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Aditya Birla Finance receives Rs. 1,000 Crore, 7-year ‘green’ loan from IFC

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

IFC, a member of the World Bank Group, has extended a 7-year longterm loan of Rs. 1,000 crore to Aditya Birla Finance Ltd. (ABFL), the NBFC arm of Aditya Birla Capital Limited (ABC). ABFL is a well-diversified non-banking finance company (NBFC) with a long term credit rating of AAA from both ICRA as well as India Ratings. ABFL will use the proceeds to finance renewable energy projects and help the country move towards its target of 175 GW of renewable energy capacity by 2022.

The IFC green loan, sanctioned in March 2018, is an Indian rupee loan under Track III of the Reserve Bank of India’s guidelines for external commercial borrowings.

India’s power sector is one of the largest in the world, but the country’s per capita consumption of electricity is less than a fourth of the global average. The government wants to provide electricity 24×7 to the entire country by 2019, while minimizing the impact on the environment. For that, it plans to increase the renewable energy capacity to 175 GW, comprising solar, wind, biomass, and small hydro, by 2022.

“We are delighted to partner with IFC, with which we have a very good relationship. This is not just about a loan but also about being able to access the expertise that IFC has in this area and together making a small difference to the energy requirements of our country,” said Mr. Ajay Srinivasan, Chief Executive of Aditya Birla Capital. Read more

NTPC Ltd. pays Final Dividend of Rs. 1,970.67 crore for FY 2017-18

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

NTPC Ltd. pays Final Dividend of Rs. 1,970.67 crore for FY 2017-18

For the financial year 2017-18, NTPC Ltd. has paid a final dividend of Rs. 1,970.67 crore, being 23.90% of the paid-up equity share capital of the Company.

The RTGS advice for the transfer of Rs. 1,217.29 crore to Government of India, being the share of Government of India in the final dividend, was presented to Shri R.K.Singh, Hon’ble Minister of State (Independent Charge) for Power and New & Renewable Energy by Shri Gurdeep Singh, CMD, NTPC, in the presence of Sh. A.K.Bhalla, Secretary (Power) from Ministry of Power and Shri K Sreekant, Director (Finance), Shri Saptarshi Roy, Director (Human Resources), Shri. S.K.Roy, Director (Projects), Shri Prakash Tiwari, Director (Operations) and Shri Prasant Kumar Mohapatra, Director (Technical) from NTPC Ltd. Read more

MultiFit Wellness Plans to Invest Around Rs 60-70 Cr in South India Market

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

MultiFit Batch training

India’s largest Functional Fitness Studio Brand ‘MultiFit Wellness Private Limited’, today announced that it had sealed a definitive agreement with Mr. Krishna Chivukula Jr. (CEO, INDO-MIM Pvt Ltd) & Sumit Rathor’s (renowned Golfer, former President and captain Karnataka Golf Association, and Founder Sumit Rathor Consulting Pvt Ltd) newly formed venture Skyefit LLP for expansion of its Bengaluru Operations. As per the terms of the agreement MultiFit and Skyefit will together open 17 large format functional fitness studios in the city over next 12 months, two within the next two months and five before the year end, for which all properties have been finalized and construction work has commenced. The announcement by the brand, which earlier this year marked its entry into the city with the launch of its Indiranagar studio, forms a part of its larger South India expansion focus unveiled by the company recently. The company also announced that it would be opening its South India operations headquarters in Bengaluru shortly. Read more

Srei reports consolidated PAT of Rs 139.55 crore during Q1FY19 versus Rs 65.15 crore during Q1FY18

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

Srei Infrastructure Finance Limited (“Srei”), one of India’s largest holistic infrastructure institutions, has reported a consolidated profit after tax (“PAT”) of Rs 139.55 crore during the quarter ended June 30, 2018 as compared to Rs 65.15 crore during the corresponding quarter of last year.

 

In line with direction from Ministry of Corporate Affairs, Srei has adopted Indian Accounting Standards (“IND AS”) with effect from April 1, 2018. Financial results for the quarter ended June 30, 2018 are prepared and reported in compliance with IND AS requirements. For the same quarter of previous year, figures have been revised as per IND AS requirements.

