Companies and stocks to watch: October 15, 2020

| Updated on October 15, 2020 Published on October 15, 2020

Lakshmi Vilas Bank: Rights issue details in focus

The board of directors of Lakshmi Vilas Bank will meet on Thursday to consider rights issue. Earlier, the troubled-bank had received approval from the Board (on August 26) and shareholders (September 25) to raise funds up to ₹1,000 crore through various means including the QIP and rights issue.

The Board, which has decided to raise funds through rights issue, will deliberate on quantum, number of shares to be issues, the price and record date.

LVB plunged into a crisis when shareholders, at the AGM, voted out seven directors including the interim chief executive and statutory auditor that forced the RBI appointed a three-member committee of directors to run the Bank.

LVB, which is also in the midst of a merger deal with Clix Capital, last week announced that it received an indicative non-binding offer from Clix Group for the proposed merger without divulging any details.

Key results: MindTree, Cyient, Hathway Cable, South Indian Bank

A few companies will announce the quarterly/half-year results for the period ended September 2020 on Thursday. Among them, Cyient, Dolat Investments, Hathway Cable & Datacom, Jupiter Infomedia, Moschip Technologies, MindTree, RS Software, South Indian Bank, Trident and Vimta Labs.

Rane Brake Linings board to meet for results, buyback

The board of Rane Brake Linings will meet on Thursday to consider quarterly and half-yearly results for the period ended September 2020. The company's board will also consider a proposal for buyback of equity shares.

Shareholders will monitor the buyback size, quantum of shares to be bought back, the price and the mode of purchase (from open market or through tender route on proportionate basis). Promoter interest in the buyback would also be an important factor.

The company had posted a loss of ₹6.89 crore and turnover of ₹36.82 crore for the first quarter of current fiscal.

Likhitha Infrastructure listing today

Shares of Likhitha Infrastructure, which saw a huge response from retail investors will be listed at the bourses on Thursday.

Likhitha Infrastructure extended its IPO till October 7 and reduced the price band to ₹116-120 (earlier ₹117-120) despite the issue being subscribed by over eight times as the mandatory qualified institutional bidders portion was subscribed just 0.45 times

However, after the extension the QIB portion saw strongresponse. The issue was subscribed 10 times overall with the retail portion oversubscribing to 24 per cent. The QIB portion on Wednesday was oversubscribed 22 times while that of high net worth investors portion was oversubscribed just two per cent.

With recent listings of some IPOs turning weak, focus will be on Likhitha Infrastructure listing

Zodiac Clothing: Pref allotment to promoters eyed

The board of directors of Zodiac Clothing Company Ltd will meet today to consider raising of Funds by way of Preferential Issue of Securities of the Company to the Promoters/Promoter Group of the Company and determine the issue price thereof.

Shareholders will monitor the size, mode and the price of the issue.

Currently, promoters hold 66.93 per cent stake in Zodiac Clothing. The company had posted a loss of ₹8.91 crore and revenues of ₹12.08 crore.

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Published on October 15, 2020
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