ISMT Limited, one of the largest integrated specialized seamless tube manufacturers in India, has announced the Scheme of Arrangement and Merger to amalgamate and consolidate its entire Undertaking business and operations withKirloskar Ferrous Industries Limited (KFIL). The appointed date of the proposed scheme is April 1, 2023. All the liabilities of ISMT immediately before the merger appointed date shall stand transferred to KFIL by virtue of the merger. Shareholders holding not less than three-fourth in value of the shares in ISMT shall become shareholders of KFIL by virtue of the merger (other than shares already held therein by KFIL).
NIITLimited, a global talent development corporation and leading provider of managed training services, has acquired 100 per cent membership interest in St. Charles Consulting Group LLC (StC) through its wholly owned subsidiary, NIIT (US), Inc. The acquisition was completed at a fixed consideration of $23.428 million subject to certain adjustments as per definitive agreements. In addition, the definitive agreements provide for payment of annual performance based earnouts over the next four years.
The board of directors ofTriveni Engineering and Industries Limited has approved the proposal for buyback of fully paid-up equity shares from all shareholders as on record date, which will be decided subsequently, on a proportionate basis, through the tender offer route The company will buyback at ₹350 a share, for an aggregate amount not exceeding ₹800 crore.
Mangalore Chemicals & Fertilizers Limited (MCF), a subsidiary of Zuari Agro Chemicals Limited, an Adventz Group company, has announced the successful implementation of the Ammonia Energy Improvement Project. The project was implemented at a capital cost of over ₹400 Crore and is expected to deliver significant improvement to the bottom line.
Alphalogic Industries Limited, the subsidiary company of Alphalogic Techsys Limited, has received an order to design, manufacture and supply Medium Duty Racking System to Kalyani Powertrain Limited, a Group company of Bharat Forge Limited. The order is expected to complete within this quarter.
Take Solutions Ltd has announced that there was a ransomware attack on its ERP hosted with a third-party cloud service provider. While the financial records are intact, the hackers have encrypted the folders containing the attached documents to the books of account. The technical team as well as the management of the Company is trying to expeditiously resolve the issue. However, this incident has affected the ongoing audit of the financial results for the quarter ended September 30, 2022.
The Board of Escorts Kubota has approved a proposal to purchase Rough Terrain (RT) Crane Business and the associated equipment and parts (including spare parts) from Tadano Escorts India Private Limited (TEIPL) for lumpsum consideration of ₹16.59 crore. by way of slump sale on a going concern basis. The board also approved proposal to sell, 7,27,65,000 fully paid-up equity shares of ₹10 each of Tadano Escorts India Private Limited (TEIPL), which constitute 49 per cent stake held by the Company in TEIPL, a joint venture between the Company and Tadano Limited, Japan (Tadano), to Tadano, at ₹0.01 crore and to execute the requisite agreement(s)/document(s).
Rail Vikas Nigam Limited has been awarded contract worth ₹137.55 crore for increasing speed potential to 160 KMPH in Pradhankhanta - Bandhua Section of Dhanbad Division under East Central Railway. The order is for Design, Supply, Erection, Testing and Commissioning for OHE Modification Work in the existing 25 kV OHE for increasing speed potential to 160 KMPH in Pradhankhanta - Bandhua Section of Dhanbad Division under East Central Railway, Total 202 RKM/ 425 TKM.
Dr Reddy’s Laboratories has earmarked a capex of around ₹1,500 crore for FY23 with major part of it slated to go into building capacities for its biosimilar and injectable businesses, according to CFO Parag Agarwal.
The board of Bank of India has approved raising of Tier-1 capital by issue of Basel-III compliant additional tier-I (AT-I) bonds of up to ₹2,500 crore, it said in a regulatory filing.
The board ofIDBI First Bank approved a fund raising of ₹4,000 crore in the next one year. The funds will be raised in one or more tranches by way of issuance of equity shares/tier 1 capital, with the intent to further strengthening the balance sheet.
Results Calendar: Aditya Birla Capital, Affle, Akashdeep, Alkyl Amines, Amarjothi Spinning Mills, Anmol, Anuh Pharma, Archidply, Auto Axles, Avadh Sugar, Baba Arts, Bannari Amman Sugars, Beeyu Overseas, Bliss GVS, BPCL, Cera Sanitaryware, Coal India, Coral Newsprints, Diamond Power, Divis Labs, Dr Agarwal’s Eye, Emkay Financial, Gloster, Grauer Weil, Greenply, Gujarat Themis, Hitech Gears, HT Media, India Cements, India Gelatine, Indo AMines, Insecticide, JBF Ind, Jet Freight, KEC International, KPR Mill, Lancer Container, Majesti Auto, Mold Tek Packaging, MT Educare, Nahar INd, Nucleus Software, Payam Cements, Paytm, Policy Bazaar, Ramco Systems, Rate Gain, Sequent, Sintex, SPARC, Sundaram Clayton, Texmaco Infra, Texmaco Rail, TTML, Ucal Fuel, Ujjivan SFB and Vascon Engg.