Daily Bulletin (2nd July, 2019)

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There are no current notifications of our companies on this date
https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20190702-25

1. Scrip code : 535755
Name : Aditya Birla Fashion and Retail Limited
Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition
Dear Sir/ Madam, This is further to our letter dated June 10, 2019 wherein we had informed that the Board of Directors of the Company, at its meeting held on the same day, had approved entering into a Share Purchase Agreement (‘SPA’) with the existing shareholders of :- 1) Jaypore, a B2B entity which sells ethnic fashion merchandise under its own brand ‘Jaypore’ and of other third-party brands; and 2) TG Apparel, a B2C entity which retails ethnic fashion, both online and offline. The above acquisition was subject to receipt of closing conditions under the said SPA (signed on June 10, 2019). This is to update that the Board of the Company has today approved completion of acquisition of the business undertakings of Jaypore and TG Apparel as per the details given below, post completion of the Conditions Precedent under the SPAs. Pursuant to the above acquisition, Jaypore and TG Apparel have become wholly owned subsidiaries of the Company with immediate effect.

2. Scrip code : 522287
Name : Kalpataru Power Transmission Ltd.
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Purchase of equity shares of Shree Shubham Logistics Limited

3. Scrip code : 500510
Name : Larsen & Toubro Limited
Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition
Dear Sir, Further to our letter dated March 18, 2019 informing about acquisition of shares of Mindtree Limited (Target Company), we wish to inform you that Larsen & Toubro Limited (‘the Company’) has today (i.e. on 2nd July, 2019) made payment of consideration to the shareholders of the Target Company who have tendered their shares in the Open Offer, in respect of the equity shares which have been accepted in the Open Offer and returned the equity shares which have not been accepted in the Open Offer to the demat accounts of the respective shareholders. The Offer opened on June 17, 2019 and closed on June 28, 2019. Consequent to the completion of the Open Offer, the shareholding of the Company in the Target Company, including the shares acquired under the Share Purchase Agreement and the Purchase Order, stands at 60.06% of the total paid-up equity share capital of the Target Company. Please take the same on record.

4. Scrip code : 533179
Name : Persistent Systems Limited
Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition
Ref: (i) Our earlier intimation regarding acquisition of Youperience GmbH, Germany vide letter no. NSE & BSE / 2019-20 / 28 dated June 25, 2019 (ii) Our earlier intimation regarding acquisition of Youperience Ltd., UK vide letter no. NSE & BSE / 2019-20 / 33 dated June 27, 2019 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the ‘Regulations’) and further to our above referred intimations, we wish to inform you that the necessary customary closing conditions in the above 2 (Two) acquisitions have been met by Persistent Systems Germany GmbH and Youperience GmbH, respectively on July 2, 2019. Consequently, we wish to confirm that the above 2 (Two) acquisitions have been completed and these transactions have been closed. Please acknowledge the receipt.

5. Scrip code : 503162
Name : Reliance Chemotex Industries Ltd.
Subject : Corporate Action-Intimation of Right issue Sub: Corporate update- Right Issue.
Ref: Reliance Chemotex Industries Limited, Scrip Code: 503162, Case no. 96184 Dear Sir/ Madam, With reference to the above subject we are hereby enclosing the Composite Application Forms , along with SEBI Approval Letter WRO/AKD/BJK/1366/1/2019 Dated 19 June, 2019 of Proposed Right Issue of Equity Shares of 38,16,818 of Face Value of Rs. 10/- each of Reliance Chemotex Industries Limited. You are requested to take the same on your records.

