Britannia: Debenture Bonus, fundraising in focus

The board of directors of Britannia Industries will meet on Monday (August 17) to consider a bonus debenture issue. As the company has not declared any bonus equity issue in the last two decades, shareholders would be keen to know the bonus ratio.

Britannia Industries had posted a robust set of numbers for the first quarter of the current fiscal as its consolidated net profit jumped 106 per cent to ₹515.87 crore as against ₹250.21 crore in the year-ago period. Even on a sequential basis, the numbers grew 35 per cent, given the Covid-19 pandemic. Total revenue stood at ₹3,304.21 crore (₹2,645 crore for the Q1 of current fiscal.

The food major plans to raise ₹300 crore for expansion through issue of commercial papers.

Reliance, telecom companies: All eyes on Supreme Court

As the Supreme Court continues further hearing on August 17, market participants and telecommunication companies will keenly watch the proceedings on Monday, especially on some of the observation it had made on Friday (August 14).

The Supreme Court (SC), in its hearing on August 14 in the AGR dues case, directed telcos under insolvency to submit details of spectrum sharing agreements that they have entered into.

The Supreme Court on Friday said Reliance Jio must pay adjusted gross revenue (AGR) dues of Reliance Communications since it has been using the latter's spectrum since 2016, and asked all bankrupt telcos under insolvency to submit details of spectrum sharing agreements that they have entered into.

Besides Vodafone and Bharti Airtel, even Reliance will be closely monitoring the Supreme Court proceedings in the ensuing days.

Healthcare Global open offer begins

Open offer to the shareholders of Healthcare Global Enterprises (HGE) from Aesco Company, Singapore, opens today and closes on August 28 at ₹130 a share

The mandatory open offer was following the agreement between the Singapore-based company (along with Aceso Investment Holdings, CVC Capital Partners Asia V LP, CVC Capital Partners Investment Asia VL and CVC Capital Partners Asia V Associates LP) and Dr BS Ajaikumar (promoter of HGE) to subscribe to 2.95 crore equity shares and 1.856 crore warrants (convertible into an equal number of equity shares) of the company, in tranches, at ₹130 a share, aggregating to ₹625 crore.

Earlier, on May 7, CVC Capital had announced its plan to acquire about 36.48 per cent stake in HGE through a preferential allotment of shares at ₹100 a share and made an open offer to the public shareholders at the same price.

However, JM Financial, manager to the issue, has sweetened the offer to acquire up to 3.26 crore fully paid-up equity shares from the public shareholders, representing 26 per cent of the expanded voting share capital, at ₹130 a share, aggregating to ₹423.97 crore.

Shareholders will closely monitor the response to the issue.

K ey Results: HFCL, Kalyani Forge, Petronet LNG, Suven Pharma

Over a dozen companies will meet on Monday to consider quarterly financial performance. Among them include HFCL, Hindustan Motors, Kalyani Forge, Lux Industries, Orient Paper, Sical Logistics and Suven Pharmaceuticals,

Open offer to Network shareholders

Open offer to the shareholders Network Ltd from Anushi Retail LLP and others to acquire up to 1.72 crore, representing 35 per cent of its fully paid-up share capital, at ₹1 (rupee one only) opens from August 17 to August 28. As the current market price is ruling at ₹3.39, response to the open offer will be closely watched by the management and market participants to this BSE-listed firm.

 

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