Comments
Will Reliance climb on Urban Ladder buy?
Reliance Retail Ventures Ltd. (RRVL), a subsidiary of Reliance Industries, has acquired a 96 per cent of equity shares of Urban Ladder Home Décor Solutions Private Ltd for Rs 182.12 crore.
RRVL has the option of acquiring the balance stake, taking its shareholding to 100 per cent in the acquired company, it said in a notice to the stock exchanges.
RRVL will make a further investment of up to Rs 75 crore in Urban Ladder and this investment is expected to be completed by December 2023, the company statement further added.
Incorporated in India in 2012, Urban Ladder is in the business of operating a digital platform for home furniture and décor products. It also has a chain of retail stores in several cities across India. For FY19, it reported a turnover of Rs 434 crore and a net profit of Rs 49.41 crore.
Shareholders will closely monitor further development from Reliance Industries.
HDFC Asset Management: Focus on new Chief
Shares of HDFC Asset Management will remain in focus, as the company has appointed Navneet Munot as the Managing Director & CEO. He will succeed the present Managing Director Milind Barve.
Munot is currently the chief investment officer (CIO) at SBI Mutual Fund.
HDFC Mutual Fund has assets under management of Rs 3.54 lakh crore as of September-end.
Fund infusion bodes well for Ducon Infra
The board of directors of Ducon Infratechnologies, subject to the approval of shareholders, has approved the issuance and allotment of securities on conversion of outstanding Unsecured Loan.
Accordingly, the board has approved allotment of 5.70 crore equity shares and 5.96 crore warrants convertible into equity shares to Arun Govil, promoter and Managing Director; and 1.50 crore shares to Atul Kumar, non-promoter of the company.
The allotment will be made at a price that should be the higher of the price determined and arrived at in the manner as set out by SEBI norms, it said.
“There are many FGD jobs for which Ducon has bid and we can say Ducon is poised for its best performance subject to the (Flue Gas Desulfurization) FGD installation deadline not getting extended,” it said in a statement to the exchanges.
Ducon has received substantial loans over the years and plans to strengthen the balance sheet by converting the loan to equity, it further stated.
HPCL’s Rs 2500-cr buyback opens today
The Rs 2,500-crore buyback from the oil refining and marketing company Hindustan Petroleum Corporation Ltd (HPCL) will open on Tuesday, Its board had earlier approved a proposal to buyback up to 10 crore shares, representing 6.56 per cent of paid-up equity capital of the company, at Rs 250 a share.
In a regulatory filing to the exchanges, HPCL said the buyback remains at Rs 2,500 crore, but the number of shares could be higher than the maximum buyback shares (10 crore) if equity shares are bought below the maximum buyback price of Rs 250.
The buyback will end on May 14, 2021
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.