6. Scrip code : 540767
Name : Reliance Nippon Life Asset Management Limited
Subject : Open Offer
Morgan Stanley India Company Private Limited (“Manager to Open Offer”) has submitted to BSE a copy of announcement in terms of regulation 18(5) of the securities and exchange board of india (substantial acquisition of shares and takeovers) regulations, 2011, as amended, to the public shareholders of Reliance Nippon Life Asset Management Ltd (“Target Company”) This announcement (“Announcement”) is being issued by Morgan Stanley India Company Private Limited, the manager to the Open Offer (“Manager to the Offer”), for and on behalf of Nippon Life Insurance Company (“Acquirer”) in respect of the mandatory open offer (“Open Offer” or “Offer”) to acquire up to 13,82,35,223 (thirteen crores eighty two lakhs thirty five thousand two hundred and twenty three only) fully paid up equity shares of face value of INR 10 (Indian Rupees ten only) each (“Equity Shares”), representing 22.49% of the Expanded Voting Share Capital of Reliance Nippon Life Asset Management Limited (“Target Company”) at a price of INR 230 (Indian Rupees two hundred and thirty only) per equity share from the Public Shareholders, in terms of the Securities And Exchange Board of India (Substantial Acquisition Of Shares And Takeovers) Regulations, 2011 (“SEBI (SAST) Regulations”), as amended.

Bharti Airtel completes merger of Tata Tele’s consumer mobile businesses

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Experts believe the move will lead to better network utilization, as spectrum will now be with Bharti Airtel along with enhanced customer base

Bharti Airtel and Bharti Hexacom on Monday announced the merger of the consumer mobile businesses (CMB) of Tata Teleservices (TTSL) and Tata Teleservices (Maharashtra) (TTML) with the two Bharti Group companies. This move spells better synergies and increased customer base for the country’s third-largest mobile service provider.

“Following the Telecom Disputes Settlement and Appellate Tribunal’s order directing the Department of Telecommunications to take the merger on record and approval of the schemes of arrangement by the National Company Law Tribunal (NCLT)-Delhi and NCLT-Mumbai, we are pleased to announce that the schemes of arrangement have become effective today i.e., July 1, 2019,” Bharti Airtel said in a joint statement with TTSL.

Consequently, all customers, assets, spectrum, and agreed liabilities of the consumer mobile businesses of TTSL and TTML now stand merged with Airtel.Experts believe the move will lead to better network utilization, as spectrum will now be with Bharti Airtel along with enhanced customer base.

As part of the merger, Airtel will absorb TTSL’s CMB operations in 19 telecom circles — 17 under TTSL and two under TTML. It also agreed to take over a small portion of the unpaid spectrum liability of TTSL.

The merger will bolster Airtel’s spectrum pool with significant additional 178.5 megahertz (MHz) spectrum in 1,800, 2,100, and 850 MHz bands, widely used for 4G.

The merger includes transfer of all customers and assets of TTSL CMB to Airtel.

Bharti Airtel is a leading global telecommunications company, with operations in 18 countries across Asia and Africa. In India, the company’s product offerings include 2G, 3G, and 4G wireless services, mobile commerce, fixed line services, high-speed home broadband, direct-to-home, and enterprise services, including national and international long-distance services to carriers.

In the rest of the geographies, it offers 2G, 3G, 4G wireless services, and mobile commerce. Bharti Airtel had over 403 million customers across its operations at the end of March 2019.

TTSL is a growing market leader in the enterprise space and offers a comprehensive portfolio of voice, data, and managed services to small, medium, and large enterprises.

https://www.business-standard.com/article/companies/bharti-airtel-completes-merger-of-tata-tele-s-consumer-mobile-businesses-119070101217_1.html

Domestic PV sales continue to skid in June; Maruti, Hyundai see decline

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Sales of utility vehicles, including Gypsy, Ertiga, Vitara Brezza, S-Cross, were at 17,797 units in June as compared to 19,321 units in the year-ago month

Major automobile manufacturers Maruti Suzuki, Hyundai, Tata Motors and Toyota Monday reported a decline in domestic passenger vehicle sales in June, continuing the prolonged slump in market due to poor consumer sentiments.

Mahindra & Mahindra, however, reported a 4 per cent growth in its domestic passenger vehicles (PV) sales last month.

Market leader Maruti Suzuki India (MSI) said its domestic sales during the month were down 15.3 per cent at 1,14,861 units last month compared to 1,35,662 units in June last year.

Mini segment, comprising Alto and old WagonR, saw a slide of 36.2 per cent to 18,733 units as against 29,381 per cent in the year-ago month.

