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The board of Tata Steel has approved issue of debt securities of up to ₹3,000 crore via NCDs on a private placement basis. The board also approved infusion of $2.11 billion in T Steel Holdings Pte and conversion of debt instruments worth $565 million held in T Steel Holdings.
General Atlantic Singapore Fund is likely to sell at least 4.1 per cent stake in KFin Technologies, according to market talks. While the floor price has been fixed at ₹712.5 in discount to Wednesday’s closing price, the issue size can be upsized to 6.8 per cent, according to the market buzz.
Market buzz is that IRB Holding Pvt. Ltd. and Deepali Virendra Mhaiskar together intend to sell up to 4 per cent or 24 crore shares of IRB Infrastructure through block deal. Offer price range is likely to be in the range of ₹63- ₹72.7 a share.
RR Kabel will be another company that will witness block deal on Thursday. The talk is that TPG Asia plans to sell its entire stake of 5 per cent stake or 56 lakh shares in wire and cable manufacturer at around ₹1,718 apiece.
Enterprise software provider Ramco Systems on Wednesday said its wholly-owned subsidiary in Malaysia, Ramco Systems Sdn Bhd, has inked a strategic partnership with human capital management solutions firm Ramssol Group Berhad. As per the partnership, Ramssol would distribute, resell, and implement Ramco’s enterprise applications, including the recently launched Artificial Intelligence-Machine Learning (AI-ML) powered ‘Ramco Payce’ in the Southeast Asia region.
United Breweries - controlled by Dutch brewing major Heineken, AB-InBev, and Carlsberg - on Wednesday announced jointly forming a new industry body Brewers’ Association of India (BAI). The three brewers -- UBL, Brewer Anheuser-Busch InBev (AB InBev) -- which owns brands as Budweiser, Hoegaarden, and Corona, along with Carlsberg, which operates here with Carlsberg and Tuborg brands, together account for about 85 per cent of the beer sales in India.
Engine Lease Finance BV, an aircraft engine lessor of SpiceJet, has moved an insolvency plea before the NCLT against the debt-ridden air carrier over non-payment of over $12 million (around ₹100 crore). Engine Lease Finance (ELF) has leased eight engines to SpiceJet. Along with interest and rental, ELF has claimed an amount of around $16 million.
S&P Global Ratings on Wednesday revised outlook on six Indian banks to positive from stable, mirroring the rating action on the sovereign. It affirmed BBB- long-term and ‘A-3’ short-term ratings on Axis Bank, ICICI Bank, State Bank of India, HDFC Bank , Kotak Mahindra Bank and Indian Bank, and also affirmed the issue ratings on the banks. “At the same time, we have revised upward our assessment of the stand-alone credit profile (SACP) of Axis Bank and ICICI Bank by one notch each,” it said.
S&P also revised the rating outlook to positive from stable on state-owned NTPC, ONGC, and Power Grid and affirmed ‘BBB-’ issuer and issue ratings on these companies. “We revised the rating outlook on NTPC Ltd, Oil and Natural Gas Corp. Ltd. (ONGC), and Power Grid Corp. of India Ltd. to positive from stable. At the same time, we affirmed our ‘BBB-’ issuer and issue ratings on these companies,” S&P said in a statement.
The Reserve Bank on Wednesday imposed business restrictions on Edelweiss Group’s lending and asset reconstruction arms on concerns over evergreening of loans. The central bank has asked ECL Finance Ltd (ECL) to cease and desist from undertaking any structured transactions in respect of its wholesale exposures, other than repayment and/or closure of accounts, an official statement said. The Edelweiss group entities were “resorting to new ways to circumvent regulations” instead of taking remedial action on the deficiencies, the central bank said. The business restrictions are necessitated because “no meaningful corrective action has been evidenced so far”, it added.
Singapore-based Nalanda Capital on Wednesday divested a 1.4 per cent stake in Great Eastern Shipping Company for ₹209 crore through an open market transaction. Investment firm Nalanda Capital through its arm Nalanda India Fund Ltd offloaded 20 lakh shares via a bulk deal on the BSE at an average price of Rs 1,045.14. Ghisallo Master Fund LP bought 9.94 lakh shares of GE Shipping Co Ltd.
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