TOP CORPORATE NEWS - 25 FEB 2016

Just Dial's Rs165-cr buyback opens today

Just Dial will buy back up to 10,61,499 fully paid-up shares of face value of Rs 10 each at a price of Rs1,550 a piece for an aggregate amount of up to Rs164.53 crore.

The buyback will be undertaken on a proportionate basis from the shareholders holding shares as on December 4 by way of tender offer via the stock exchange mechanism.

The share re-purchase program will close on March 10, 2016.

Government may auction stake in ITC, L&T to achieve divestment target

ITC & L&T: As per media reports Government may auction stake in ITC and L&T to achieve divestment target.

The stakes are held via SUUTI, a state-controlled entity that was created at the time of the bailout of the erstwhile Unit Trust of India (UTI) in 2001 - Sentimentally negative for ITC & L&T.

Crompton Greaves to decide record date for demerger

Crompton Greaves will hold a meeting today to decide record date to entitle shareholders of demerged consumer business.

The stock had reacted negatively in the recent past due to lack of clarity on time line of listing of consumer business. However this would improve clarity.

SAIL plans to invest over Rs10,200 cr on mines

SAIL will invest over Rs10,200 crore on mine development as the domestic steel giant embarks on a modernisation and expansion programme.

The Maharatna PSU's modernisation and expansion drive is to enhance its steel production capacity from 12.8 million tonnes per annum (MTPA) to 21.4 MTPA at an indicative investment of Rs61, 870 crore.

NTPC raises Rs655 cr via private placement

Leading power company, NTPC Ltd has said that the company has raised Rs655 crore through private placement of secured non-convertible debentures at a coupon of 8.33% p.a. with a 5 year door-to-door maturity on February 24, 2016.

The proceeds will be utilized to finance capital expenditure / refinancing the debt requirement in on-going projects including recoupment of expenditure already incurred.

                                                

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