Here are stocks that are in news today:
Wilmar-Shree Renuka deal: Wilmar says -To buy stake in Shree Renuka Sugars-Acquired stake in Shree Renuka for approximately USD 200 million-Proceeds of fund-raising to be used by Renuka to repay debt-First step to involve investment of USD 83 million via preferential issue-To issue 25.7 crore preference shares at Rs 20.08/share-Company will hold 27.5 percent of Renuka in expanded equity share capital-Company, promoters to bring in open offer for up to 26 percent at Rs 21.89/share-In second Stage, company and promoters to raise up to Rs 725.4 crore via rights issueAlert: Shree Renuka current market price (CMP) at Rs 22.40/shareAlert: Preference issue for deal announced at 10 percent discount to CMPAlert: Open offer for deal at maximum 2.3 percent discount to CMP
Wilmar-Shree Renuka Deal: Shree Renuka to CNBC-TV18-Rationale behind deal is to strengthen Renuka in long-term-'Very strategic deal, to build a partnership'-Company will have total primary infusion of Rs 1,242 crore-Will have an open offer as per SEBI guidelines-Move as a part of recapitalisation of equity-Recapitalisation was more important than valuation-To have equal stake as Wilmar after rights issue-Board still has to decide on pricing of rights issue-Expect debt to go down to Rs 2,500 crore in India post deal-Seeing strong signs of turnaround in sugar prices-Company will benefit from strategic inputs from Wilmar-Company and Wilmar have equal shareholdings post deal
HT Media announces closure of buy back-Have bought back 75 percent of target-Bought back 22.7 lakh shares for nearly Rs 19 crore-Was targeting to buy back shares worth Rs 25 crore
Tata Power/Neyveli Lignite-Financial bids for 750 MW solar projects to open today-Techno-commercial evaluation of bids were done on January 20 after which 63 companies, including Azure Power, Tata Power Renewable Energy and Neyveli Lignite Corporation, were cleared for the next bidding stage
Reliance Infrastructure spokesperson says-Shocked at false and baseless allegations by AAP for political considerations-AAP’s release full of factual inaccuracies-AAP’s release reflects party’s disregard for truth and accuracy-Average cost of power purchases for company not over Rs 6/unit as falsely alleged by AAP-Company does not buy any short term power at Rs 12/unit as falsely alleged by AAP-Company does not buy any exorbitantly priced power from sister concerns as falsely alleged by AAP-Company buys entire capacity of low cost 500 MW from its Dahanu power plant-There is no availability of any further power at Dahanu
Telecom ministry issues M&A guidelines-Combined revenue and customer market share kept at 50 percent for merger-Time period of one year will be allowed for merger of licences-Buyer to pay difference between spectrum entry fee and market price-Unified Licence (UL) with respective authorisation must for any additional service-Companies to get one year to bring down market share if it exceeds 50 percent-Resultant companies' spectrum holding in service area cannot cross 25 percent-Will allow merger of internet service providers with telecom companies-Merged company to pay for spectrum not acquired via auction-Spectrum validity period to be unchanged post merger of companies
Former Bharti CEO Sanjay Kapoor on CNBC-TV18-50 percent market share cap entails enough headroom for M&As-Commercials in M&A guidelines are a dampner-No clarity yet on payment timeline for additional spectrum
Gujarat Petro-Tribunal scraps PNGRB tariff order for grid network-Tribunal says tariffs effective only from order date
United Bank of India-Retracts earlier statement on Infosys' banking software-United Bank says no inherent problem in Infosys' banking software Finacle
Mahindra & Mahindra Financial Services to CNBC-TV18-Total loan book size currently at Rs 32,000 crore-Expect loan book size to increase in near-term-Tractor sales have been good in the last 6-8 months
High Court-Seeks Delhi power regulator reply on plea against 2013 rate hike-Asks Delhi power regulator if norms followed in 2013 tariff hike
Other stocks and sectors that are in news today:-Adani Ports wins Ennore container terminal project-Singapore’s PSA pips Adani Ports, wins Rs 8000 crore bid to build JNPT Terminal: Reports -Ultratech Cement looks to buy Jaypee’s cement business in Himachal: Mint-Ministry may consider Gems & Jewellery Export Promotion Council's (GJEPC) plea towards reduction of import duty on gold from 10 percent to 2 percent-Banks seek asset sale by Varun Shipping: Mint
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
