Essar Shipping on Monday informed the exchanges that its promoter Essar Shipping and Logistics has withdrawn the option to convert its foreign currency convertible bonds (FCCBs) into equity. On Thursday, the company had issued 12.3 lakh shares to its Cyprus-based promoter at ₹91.70 a share after the latter exercised the option of converting its FCCBs worth $240 million. The shares were issued at a pre-determined exchange rate of ₹46.94 a dollar. As of June 30, Essar Shipping and Logistics held 10.34 per cent stake in Essar Shipping. The FCCBs were issued by Essar Shipping Ports and Logistics. After the issuer demerged into Essar Ports and Essar Shipping in 2011, the bonds became the liability of Essar Shipping, it said in an exchange filing. The stock of Essar Shipping jumped 20 per cent to close at ₹30.65 on the BSE.

McNally Bharat has bagged ₹284-crore worth orders from Hindustan Zinc. In a notification to the exchanges, the company said it bagged a ₹98.4-crore worth order for plant and machinery; erection and commissioning and civil structures; ₹39.95-crore order for non-plant and machinery, and supply contract for ₹109.65 crore. All the orders are for two-tonne-per-year lead-zinc ore beneficiation at the Zawar mine of HZL. Shares of McNally Bharat closed almost flat at ₹68 on the NSE.

Ex-Infosys veteran Srinath Batni has joined the board of Cigniti Technologies as an Independent Director. Batni was the Head of Delivery Excellence at Infosys and served on its board as a Whole-time Director from May 2000 to July 31, 2014. The stock of Cigniti gained 1.5 per cent at ₹218.65 on the NSE.

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