Indiabulls Housing Finance has further sold a portion of its stake in OakNorth Holding (the wholly owning parent company of OakNorth Bank) to Riva Capital Partners V, L.P., USA, for approximately Rs 441 crore. The sale proceeds will be accretive to the regulatory net worth and the CRAR of the company. With the latest stake sale, the company has raised a total of Rs 2,273 crores as fresh equity in the month of September and October 2020 (Rs 683 crore through QIP and Rs 1590 crore through sale of stake in OakNorth) adding to the regulatory equity capital of the company.
Steel Authority of India (SAIL) is planning to commence commercial production of head hardened (HH) rails in FY21. HH rails are special rails used in high-speed freight corridors and metro rail projects. Such rails are manufactured using the head hardening technology to bear about 50 per cent higher pressure compared to normal rails. The company has set up facilities for production of HH rails at the new Universal Rail Mill (URM) at its Bhilai Steel Plant (BSP) in Chhattisgarh, and the cold trials for the same have already been completed.
RITES has secured consultancy orders for Rs 103.24 crore. The company has bagged first order for Project Management Consultancy (PMC) work for complete planning, design, execution / construction of Buildings and other services for various buildings at IIT Delhi. RITES fees will be around Rs 54 crore. The company has bagged second order for Four Project Management Consultancy (PMC) works and two Feasibility Study Report / Detailed Project Report (FSR/DPR) work from South Eastern Coalfields for an approximate fees of Rs 46 crore based on the MoU entered into between CIL and RITES recently. It also secured third order for study of Multi Modal Integration Planning for Surat Metro for a fee of Rs 3.24 crore. The work will involve planning and design of passenger dispersal facility at about 35 Metro stations on two corridors at Surat Metro. The study will be in a total timeline of 12 months.
Manappuram Finance has received approval for the issuance of Secured, Rated, Listed, Redeemable, Non-Convertible Debentures (NCDs) of face value of Rs 10 lakh each for and amount of Rs 10 crore with an option to retain over subscription upto Rs 190 crore aggregating to Rs 200 crore on private placement route. The Financial Resources and Management Committee of the Board of Directors of the company at its meeting held on October 10, 2020 has approved the same.
JBM Auto has entered into Share Purchase Agreement with Sandhar Technologies for the purchase of 2,00,000 equity shares of INDO Toolings (Joint Venture Company) on the terms and conditions as specified in the Share Purchase Agreement dated October 9, 2020. Consequently, Sandhar Technologies have agreed to sell its entire shareholding in INDO Toolings to JBM Auto. Subsequent to proposed acquisition, the shareholding of the company in INDO Toolings will increase to 100% of the paid-up equity share capital.
Great Eastern Shipping Company (GE Shipping) has signed a contract to buy a secondhand Long Range 2 Product Carrier of about 105,258 dwt. The 2012 South Korean built vessel is expected to join the company's fleet in Q3 FY21. The company's current fleet stands at 46 vessels, comprising 33 tankers (11 crude carriers, 17 product tankers, 5 LPG carrier) and 13 dry bulk carriers with an average age of 12.39 years aggregating 3.70 mn dwt.
Premier Explosives has received an order from Singareni Collieries Company (SCCL) (a Government Company) for supply of SMS/SME explosives and accessories (Cast Booster, Detonating Fuse, Cord Relay, Nonel and CED 2.0M detonator) for OB removal at different OCPs of SCCL for a period of 2 years. The order value is Rs 82.83 crore excluding GST.
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