The compact segment, which includes models such as New WagonR, Celerio, Ignis, Swift, Baleno and Dzire, clocked 62,897 units last month as compared to 71,570 units in the same month last year, down 12.1 per cent, it said.

Sales of utility vehicles, including Gypsy, Ertiga, Vitara Brezza, S-Cross, were at 17,797 units in June as compared to 19,321 units in the year-ago month, down 7.9 per cent, the company said.

Rival Hyundai Motor India Ltd (HMIL) reported domestic sales of 42,007 units last month as against 45,314 units in June 2018, down 7.3 per cent.

Homegrown utility vehicle major Mahindra & Mahindra’s passenger vehicles sales were at 18,826 vehicles in June this year as compared to 18,137 vehicles in the same month last year, an increase of 4 per cent.

“The market sentiment continued to remain subdued, especially in the passenger vehicles segment. At Mahindra, we are happy to register a growth of 4 per cent in the segment and 8 per cent in the utility vehicles segment, on the back of our three recent product launches,” M&M President (Automotive Sector) Rajan Wadhera said in a statement.

On the other hand, Tata Motors said its passenger vehicle sales in domestic market during the month dropped by 27 per cent at 13,351 units as compared to 18,213 units sold in June 2018 due to low customer sentiments due to liquidity crunch.

“Industry continued to remain stressed. However, the market is expected to bounce back soon,” it added.

Toyota Kirloskar Motor (TKM) also reported 19 per cent decline in domestic sales at 10,603 units last month as compared to 13,088 units in June 2018.

Commenting on the sales performance, Toyota Kirloskar Motor Deputy Managing Director N Raja, said, “The industry has been witnessing a continuous decline in domestic sales owing to several factors that have contributed to the weak consumer sentiment.”

The prevailing economic uncertainty, uncertainty on monsoon, high interest costs, tight liquidity and also the underlying apprehensions surrounding BS-VI introduction in few months have steered the slowdown, he added.

Last month, passenger vehicle wholesales in India witnessed the steepest decline in nearly 18 years, dropping by over 20 per cent in May, as continued weakness in retail offtake forced manufacturers to cut production in order to adjust to market demand.

Barring October last year, when sales were up 1.55 per cent, up until May PV offtake has been in the negative in the ten months off the last 11 months.

In two-wheeler segment, Bajaj Auto posted 1 per cent decline in domestic motorcycle sales at 1,99,340 units in June as against 2,00,949 units in the same month a year ago.

Chennai-based TVS Motor Co said its domestic two-wheeler sales stood at 2,26,279 units last month as compared to 2,46,176 units in June 2018, a decline of 8 per cent.

In contrast, Suzuki Motorcycle India Pvt Ltd (SMIPL) registered domestic sales of at 57,023 units in June as against 46,717 units in the year-ago month, a growth of 22 per cent.

https://www.business-standard.com/article/pti-stories/pv-sales-continue-to-drop-in-june-maruti-hyundai-tata-motors-toyota-witness-decline-119070101123_1.html

Lemon Tree to buy Keys Hotels for Rs 471 cr, deal likely in two months

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To fund buyout, its subsidiary will raise capital from a Dutch pension fund, an existing investor, and parent Lemon Tree by issuing compulsorily convertible preference shares worth Rs 421 cr

Mid-range hotel chain Lemon Tree Hotels is acquiring Keys Hotels for Rs 471 crore in a bid to expand its portfolio.

In a stock exchange notification, the New Delhi-based company said it would buy out Berggruen Hotels, the parent of Keys Hotels, at an enterprise valuation of Rs 605 crore ($87.6 million). The Warburg Pincus-backed hospitality company is making the acquisition through Fleur Hotels, its wholly-owned subsidiary. With this, Berggruen Hotels will become an indirect subsidiary of Lemon Tree. The company expects to complete the transaction within two months.

To fund the buyout, Fleur Hotels will raise the capital from Dutch pension fund APG Asset Management NV, an existing investor, and parent Lemon Tree by issuing compulsorily convertible preference shares worth Rs 421 crore. While APG’s strategic real estate pool will contribute Rs 360 crore, the remaining Rs 61 crore will come from Lemon Tree.

