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The board of directors of Liberty Shoes has approved formalising the process of acquiring the assets of Liberty Enterprises and Liberty Group Marketing Division as the existing business arrangements with the two entities expire on March 31, 2015. Liberty Enterprises and Liberty Group Marketing Division operate manufacturing facilities at two locations - Gharaunda and Karnal – besides distribution networks and licence usage of sub-brands. KPMG & Associates, which has been engaged jointly by the parties, will submit its report for reorganisation within six to eight weeks. The company will also take steps to acquire the remaining assets of the footwear and related business held by the promoter family by March 31, 2016. The board also gave its nod to initiate a fund raising exercise and appoint merchant bankers and other agencies in this regard. Shares of Liberty Shoes closed at ₹288.90 on the BSE, a gain of 3.44 per cent over the previous day’s close.
Ashoka Buildcon has informed the exchanges that one of its project SPVs - Ashoka Highways (Bhandara) Ltd - has completed refinancing of its debt of ₹324 crore with ICICI Bank. Post-refinancing, the interest cost has been reduced to 11.50 per cent (from 13 per cent) per annum and the repayment period extended. The scope of the SPV entails construction, operation and maintenance of the Chhattisgarh/ Maharashtra Border Wainganga Bridge Section of NH 6 in Maharashtra. Shares of Ashoka Buildcon slipped 1.9 per cent at ₹143.80 on the NSE.
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