In News

Stocks in the news

GAIL: The share buyback to open February 25 and close on March 10.

Jubilant FoodWorks: The company appointed Ashish Goenka as CFO. Earlier Goenka was with Bharti Airtel as Executive VP.

Phillips Carbon Black: The company commissioned two specialty black lines at Palej in Gujarat.

Dish TV India: The company approved raising funds of up to Rs 1,000 crore.

Bharti Airtel: The company to acquire 20% stake in Bharti Telemedia from Lion Meadow Investment Ltd, a Warburg Pincus entity.

NALCO: The company to open its share buyback worth Rs 749.1 crore on February 25 and close on March 10.

Bharti Airtel: To acquire 20% stake in its DTH arm Bharti Telemedia from an affiliate of Warburg Pincus for about Rs 3,126 crore. The Warburg Pincus affiliate, Lion Meadow Investment, had acquired 20% equity stake in Bharti Telemedia for Rs 2,310 crore in 2018 after the announcement of deal in December 2017. The transaction will involve issuance of about 3.64 crore equity shares of Airtel at a price of Rs 600 per share and up to Rs 1,037.8 crore in cash. The proposed transaction is part of Airtel’s strategy to align the shareholding of its customer facing products, services and businesses under the same holding group. Further Airtel will issue its shares to the Warburg Pincus affiliate at a premium of 0.50% to the floor price determined as per ICDR regulations. The remaining consideration of Rs 937.8 crore will be paid in cash on the closing date of the proposed transaction. There may also be minor customary closing adjustments not exceeding Rs 100 crore.

IndiaMART InterMESH: Launched its QIP issue on Wednesday in order to raise funds. The floor price of the issue is set at Rs 9,065.61 per share, which is a 6% premium to Wednesday's closing price. The board may offer a discount of 5% on the floor price at its discretion.

Dish TV India: The Board of Directors granted approval to initiate fund-raising through permissible modes and issue of permissible securities, for an amount of up to Rs 1,000 crore, in one or more tranches. In this regard, the board has constituted a Fund Raising Committee for recommending, taking actions and monitoring in the matters of raising funds.

Phillips Carbon Black: The company has commissioned two specialty black lines at Palej, in Gujarat for production of wide range of specialty black products totaling about 32,000 MTPA to service the growing needs of its customers.

Bajaj Electricals: ICRA has revised the long-term rating of the company to A from A- and the short-term rating to A1 from A2+.

Future Enterprises: Has defaulted on payment of interest of Rs 12.72 crore due on listed NCDs issued by the company.

Jubilant Foodworks: Appoints Ashish Goenka as CFO from February 17. Goenka was earlier Executive Vice President and Group Finance Controller at Bharti Airtel.

VA Tech Wabag: Has achieved financial closure for its Hybrid Annuity Model project received from Kolkata Metropolitan Development Authority. The company had signed a Rs 575 crore HAM concession agreement under the Namami Gange programme. The company will execute Engineering, Procurement and Construction portion of this project over 24 months followed by O&M of 15 years. The company has signed an agreement with International Finance Corporation and Tata Cleantech Capital to borrow Rs 176 crore for the project. Further, the company has also signed an investment agreement with Kathari Water Management for the Project. As per the agreement, an amount upto about Rs 71 crores will be jointly invested by the company and Kathari Water Management in one or more tranches, by way of shares, Compulsorily Convertible Preference Shares and NCDs.

Non-Nifty Earnings Today: Ambuja Cements