In March, Lemon Tree had announced a pact to acquire Keys Hotels, saying this would help it expand its operating portfolio to 75 hotels with 7,322 rooms in 44 cities. It had a pipeline of 33 hotels with 3,389 rooms in 26 cities that it aimed to open by 2020-21 financial year. Lemon Tree Hotels are located in metros such as Delhi-NCR, Bengaluru, Hyderabad, and Chennai, as well as tier-I and tier-II cities. Founded in 2006, Keys Hotels operates 21 hotels under Keys Prima, Keys Select, and Keys Lite brands across 19 locations in India, with 1,911 rooms.

https://www.business-standard.com/article/companies/lemon-tree-to-buy-keys-hotels-for-rs-471-cr-deal-likely-in-two-months-119070100734_1.html

Liberty Steel acquires ArcelorMittal assets in Europe for Rs 5,782 crore

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The seven sites employ over 14,000 people

Liberty Steel on Monday said it has acquired seven steel making units and five service centres from L N Mittal’s ArcelorMittal in Europe for 740 million euros (around Rs 5,782 crore), according to a company statement.

Indian-origin metals tycoon Sanjeev Gupta-owned company has acquired the major integrated steel works at Ostrava in the Czech Republic and Galati in Romania as well as rolling mills at Skopje (North Macedonia), Piombino (Italy), Dudelange (Luxembourg) and two plants near Liege in Belgium, it said.

These seven sites employ over 14,000 people.

The five service centres which market the products are based in France and Italy.

These operations, with a combined rolling capacity of over ten million tonne per annum supply steel to multiple sectors across Europe’s industrial heartlands, including construction and infrastructure products, automotive, aerospace, energy, industrial equipment, consumer products and yellow goods.

“Liberty Steel today (Monday) completed acquisition of seven major steelworks and five service centres across seven European countries from ArcelorMittal.

“The 740 million euros deal makes Liberty Steel one of the top ten producers globally, excluding China, with a total rolling capacity in excess of 18 million tonne covering a wide range of finished products,” the company, which is part of London-based GFG Alliance, said.

It said this is the largest single transaction undertaken by GFG and brings the Alliance’s worldwide workforce to nearly 30,000 across 30 counties.

Liberty Steel said it aims to boost sales from these sites by around 50 per cent over the next three years.

With Monday’s announcement Liberty Steel will now work with local management, trade unions, customers and suppliers and complete a comprehensive analysis of the businesses to explore investment opportunities.

In the medium term, Liberty will explore opportunities to produce higher-quality steels with a more flexible production profile.

“These businesses will form a key part of our global steel strategy, of building a sustainable steel business, with a fully integrated value chain, from raw materials to high-value finished products that are distributed in high quality markets,” Sanjeev Gupta, GFG executive chairman, said.

Earlier this month, Liberty Steel acquired Johnstown Wire Technologies (JWT), North America’s largest producer of value-added carbon and alloy wire.

The company, however, did not provide the financial details of the transaction. GFG Alliance is a global group of energy, mining, metals, engineering and financial services businesses.

https://www.business-standard.com/article/pti-stories/liberty-steel-acquires-arcelormittal-assets-in-europe-for-740-million-euros-119070100398_1.html

Daily Bulletin (1st July, 2019)

by NotificationsScrip Scan

There are no current notifications of our companies on this date
https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20190701-39

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
Name : UGRO CAPITAL LIMITED
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

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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.

https://www.moneycontrol.com/news/business/personal-finance/budget-2019-here-are-the-financial-services-industry-bigwigs-expectations-4155071.html

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

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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.

https://www.business-standard.com/article/pti-stories/lenders-of-troubled-dhfl-to-meet-on-mon-119063000444_1.html

With Jet in NCLT hangar, assets on Tata radar

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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.

https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/with-jet-in-nclt-hangar-assets-on-tata-radar/articleshow/70017183.cms

Daily Bulletin (28th June, 2019)

by NotificationsScrip Scan

There are no current notifications of our companies on this date
https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20190628-57

