Godrej Consumer Products has acquired FMCG business of Raymond Consumer Care Ltd (RCCL). The acquisition cost is ₹2,825 crore and the deal is expected to be completed by May 10. With this transaction, Godrej will get Raymond’s marquee brands, such as Park Avenue, KS, KamaSutra, and Premium. Park Avenue as a clothing brand will remain with Raymond. RCCL will be a listed entity with a pure-play consumer-focused lifestyle business and sell the consumer products business to GCPL in a slump sale. This will enable RCCL to be free of net debt.
The Board of Directors of Wipro has approved the buyback of equity shares worth ₹12,000 crore from shareholders. The company plans to buy up to 26.97 crore (being 4.91 per cent of the total number of equity shares) on a proportionate basis by way of a tender offer at a price of ₹445 per equity share. The buyback price is at a premium of nearly 19 per cent to Thursday’s closing price of Wipro on the exchanges. Members of the promoter and promoter group of the company will also be participating in the proposed buyback
Also read: Wipro records muted Q4, net down 0.4%
IRB Infrastructure Developers has emerged as the selected bidder for the project of tolling, operation, maintenance, and transfer (TOT) of Nehru Outer Ring Road in Hyderabad, Telangana. The total length of the project road is 158 km. The company has received the Letter of Award from Hyderabad Metropolitan Development Authority (HMDA). IRB will pay the upfront concession fee of ₹7,380 crore to HMDA for revenue-linked concession period of 30 years.
A dealer of Life Insurance Corporation (LIC) of India has been caught by SEBI for front-running the trades in the stock market of the insurance giant. In its order issued on Thursday, SEBI barred LIC dealer Yogesh Garg from buying, selling, or dealing in securities until further orders. SEBI has barred four of his relatives too.
State Bank of India has raised $750 million via a 5-year bond issuance at a coupon rate of 4.875 per cent.
Results Calendar: Atul, CarTrade Tech, CSB Bank, eMudhra, Himadri Speciality Chemical, L&T Finance Holdings, Mahindra & Mahindra Financial Services, Ramkrishna Forgings, Star Health and Allied Insurance Company, SBI Cards and Payment Services, Tata Metaliks, UltraTech Cement and Vedant Fashions,