 

Under IND AS, provisioning on loans is done as per Expected Credit Loss (ECL) methodology based on three stages, being , Performing Assets (Stage 1), Under-Performing Assets (Stage 2) or Non – Performing Assets (Stage 3). Stage 3 assets are restricted not just to NPAs (Above 90 DPD) but also include AAD, NCLT and Restructured Assets (S4A , CDR, SDR).  The company has provided accelerated provisioning on loans and investments under IND AS, which has been adjusted against opening reserves during IND AS transition. Currently, the company has accomplished adequate provisioning and this quarter’s result reflects a steady state profitability and improved ROE. Read more

Varroc Engineering Ltd. revenue from operations for Q1 FY19 increased by 28.8% YoY to Rs 29,188 million

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By Vivek K. Mobile: 09920183006 Email:indianshowbusiness@gmail.com

Varroc Engineering Ltd. (Varroc), a global tier-I auto component group, today announced its results for the first quarter ended June 30, 2018 (Q1 FY19).

Summary Consolidated Financials

      (Rs million)

Consolidated Financial Performance

  • Reported revenue from operations for the quarter was Rs 29,270 million, an increase of 20.2% over Q1 FY18. Revenue growth, excluding the impact of Excise Duty in Q1 FY18 and the Interior Plastics Business in North America which was phased out during FY18, was at 28.8% YoY. The India Business revenue increased by 28.3%, the Global Lighting Business (VLS) by 29.1% and Others by 31.8% over Q1 FY18.

  • The reported EBITDA for Q1FY19 was Rs 2,412 million, an increase of 9.1% YoY. EBITDA on a like-for-like basis was up by 26.0% and the EBITDA margin on like-for-like basis for the quarter was at 8.8%.

  • The PAT for the quarter was at Rs 1,004 million as compared to Rs 984 million for Q1 FY18. Read more

CreditAccess Grameen Ltd. allots Rs. 339.36 cr to 23 anchor investors at Rs. 422 per Equity Share

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By Vivek K. Mobile: 09920183006 Email:indianshowbusiness@gmail.com

  • Initial Public Offer to open on August 8, 2018 and to close on August 10, 2018
  • Price Band: Rs. 418 to Rs. 422 per Equity Share

CreditAccess Grameen Limited (the “Company” or “Issuer”), allotted 80,41,617 equity shares to 23 anchor investors at Rs. 422 per Equity Share (upper end of the Price Band) aggregating to Rs. 339.36 crore.

Anchor investors include: 1) NEUBERGER BERMAN EMERGING MARKETS EQUITY FUND 13.26%; 2) ICICI PRUDENTIAL BANKING AND FINANCIAL SERVICES FUND 11.79%; 3) EASTSPRING INVESTMENTS INDIA EQUITY OPEN LIMITED 10.81%; 4) PICTET – INDIAN EQUITIES 9.43%; 5) SUNDARAM MUTUAL FUND A/C  SUNDARAM RURAL AND CONSUMPTION FUND 7.37%; 6) HDFC STANDARD LIFE INSURANCE COMPANY LIMITED 5.89%; 7) EDELWEISS ALTERNATIVE INVESTMENT OPPORTUNITIES TRUST-EDELWEISS CROSSOVER OPPORTUNITIES FUND 5.75%; 8) TATA VALUE FUND SERIES 1 4.42%; 9) CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED 4.13%; 10) MIRAE ASSET INDIA SECTOR LEADER EQUITY FUND 3.31%; 11) IIFL FOCUSED EQUITY FUND 2.95%; 12) BNP PARIBAS ARBITRAGE 2.48%; 13) CANARA ROBECO MUTUAL FUND A/C CANARA ROBECO EQUITY TAX SAVER FUND 2.36%; 14) MIRAE ASSET INDIA SOLOMON EQUITY INVESTMENT TRUST 1 1.99%; 15) BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED 1.87%; 16) EASTSPRING INVESTMENTS-INDIA EQUITY FUND 1.86%; 17) HSBC SMALL CAP EQUITY FUND 1.51%; 18) TATA VALUE FUND SERIES 2 1.48%; 19) TATA BANKING & FINANCIAL SERVICES FUND 1.48%; 20) INDIA ACORN FUND LTD 1.47%; 21) AL MEHWAR COMMERCIAL INVSTMENTS LLC – (WHITING) 1.47%; 22) ASHOKA INDIA EQUITY INVESTMENT TRUST PLC 1.47%; 23) ASHOKA PTE LTD 1.47 %.

The Company proposes to open on August 8, 2018, an initial public offering of equity shares of Face Value of Rs. 10 each (“Equity Shares”) for cash at a Price per Equity Share (including a Share Premium) (“Offer”) comprising a fresh issue of up to [●] Equity Shares aggregating up to Rs. 6,300 million (“Fresh Issue”) and an offer for sale of up to 11,876,485 Equity Shares by the Promoter, CreditAccess Asia N.V. (“Promoter Selling Shareholder” and such offered shares, the “Offered Shares”) (“Offer For Sale”).

