Merging Future Group entities:
- FEL will issue 9 equity shares to the equity shareholders of Future Consumer Limited (FCL) for every 10 fully paid up equity share each of FCL.
- FEL will issue 116 equity shares to the equity shareholders of Future Lifestyle Fashions Limited (FLFL) for every 10 fully paid up equity share each of FLFL.
- FEL will issue 18 equity shares to the equity shareholders of Future Market Networks Limited (FMNL) for every 10 fully paid up equity share each of FMNL.
- FEL will issue 101 equity shares to the equity shareholders of Future Retail Limited (FRL) for every 10 fully paid up equity share each of FRL.
- FEL will issue 131 equity shares to the equity shareholders of Future Supply Chain Solutions Limited (FSCSL) for every 10 fully paid up equity share each of FSCSL.
- No shares would be issued upon merger of wholly owned subsidiary, Future Bazaar India Limited (FBIL) and its wholly owned subsidiary companies, pursuant to the Scheme, since merging with holding company.
Transfer of Business undertakings to Reliance Retail:
- Logistics & Warehousing Undertaking would be transferred to and vested in Reliance Retail Ventures Limited as a going concern on slump sale basis for a consideration of Rs. 25.22 crore.
- Retail & Wholesale Undertaking would be transferred to and vested in Reliance Retail and Fashion Lifestyle Limited, a wholly owned subsidiary of RRVL, as a going concern on a slump sale basis for a consideration of Rs. 5,628.33 crore.
- Total lumpsum aggregate consideration of INR 24,713 crore
Future Enterprises also approves preferential allotment of equity shares and warrants to Reliance Retail. Future Enterprises will issue a total of 158.63 lakhs equity shares/warrants for an average price of INR 16.65 crores aggregating to a total of INR 2,800 crores.
- INR 1,200 crore in the preferential issue of equity shares of FEL to acquire 6.09 % of post-merger equity; and
- INR 400 crore in a preferential issue of equity warrants which, upon conversion and payment of balance 75% of the issue price, will result in RRFLL acquiring further 7.05% of FEL.
The Indian Hume Pipe - Q1 update
- The Company has reported an EBIDTA of INR 16.81 Crores as against INR 52.15 Crores reported in the corresponding quarter of the previous year.
- The estimated balance value of the work as at 18th August, 2020 is INR 4,445.00 Crores as against INR 4,354.83 Crores as at 9th August, 2019.
- The Company is L I in one project having value of INR 134.82 Crores as at 18th August, 2020.
Wockhardt Limited - Q1 (Cons) update
- Emerging Market Business of the Company stood at Rs.139 crore in Q1FY21 (PY Rs.144 crore). Emerging Market business contributed about 21% of the Global Revenue.
- Irish Business stood at Rs.33 crore in Q1FY21 (PY Rs.38 crore).
- US Business stood at Rs.114 crore in Q1FY21 as compared to Rs.186 crore in Q1FY20. US Business contributed 17% of the Global Revenue.
- UK Business during the quarter stood at Rs.218 crore in Q1FY21 (PY Rs.225 crore). UK Business contributed about 33% of Global Revenue.
- India Business stood at Rs.116 crore in Q1FY21 as compared to Rs.244 crore in Q1FY20. De-growth is mainly on account of lower sales in Quality Generics division and in some of the therapeutic areas. India Business contributed 18% of the Global Revenue.
- Total EU Business contributed 43% of the Global Revenue.
R&D and Capital Expenditure:
- Research & Development expenditure during the quarter was at Rs.38 crore (6% to sales) and including capital expenditure is at 7.8% to sales.
- Capital expenditure during the quarter was Rs.31 crore
- The Board of Directors, in their meeting held on June 09, 2020, concluded the Business transfer agreement (BTA) entered into between the Company and Dr. Reddy's Laboratories Limited (Purchaser) dated February 12, 2020.
- The profit from aforesaid Transfer of Business Undertaking (excluding the Hold-back Amount of Rs. 300 crore) amounting to Rs. 1,470.32 crore has been included as 'Exceptional Items - discontinued operations'.
Debt Position: Net Debt-Equity ratio as on 31st March 2020 stood at 0.84 and as on 30th June 2020 stood at 0.31.
Suzlon - Q1 (Cons) update
Full read: Suzlon Q1FY21.pdf (3.79 mb)
CARE Ratings has upgraded the rating of the credit facilities of Jindal Stainless Limited to 'CARE BBB' with a stable outlook. The previously assigned rating by CARE was that of 'CARE BBB-'. Given JSL's strong financial and operational profile, the improved rating reflects a resilient business strategy despite interruptions caused due to pandemic over past few months.
CARE Ratings factors in the steady growth in the Company's sales and stable operating performance over a period of FY18 to FY20. CARE Ratings has upheld the Company's leadership position in the domestic stainless steel market. This is a testimony to the increased financial flexibility of JSL after its CDR exit and its consistent efforts for debt reduction.
Full read: Jindal Stainless rating upgrade by CARE.pdf (929.29 kb)
The Committee of Directors of L&T Finance Holdings Limited has approved today, allotment of 1,950 NCDs of face value of INR 10,00,000 each at par aggregating to a nominal amount of INR 195 Crore on a private placement basis to the identified investor.
With reference to our letter dated 26th June 2020, wherein the Board of Directors had given in principle approval for raising of capital through debt issue, the Board will meet on Wednesday, 2nd September, 2020 to consider fund raising by way of issuance of unlisted, secured, redeemable nonconvertible debentures (NCD) upto Rs. 150 Cr. to International Finance Corporation (Debt Issue) .
Patel Engineering - Q1 (Cons) update
SJVN Limited - Q1 (Cons) update
Apex Frozen Foods - Q1 update
Full read: Apex Frozen Foods Q1FY21.pdf (2.28 mb)
Avantel signed a contract worth of Rs. 96.76 Cr with IHQ, MoD (Indian Navy) for supply of Communication Equipment for Indian Naval Ships.
Steel Strips Wheels confirms export orders for nearly 37,000 wheels for Europe Caravan Trailer Market to be executed in November & December from its Chennai plant. Total value is around 253K USD.
Brahmaputra Infrastructure Limited has bagged order Worth INR 15.39 crores from the office of Chief Engineer Project Udayak — PIN- 931715 C/O 99 APO for execution of Construction of PMT Married Accommodation Phase- 1 for HQ Project Udayak at DoomDooma Including Planning, Design, Drawing and Construction of Internal Roads.
CARE Ratings has revised the Company’s Ratings for:
1. Long-Term Bank Facilities (Fund Based) upgraded from “CARE BB+; Under credit watch with positive implications” to “CARE BBB-; Stable”; and
2. Short Term Bank Facilities (Non-Fund Based) upgraded from “CARE A4+; Under credit watch with positive implications” to “CARE A3”
CARE Ratings has revised the Company’s ratings on account of improvement in company’s liquidity position over medium term owing to execution of business transfer agreement with Dr. Reddy’s Laboratories Limited in June, 2020.
PNC Infratech- Q1 (Cons) update
Himatsingka Seide - Q1 (Cons) update