1. Scrip code : 540902
Name : Amber Enterprises India Limited
Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition
This is in continuation to our letters dated 29 June 2018, 1 October 2018, 29 December 2018 and 29 March 2019 and regarding acquisition of Ever Electronics Private Limited (‘EVER’) to the extent of 70% stake of total Share Capital by the end of 30 June 2019 in one or more tranches. We would like to inform you that Promoters of EVER has requested for extension of time limit for completing the Conditions Precedent to enable Amber Enterprises India Limited (‘AEIL’) to acquire balance 51% of stake of total Share Capital of EVER. The Company so far hold only 19% stake in the share capital of EVER. Considering the request, AEIL has extended the timeline to complete the acquisition of balance stake of 51% by 31 August 2019 in one or more tranches. The aforesaid is for your necessary information and records.

2. Scrip code : 526797
Name : Greenply Industries Ltd
Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement
Further to our earlier intimation dated 26.04.2019 on the captioned subject, we hereby inform you that the Hon’ble Guwahati Bench of National Company Law Tribunal (‘NCLT’) has approved the Composite Scheme of Arrangement between Greenply Industries Limited (”Demerged Company”) and Greenpanel Industries Limited (”Resulting Company”) and their respective shareholders and creditors on 28.06.2019. Copy of order passed by the Hon’ble Guwahati Bench of National Company Law Tribunal is enclosed for your record.

3. Scrip code : 500234
Name : Kakatiya Cement Sugar & Industries Ltd.
Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition
Disclosure received from Shri Veeraiah Pallempati, one of the promoters, regarding acquisition of 2,000 shares constituting 0.03% of the Company’s shares, we are enclosing the prescribed formats in terms of Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and Form-C under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 duly submitted by Shri Veeraiah Pallempati.

4. Scrip code : 506261
Name : Modison Metals Ltd
Subject : Intimation Of Purchase Of 100% Equity Shares In M/S. Modison Contacts Private Limited By Making It Wholly Subsidiary Company.
Further to our letter dated 15.06.2019 regarding the Board approval to purchase equity shares in M/s. Modison Contacts Pvt Ltd and by making it as wholly owned subsidiary Company. The agreement is executed on 17th June,2019. The date of completion of purchase of equity shares in wholly owned subsidiary Company and date of payment is 17th June,2019. Thus, M/s. Modison Contacts Pvt Ltd is said to be a wholly owned subsidiary Company of M/s. Modison Metals Limited w.e.f 17th June,2019. We request you to take the above on records.

5. Scrip code : 533179
Name : Persistent Systems Limited
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the ‘Regulations’), we wish to inform you that, pursuant to the Stock Purchase Agreement signed on June 25, 2019 between the Company”s wholly owned subsidiary in Germany namely, Persistent Systems GmbH and Youperience GmbH, Youperience GmbH has further entered into an agreement on June 27, 2019 to acquire remaining 70% stake in Youperience Ltd. The acquisition is subject to customary closing conditions which are expected to be completed within 2 weeks. The Company will inform the closure of the transaction to the stock exchanges in due course.

6. Scrip code : 540673
Name : Security and Intelligence Services (India) Limited
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Intimation of agreement to acquire shareholding in Triton Security Services Limited by Platform 4 Group Limited, a subsidiary of Security and Intelligence Services (India) Limited (‘the Company’).

7. Scrip code : 512070
Name : UPL Limited
Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition
We would like to inform you that UPL Ltd had made an announcement to the stock exchange on November 21, 2018 for acquisition (‘Transaction’) of 100% shares of INDUSTRIAS BIOQUIM CENTROAMERICANA, SOCIEDAD ANÓNIMA, a company based out of Costa Rica, and certain other group companies, engaged in the business of manufacturing, distribution, commercialization, export and import of synthetic inorganic agricultural pesticides in Costa Rica and certain other countries in Caribbean and Central American Region. We would now like to inform that the Transaction has closed on June 27, 2019. This acquisition has been made through a subsidiary of UPL Corporation Ltd, the international arm of UPL Ltd. May we request you to take the same on your record and inform all your constituents accordingly.