Key results: Future Lifestyle, Dredging Corp, Equitas SFB, MSTC, Jindal Saw, PC Jeweller, Oil India, PTC India
About 120 companies will declare their quarterly/half-year results for the period ended September 2020. The companies include Akzo Nobel, Automotive Stampings, ADF Foods, Balaji Telefilms, Bharat Gears, Birla Tyres, DB Realty, Century Extrusions, DB Corp, Donear Industries, Dredging Corp, Equitas Small Finance Bank, Future Lifestyle, Globus Spirit, Gujarat Industrial Power, Gujarat Sidhee Cement, HG Infra, Hinduja Global, Indiamart Intermesh, JK Cement, Jindal Saw, Lumax Industries, Liberty Shoes, Madras Fertilizers, Morepen Lab, MSTC, OIL India, PC Jeweller, Parag Milk Foods, Polyplex Corporation, Prakash Pipes, PTC India, Punjab Chemicals, Raj Television, Ramky Infrastructure, Shree Renuka Sugars, SREI Infra, Shankara Building, Shemaroo Entertainment, Shivam Autotech, Star Paper Mills, Subex, Simbhaoli Sugars, Vipul, Voltamp Transformers, Vardhman Special Steels, XPro and Zuagri Agro.
L&T Finance Holdings plans to raise funds
The board of L&T Finance Holdings will be held on Monday to consider a proposal for raising of funds by issuance of equity shares or convertible bonds or debentures or any other securities, through permissible modes including but not limited to a rights issue, preferential issue or qualified institutions placement, as may be permitted under applicable law and subject to such regulatory/statutory approvals, as may be required.
Shareholders will closely monitor the means of fundraising, whether through debt or equity. If the board opts for the latter, the focus will be on the mode, whether through QIP or rights issue. Quantum of fundraising and pricing of the issue would be key factors.
The board of Biocon Biologics, subsidiary of Biocon Ltd has approved a ₹1, 125 Crore capital injection from Goldman Sachs. As per the terms of the proposed agreement, Goldman Sachs will be issued Optionally Convertible Debentures at a post-money equity valuation of $3.94 billion. The transaction is subject to customary approvals and conditions.
Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said, "We are extremely pleased to welcome a capital injection by Goldman Sachs at this inflection point of Biocon Biologics' journey in its quest for global leadership in providing affordable access through Biosimilar drugs. This transaction is a part of the overall strategic plan of value creation for our shareholders through Biocon Biologics."
Dilip Buildcon’s mining tender in focus
Dilip Buildcon Ltd has emerged as L1 bidder in the tender floated by MCL for development and operation of Siarmal Open Cast Project in Odisha. The mineable reserve of the block to be exploited over a contract period of 25 years is 1,091 million tonne at a Peak Rated Capacity of 50 mtpa. The contract period is 25 Years.
Shareholders will closely monitor further development.
Gland Pharma public issue opens today
The ₹6,500-crore initial public offering of Gland Pharma will open for subscription on Monday and will close on November 11.
The company has already raised ₹1,943.86 crore from anchor investors on Friday ahead of the public issue, at the higher end of the price band of ₹1,490-1,500 per share.
The issue consists of a new issue of ₹1,250 crore and an offer for sale of over 3.48 crore shares by promoters and others.
Chinese company Fosun Pharma Industrial Pte Ltd holds 74 per cent stake in Gland Pharma.
The company management recently clarified the Enforcement Directorate directive to the company not to transfer 3.87 per cent equity held by (B Ramalinga Raju) tainted promoter of erstwhile Satyam Computer Services Ltd, is a decade-old matter and will not impact the IPO.