shareholders Pre IPO Post IPO
  No of Shares % Average cost of acquisition No of Shares %
FIHM 8,62,62,976 50.09 140 8,62,62,976 49.74
ICICI Lombard General Insurance Company Limited 10,00,000 0.581 100 NIL NIL
HDFC Life Insurance Company Limited 40,44,000 2.348 120 NIL NIL
ICICI Prudential Life Insurance Company Limited 30,44,000 1.767 120 NIL NIL
The Federal Bank Limited 27,85,661 1.617 156.03 NIL NIL
Edelweiss Tokio Life Insurance Company Limited 8,46,100 0.491 120 NIL NIL
P-Cube Enterprises Private Limited 6,48,000 0.376 174.07 324000 0.19
Plant Lipids Private Limited 5,38,888 0.313 150.77 404166 0.23
Way2Wealth Securities Private Limited 15,55,214 0.903 255.85 NIL NIL
Satellite Multicomm Private Limited 19,39,097 1.126 235 NIL NIL
TOTAL 17,22,25,058 100   17,34,25,058 100.00

Interestingly, 2 companies being Way2Walth and Satellite Multicomm with cost of Acquisitions above the IPO Price are existing completely along with the Insurance Companies who were asked to step in 3 years ago when the bank needed capital. Now that the Bank has no shortage of Capital after the FIHM’s investment, the Insurance Companies are exiting and are the major contributors for the Offer for Sale.

  1. Peer Group: Small Private Banks
Name of Bank (H1 20) Lakshmi Vilas Bank South Indian Bank Karnataka Bank Bandhan Bank Karus Vysya Bank RBL Bank CSB

Bank
FV Rs 10 1 10 10 2 10 10
CMP Rs 19.65 11.04 74 535.2 56.6 338.55 195*
Market Cap 680 1997 2091 86178 4524 14582 3468*
52 Week High Rs 97.35 18.55 141.15 650 95 716.00 –
52 Week Low Rs 13.35 8.4 68 397 51 230 –
Advances 16932 62993 53468 59785 47101 58476 11297
Deposits 27863 82947 70189 49196 62212 62829 12508
Net NPA 1772 2193 1863.ll 220 2118 338 221.5
NPA Ratio % 10.47 3.48 3.48 0.69 4.41 0.74 1.96
Equity Capital 336 181 283 1610 159 430.6 173.4
Net Worth 1474 5547 5947 14016 6500 7798 1559.4
Long Term Debt 1079 4772 2448 16520 3052 13953 –
Total Sales 1112 4279 3767.56 6012 3030 3486 816.7
PAT (594) 157 281.33 1775 136 394 44.2
BV Rs 43.86 30.6 210 87 81.7 181 89.9
EPS Rs (18.13) 0.87 9.95 8.13 1.7 7.5 7.7
P/E – 12.6 7.4 33 16.47 22.53 12.66*
P/BV 0.4 0.36 0.35 6.14 0.7 1.9 2.16*
Promoter’s Holdings % 6.81 0.00 0.00 82.26 2.10 0.00 49.74

 

* upper band of Rs 195 has been used for the price

All figures in RS. Crs unless stated otherwise.

P/E has been annualised

CSB Bank’s promoter’s holding has been calculated post IPO

  1. Pre & Post Issue Valuation:

    As on half year ended September 2019, Assuming all shares are allotted at Rs. 195
Rs. Crs Number of shares Equity Capital Net Worth
Post Issue 17.34 173.4 1559.4
Pre Issue 17.22 172.2  1536

 

 

  1. Performance, Prospects & Pains:
  Past Performance
Year Advances Deposits Net NPA NPA Ratio Equity Capital Net Worth  Total Borrowings Total Sales PAT NAV EPS NIM
  Rs Cr. Rs Cr. Rs Cr. % Rs Cr. Rs Cr. Rs Cr. Rs Cr. Rs Cr.   Rs %
H1 20 11297 12508 221.5 1.96 172.2 1536 – 816.7 44.2 89.19 3.86 3.43
2019 10615 15124 241 2 86 974 – 1483 (65.6) 73.5 (7.9) 2.8
2018 9184 14690 264 3 81 353.6 41.8 1422 (127) 43.68 (15.7) 2.57
2017 8000 14911 329 4 81 546.1 41.8 1617 (58) 67.5 (7.66) 2.11

 

Other than risks related to being a part of the Banking business being changes in the RBI’s norms, interest rate fluctuations rising NPA level management etc, Risks specific to the Bank are below:

