NMDC: The company said in a conference call that the demerger process of its steel plant to take at least 8-9 months. Capex incurred on the steel plant stards at Rs 17,000 crore and pending capex of Rs 4,000 crore. Balance funding will be through leveraging the steel plant, which is expected to be commissioned by 2021.
ITC: To consider proposal for amalgamation of its three wholly-owned arms - Sunrise Foods, Hobbits International Foods and Sunrise Sheetgrah with itself on September 4.
Indiabulls Ventures: Board approves preferential issue of 3.36 crore equity shares at Rs 175 per share worth Rs 588 crore. Investors like Think India Opportunities Fund, TIMF Holdings, Ribbit Cayman Holdings, Inteligo Bank, NWI Emerging Market Fixed Income Master Fund and First Royalty Ventures have been allotted shares. The board has appointed Sameer Gehlaut as the company's Chairman and CEO.
RBL Bank: MD & CEO, Vishwavir Ahuja sold 18.93 lakh shares between August 27-28 worth Rs 38.52 crore to meet personal debt obligations. The amount of shares sold is approximately 18% of his or his family's aggregate holdings of the bank as on date.
Inox Wind: Board approves raising Rs 200 crore via issue of securities.
J&K Bank: Board approved raising Rs 3,500 crore via equity and Rs 1,000 crore via NCDs.
South Indian Bank: To consider raising funds via equity and debt and September 4.
Ramkrishna Forgings: Board to consider raising Rs 150 crore via NCDs from International Financial Corporation on September 2.
IIFL Finance: Moody's Investors Service has extended its review for downgrade of the company's corporate family rating, B1 senior secured MTN program rating and B1 senior secured debt rating. The extension of the review for downgrade takes into account the still considerable uncertainty regarding the impact of the pandemic-driven economic disruption on the company’s loan collections and asset quality. As of June 30, 31% of the company's loans were under moratorium.
Balkrishna Industries: BK Bansal resigns as CFO from August 28. He will be replaced by MS Bajaj, who was the Assistant Vice President at Hindustan Vidyut Products.
JSW Energy: To consider appointment of key managerial personnel on September 1.
CG Power: Lenders of the company have approved Tube Investments' offer as the successful offer, subject to compliances with all the conditions stated in the Letter of Intent, to the satisfaction of the lenders.
Non-Nifty Earnings Today: Arvind, Bharat Dynamics, GNFC, JK Cement, Morepen Laboratories, NHPC, Sadbhav Infra, Spandana Sphoorty
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