TOP CORPORATE NEWS - 03 JUNE 2016

Idea Cellular tanks on stake sale by Providence Asia

Shares of Idea Cellular tanked by 11% to Rs105 on NSE in an otherwise strong markets on back of reports that the Providence Asia Investments has planned to sell 1.25 cr shares (7% stake) at 110.5/share to 112.5/share, 5.1%-6.8% discount from last closing price of Rs118.3

The stock opened at Rs113.30 marking days low at Rs104.20 with an intraday high of Rs114.30 on NSE.

HUL splits foods & refreshment into two separate divisions

Hindustan Unilever splits foods & refreshment into two separate divisions – Foods (will be look after Ms. Geetu Verma) and Refreshment (will be look after by Mr.Sudhir Sitapati) in line with category structure of Unilever globally; will enable sharper focus and help in fully leveraging opportunity in two growing businesses.

Dabur India arm incorporates new subsidiary in Iran

Homegrown FMCG major Dabur India said that its wholly owned subsidiaries - Dabur (UK) and Dabur International have incorporated a new subsidiary namely ‘Dabur Pars’, a Limited Liability Company, in Iran.

The incorporation of ‘Dabur Pars’ has been registered on May 31, 2016. Consequently, it has become a step down wholly owned subsidiary of company effective from May 31, 2016.

Dabur Pars is incorporated to manufacture cosmetic products including toothpaste, hair oils, hair shampoo and skin care products, purchase, sale, manufacture, packing, import and export of all authorized goods after obtaining necessary licenses from competent authorities.

Indiabulls Housing plans to raise Rs40 cr via debentures

Indiabulls Housing Finance said that it will raise Rs 40 crore through issue of debentures on private placement basis.

The company has proposed to issue 400 Secured Non-Convertible Redeemable Debentures with a face value of Rs10 lakh each aggregating to Rs40 crore plus Greenshoe Option, on Private Placement basis.

The issue will open on June 7, and the debentures would have a tenor of 5 and 10 years.

Tech Mahindra signs $75 mn contract with Nevada's Dept of Motor Vehicles

Tech Mahindra has been selected by Department of Motor Vehicles (DMV) of the State of Nevada to be the prime system integrator for the System Modernization.

The total contract value including infrastructure and services is $75 million over a five-year period.

The proposed digital solution will provide for better customer service, reduce transaction processing time, and increase speed-to-market offered NV DMV products and services.

                                  

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