  • They will be unable to recover loans given to certain defaulting parties which are being pursued according to the SARFAESI Act.
  • They are regionally concentrated in Kerela and depend on the political and economic condition of the South Indian region. Further, they may not be able to expand to other regions of India.
  • Significant portions of their loans are secured by gold ornaments and any fall in the price of gold could affect the bank
  • Their loans are concentrated to certain industries whos performance could impact their business. Mainly 19.38% is lent to NBFC including HFCs, 7.96% is lent out to Traders in Retail and Wholesales and 4.73% of their Advances are concentrated in the Textile Industry.
  • Some of the Directors are involved in certain legal and other proceedings in India and may face certain liabilities as a result of the same.
  • The Bank has not been able to maintain the minimum prescribed CRAR under the Basel III Norms in past. As on March 31, 2018, the CRAR under the Basel III Norms was 8.33% (including capital conservation buffer), as compared to the minimum prescribed regulatory requirement of 10.875% (which includes a capital conservation buffer of 1.875%). However, as on March 31, 2019, CRAR under the Basel III Norms was 16.70% (including capital conservation buffer), as compared to the minimum prescribed regulatory requirement of 10.875% (which includes a capital conservation buffer of 1.875%); but there can be no assurance that theywill be able to maintain CRAR above the minimum prescribed regulatory requirements in future.
  • Some of their Corporate records are untraceable and they maybe penalized in the future for that
  • The bank may not be able to maintain its CRL and SLR Requirements. In the past, the Bank has paid ` 0.36 million, ` 0.18 million, and ` 0.53 million to the RBI on account of default in maintaining SLR on a daily basis in Fiscals 1988, 1989, and 1990, respectively, as additional interest paid in respect of shortfalls in the SLR maintained during such periods. However, it has maintained our SLR and accordingly not paid any additional interest in respect of shortfalls in the SLR maintained post 1990.
  • The bank issubject to Risk Based Supervision (“RBS”) by RBI. Non-compliance with the RBI observations could adversely affect business, financial condition,  results of operations and ability to obtain the regulatory permits and approvals required to expand business.the RBI has identified certain deficiencies in the operations of our Bank in the following areas: · credit appraisal and monitoring; data quality and automation;n monitoring and detection of frauds; compliance culture and risk monitoring; software and security measures; erroneous reporting and mis-classification; KYC non-compliance; and upgradation of ATMs.
  • It requires prior permission from the RBI Before opening new branches especially in Tier 1 to 6 areas

What works for the Company:

  • It has very little debt and hence is in a position to leverage in the future
  • It is backed my Mr Prem Watsa who has a proven track record with companies through his company Fairfax like Quess Corp and Thomas cook to name a few
  • Operating costs are expected to go down further as the salaries of new employee Is Rs 3.5 lakhs p.a which is significantly lower than the current average of Rs. 11.5 lakhs
  • The Bank has reduced the retirement age from 60 to 58, this has helped them bring in newer management with better vision and abilities as the old one has retired
  • The current CASA (Current Account to Savings Account) stands at 28% which the management plans to take to 40 in the next few years
  • Currently its loan book consists of 33% gold loans, 32% in SMEs, 8% in Retail and 28% to corporates. It aims to increase its Gold and SME Lending and a new team is joining them for MSME loans.
  1. Positioning of Debt:
    The company has no borrowings as per September, 30 2019
  2. Policy:
    The bank issubject to Risk Based Supervision (“RBS”) by RBI. Non-compliance with the RBI observations could adversely affect business, financial condition,  results of operations and ability to obtain the regulatory permits and approvals required to expand business.the RBI has identified certain deficiencies in the operations of our Bank in the following areas: · credit appraisal and monitoring; data quality and automation;n monitoring and detection of frauds; compliance culture and risk monitoring; software and security measures; erroneous reporting and mis-classification; KYC non-compliance; and upgradation of ATMs.
    Other than that, it is subject to all bankikng norms as per RBI Policy.

    Affle India IPO Details:

The Rs 459-crore IPO received bids for 29,21,57,880 shares against the total issue size of 33,78,021 shares
The total issue was overall subscribed 86.48 times. It raised Rs 206.55 crores from Anchor Investors which is included in the 459 crore issue size.

Investor Category Subscription (times)
Qualified Institutional 55.31x
Non Institutional 198.69x
Retail Individual 10.94x
Employee Reservations  
Others  
Total Subscription 86.48x

IRCTC IPO Details:
The Rs 645-crore initial public offer (IPO) by state-run IRCTC was overall subscribed 111.92 times The issue of 2,01,60,000 shares received bids for 2,25,63,63,400 shares.