The Bid/Offer Period closes on August 10, 2018.

The Price Band for the Offer is from Rs. 418 to Rs. 422 per Equity Share. Bids can be made for a minimum lot of 35 Equity Shares and in multiples of 35 Equity Shares thereafter.

The Equity Shares are proposed to be listed on BSE and NSE.

The Book Running Lead Managers (“BRLMs”) to the Offer are ICICI Securities Limited, Credit Suisse Securities (India) Private Limited, IIFL Holdings Limited and Kotak Mahindra Capital Company Limited. Read more

TCNS Clothing Co. Limited allots Rs. 337.5 crores (47,14,210 equity shares) to 33 anchor investors at Rs. 716 per equity share

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By Vivek K.  Mobile: 09920183006 Email:indianshowbusiness@gmail.com

TCNS Clothing Co. Limited allots 47,14,210 equity shares at Rs. 716 per equity share (upper end of the Price Band) to 33 anchor investors aggregating to Rs. 337.5 crores. The anchor book is well distributed anchor book witnessing participation from global and local institutional investors.

Anchor book of INR 337.5 crores with bids from over 30+ schemes of 24 institutional investors
Well distributed anchor book witnessing participation from global and local institutional investors
Participation from various pockets of demand including FII long only investors, private equity funds, local mutual funds, insurance companies and alternative asset managers
60% of the anchor book allocated to FII long only and private equity investors and c. 30% allocated to local institutions
Marquee FII investors like Fidelity, Goldman Sachs, GMO, Steinberg, White Oak Capital and private equity sponsors like ChrysCapital participated as anchors
Few first time anchor investors in India IPO like Al Mehwar Investments (from Abu Dhabi) and Sylebra Capital from Asia participated
Among local institutions, Axis Mutual Fund, Birla Mutual Fund, ICICI Prudential Life Insurance, Sundaram Mutual Fund, Edelweiss group and IIFL group were key participants

Names of anchors:

1) FIDELITY SECURITIES FUND – FIDELITY BLUE CHIP GROWTH FUND – 8.58% of the total anchor portion, 2) FIDELITY INVESTMENT TRUST FIDELITY INTERNATIONAL DISCOVERY FUND – 6.73%, 3) FIDELITY SECURITIES FUND-FIDELITY SERIES BLUE CHIP GROWTH FUND – 2.02%, 4) GMO EMERGING DOMESTIC OPPORTUNITIES FUND, A SERIES OF GMO TRUST – 10.07%, 5A) Read more

Max Life Insurance to distribute Rs. 1,084 crore as bonus to its participating policyholders

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

Max Life Insurance, one of the leading life insurance companies of India, announced bonus for its participating policyholders. During the period July 1, 2018 to June 30, 2019, Max Life Insurance will be paying Rs.1,084 crore as policyholder bonus on the participating policies in-force, an increase of 27% over Rs. 854 crore in the same period in the previous year. The bonus distribution will benefit ~15 lacs participating policyholders of Max Life Insurance. This is the 16th year in a row when Max Life Insurance has announced bonus.

 

Max Life Insurance’s participating policyholder fund at Rs. 26,570 crore (as on 31st March, 2018) is one of the largest in the industry and has grown at Compounded Annual Growth Rate (CAGR) of  ~35% over 10 years. This indicates trust Max Life’s customers have reposed in its participating plans. Read more

NTPC Inks Rs. 1,500 crore Term Loan with HDFC Bank

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

NTPC Signs Term Loan of Rs 1500 crore with HDFC Bank

NTPC, India’s largest power generating company, has signed term loan agreement for Rs. 1,500 crore with HDFC Bank Limited on 10th July, 2018 for its various projects. The loan has a door-to-door tenure of 15 years and will be utilised to part finance the capital expenditure of NTPC and has been extended at an interest rate linked to 3-months Marginal Cost of funds based Lending rate (MCLR) of the bank. Read more

Poonam Pandey to get Rs 1 crore for Football Final Match

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

Poonam Pandey

Poonam Pandey is all set to attend  the screening of final football match on 15th July  at an event in ASia’s Biggest Club in Nepal.
The actress will reportedly get a hefty amount of Rs 1 crore for the event taking place in Nepal at Club Dejavu, Kathmandu.
Managing director of the Club Manoj Shrestha said, “It was a delight to have Poonam agree to attend the screening and Cheer with the audience for football final match.” Read more