Investor Category Subscription (times)
Qualified Institutional 108.79x
Non Institutional 354.52x
Retail Individual 14.83x
Employee Reservations 5.81x
Others  
Total Subscription 111.91x

 

Forbes and Company Ltd

Forbes and Company Ltd

Industrial Machinery

FV – Rs 10; 52wks H/L – 2718.9/1552; TTQ – 16 K; CMP – Rs 2200 (As On November 21, 2019);                     

            Market Cap – Rs 2838 Crs

Consolidated Financials and Valuations (Amt in Rs Crs unless specified)

 
Equity Capital
Net worth		  

Debt
Total
Sales		 PAT
BV
(Rs)
EPS (Rs)
P/E
P/BV
Promoter’s
Stake
H1 FY20 12.9 89 805 1450 *-167.82  69 -130 – 32 73.85
FY19 12.9 264 868 2891 -2.9 204 -2.3 – 11 73.85

 

*In PAT of H1 FY20 , loss of Rs 150 Crs is recorded as Impairment of Goodwill in the subsidiary of the company Eureka Forbes Ltd.

Forbes & Company, a Shapoorji Pallonji group firm on Tuesday announced plans to list its subsidiary Eureka Forbes to unlock value for shareholders. (https://economictimes.indiatimes.com/markets/ipos/fpos/forbes-company-mulls-listing-eureka-forbes/articleshow/72125249.cms)

Management:

Mr. Shapoorji Pallonji Mistry is the Chairman of the Company

Mr. M. C. Tahilyani is the MD of the company.

 

Overview:

  • Forbes is into precision tooling and an engineering services with a wide product portfolio supported by strong brands like TOTEM and BRADMA.
  • The company has an attractive customer base who are few of the world’s large businesses in their transformational journeys for the last many decades.
  • The Company leverages all these and its deep contextual knowledge of its customers’ businesses to craft unique, high quality, high impact solutions.
  • We are also simultaneously expanding our global footprint further in Eastern and West Europe, few countries in North America and South East Asia.
  • The main businesses of the Company is Engineering and Realty and through its subsidiaries Transaction Management Solutions, Water Purification, Transportation of Chemical through its owned Ships etc.

Shareholding Pattern:

67.67% of the promoter holdings are pledged. Earlier it was 9.5% In March 2019.

Major Non – Promoter Holdings:

Non – Promoters No. of shares held % shares held
INDIA DISCOVERY FUND LIMITED 1148255 8.9
ANTARA INDIA EVERGREEN FUND LTD 333146 2.58

 

Segment Results:

Particulars Segment Revenue Segment Results
  FY18-19 FY17-18 % Change FY18-19 FY17-18 % Change
Health, Hygiene, Safety Products and its services 2388 2318 3 58 29 100
Engineering 209 186 12 27 24 13
Real Estate 19 112 -83 3 46 -93
IT Enabled Services and Products 124 132 -6 48 1 4700
Shipping and Logistics Services 114 81 41 2 0.2 900
Others 0.3 1 -70 -0.3 -1 -70

 

5 years price snapshot:

Year Open (Rs.) High      (Rs.) Low      (Rs.) Close (Rs.)
2015 1837 2399 1350 1451
2016 1601 2695 1078 1912
2017 1855 5290 1390 4802
2018 4890 4940 1801 2370
2019 2380 2550 1552 1936

 

Subsidiaries and Step down Subsidiaries of the company:

SHAPOORJI PALLONJI COMPANY LTD/ FORBES & COMPANY LTD

1.Eureka Forbes Ltd

  • Aquaiginis Ltd
  • Aquadiagnostics Water Research Ltd
  • EFL Mauritius Ltd
  • Euro Forbes Fianancial Services Ltd
  • Euro Forbes Ltd
  • Forbes Lux FZCO

 

  • Forbes Lux International AG
  • Lux International AG
  • LIAG Trading & Invt Ltd
  • Lux Aqua Paraguay SA
  • Lux del paraguay S.A
  • Lux Hungaria kft
  • Lux Aqua Hungaria Kft
  • Lux International Services & Logistics Ltd
  • Lux Italia srl
  • Lux Aqua Czech
  • Lux Oesterreich GmbH
  • Lux (Duetschland) GmbH
  • Lux Norge A/S
  • Lux Schweiz AG

 

2.Forbes Technology Ltd

3.SPSFL

4.Forbes Campbell Ltd

  • Forbes Bumi Armada Ltd

5.Campbell Properties & Hospitality Ltd

6.Volkart Flemming Ltd

7.FBAL

 

Eureka Forbes Ltd:

Company had subscribed 50000 shares of Rs. 10 each . (Rs 25 crores infused in the EFL)

For every 100 new shares 7456 shares were allotted (100:7456) for a price of Rs 5010 per share.

Share Capital – Rs 3.7 Crs (FV – Rs 10)

Hence, Valuation = Rs 5010*0.37 = Rs 1853 Crs, which is one time Sales of Rs 1842 Crs.

 

 

Daily Bulletin ( November, 21 2019)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20191121-27

  1. Scrip code : 539978
    Name : Quess Corp Limited
    Subject : Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order Update on the Composite Scheme of Arrangement and Amalgamation amongst TC Forex Services Limited and Travel Corporation (India) Limited and TC Travel Services Limited and SOTC Travel Management Private Limited and Thomas Cook (India) Limited and Quess Corp Limited and their respective shareholders. You are requested to take the above information on record and oblige.
  2. Scrip code : 541556
    Name : RITES Limited
    Subject : Notice of Offer for Sale of Share by Promoter & Floor Price
    The President of India, acting through and represented by the Ministry of Railways, Government of India, (“the Seller”) (“Promoter”) of RITES Ltd (“the Company”) Proposed to sell up to 2,50,00,000 Equity Shares, in aggregate representing 10% of the total issued and paid-up Equity Share capital of the Company (“Base Offer Size”) on November 22, 2019 (“T Day”) (for non-retail investors only) and on November 25, 2019 (“T+1 Day”) (for retail investors and for non-retail investors who choose to carry forward their un-allotted bids), with an option to additionally sell up to 1,25,00,000 Equity Shares (representing 5% of the total issued and paid-up Equity Share capital of the Company) (the “Oversubscription Option” and in the event the Oversubscription Option is exercised, the Equity Shares forming part of the Base Offer Size and the Oversubscription Option will in aggregate, be referred to as the “Offer Shares”. In the event such Oversubscription Option is not exercised, the Equity Shares forming part of the Base Offer Size will be referred to as the “Offer Shares”, through the separate designated window of BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE” and together with BSE, the “Stock Exchanges”), collectively representing 15% of the total paid up equity share capital of the Company on September 30, 2019, and such offer hereinafter referred as the “Offer”) and in accordance with the “Comprehensive Guidelines on Offer for Sale (OFS) of Shares by Promoters through the Stock Exchange Mechanism” issued by the Securities and Exchange Board of India (“SEBI”). Dates and time of the opening and closing of the offer: – For non-Retail Investors: November 22, 2019 (“T day”) The Offer shall take place on a separate window of the Stock Exchanges on the T day i.e. November 22, 2019 commencing at 9:15 a.m. (Indian Standard Time) and shall close at 3:30 p.m. (Indian Standard Time) on the same day. Non-Retail Investors who have placed their bids on T Day, may indicate their willingness to carry forward their un-allotted bids to T+1 day (defined hereinafter) for allocation to them in the unsubscribed portion of Retail Category (defined below). Please note that only non-Retail Investors shall be allowed to place their bids on T day, i.e. November 22, 2019. For Retail Investors (defined hereinafter) and for non-retail Investors who choose to carry forward their un-allotted bids on T+1 day, i.e. November 25, 2019 The Offer shall continue to take place during trading hours on a separate designated window of the Stock Exchanges on T+1 day (T+1 day being November 25, 2019) commencing at 9:15 a.m. (Indian Standard Time) and shall close at 3:30 p.m. (Indian Standard Time) on the same date. Please note that only Retail Investors shall be allowed to place and revise their bids only on T+1 day. Further, those non-Retail Investors who have placed their bids on T day and have chosen to carry forward their bids to T+1 day, shall be allowed to revise their bids on T+1 day in accordance with the SEBI OFS Circulars. (T day and T+1 day, collectively referred to as “Offer Dates”) – Floor price (“Floor Price”) The Floor Price for the Offer Shall be INR 293.50 (RUPEES TWO HUNDRED NINETY THREE AND FIFTY PAISE) per Equity Share of the Company.
  3. Scrip code : 540727
    Name : Poojawestern Metaliks Limited
    Subject : Board to consider Bonus Issue Poojawestern Metaliks Ltd has informed BSE that a meeting of the Board of Directors of the Company is scheduled to be held on November 26, 2019, inter alia, to : 1. Consider the proposal for issue of bonus shares; 2. Consider the proposal of Increase in Authorised Share Capital of the Company. In this connection, as per the Company’s Code of Conduct to regulate, monitor and report trading by insiders, adopted by the Board pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, the trading window for dealing in the securities of the Company will be closed for the specified Persons from November 21, 2019 till 48 hours after conclusion of board meeting.

Daily Bulletin (November 20, 2019)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20191120-24

 

  1. Scrip code : 506087
    Name : Anup Malleable Ltd.,
    Subject : Outcomes Of Board Meeting This is to inform that the Board of Directors of the Company at its meeting held at the Corporate Office of the Company have deferred the decision of delisting of the Company to a future date. The Board has unanimously decided to defer the decision for now and any development on the same will be intimated in due course.
  2. Scrip code : 532540
    Name : Tata Consultancy Services Ltd.
    Subject : Announcement under Regulation 30 (LODR)-Press Release / Media Release TCS Collaborates with Qualcomm to Launch New Innovation Hub to Develop Next-Gen AI Solutions with 5G
  3. Scrip code : 954111
    Name : Tata Motors Ltd.
    Subject : Disclosure Under Regulation 30 Of Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) – Allotment Of 5.875 Percent Senior Notes Due 2025 (“Notes”) Of US $ 300 Million.Further to our letters dated November 8, 2019 and November 13, 2019, we hereby wish to inform you that the Company has raised US $ 300 Million by allotment of the Notes in the international markets, in accordance with Regulation S of the U.S. Securities Act, 1933, as amended and applicable Indian Law. The Notes have been allotted on November 20, 2019 and will be listed on the Singapore Exchange Securities Trading Limited. The Company has also executed a Subscription Agreement with Merrill Lynch (Singapore) Pte. Ltd. and Australia and New Zealand Banking Group Limited on November 13, 2019, and has issued an offering circular in relation to the issuance of the Notes. You are requested to take this letter on record and treat the same as a compliance with Regulation 30 of the Listing Regulations.
  4. Scrip code : 500413
    Name : Thomas Cook (India) Ltd.,
    Subject : Acquisition Of 51% Stake In BDC Digiphoto Imaging Solutions Private Limited By Travel Corporation (India) Limited, A Wholly Owned Subsidiary Of The Company Further to our earlier intimation on the captioned subject dated 25th February, 2019, we are enclosing herewith letter received from Travel Corporation (India) Limited, a wholly owned subsidiary of the Company on the even date intimating about the completion of acquisition of 51% stake in BDC Digiphoto Imaging Solutions Private Limited on 19th November, 2019. This is for your information and records.
  5. Scrip code : 532483
    Name : Canara Bank
    Subject : In-Principle Approval Of Alternate Mechanism (AM) To Proposed Amalgamation Of Syndicate Bank Into Canara Bank
    This is in continuation to our letter no. MD&CEO:SD:675/676/11/12::2019 dated September 13, 2019 informing about in-principle approval of the Board of Directors for the amalgamation of Syndicate Bank into Canara Bank. In this connection, today i.e. 20.11.2019 Bank has received letter F. No. 7/93/2019-BOA-1 dated 13.11.2019 from Department of Financial Services, Ministry of Finance, Government of India vide which Bank has been advised that Alternative Mechanism (AM), has accorded in-principle approval to proposed amalgamation of Syndicate Bank into Canara Bank with Canara Bank as the Transferee Bank and Syndicate Bank as Transferor Bank. This is in compliance with Regulation 30 of SEBI LODR Regulations 2015.
  6. Scrip code : 532814
    Name : Indian Bank
    Subject : Penalty Imposed By Reserve Bank Of India RBI has imposed a monetary penalty for non compliance with the directions issued by RBI in Opening of SB accounts of a cooperative Society and non adherence with directions on KYC/AML Norms window dressing of the Balance sheet as on March 31, 2018 delay reporting of the fraud
  7. Scrip code : 500315
    Name : Oriental Bank Of Commerce
    Subject : In-Principle Approval Of Alternate Mechanism (AM) To Amalgamation Of Oriental Bank Of Commerce And United Bank Of India Into Punjab National Bank
    Further to our communication dated 18.09.2019, we wish to inform that we are in receipt of letter dated 13.11.2019 from Department of Financial Services, Ministry of Finance communicating that Alternative Mechanism (AM) has accorded in-principle approval to proposed amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank, with Punjab National Bank as the transferee Bank and Oriental Bank of Commerce and United Bank of India as transferor Bank(s).
  8. Scrip code : 717503 Name : Zee Entertainment Enterprises Ltd.
    Subject : Announcement under Regulation 30 (LODR)-Press Release / Media Release
    Stake sale by Promoters of the Company