TOP CORPORATE NEWS - 04 JULY 2016

RIL ties up with State Bank of India to set up payment bank

RIL- RIL ties up with State Bank of India to set up a payment bank under the joint venture route, whereby RIL will hold 70% stake, while SBI will hold 30%.

Jaypee-UltraTech cement sale in limbo as banks invoke SDR

Jaypee-UltraTech cement sale in limbo as banks invoke SDR: Negative for JP associate

Lenders invoking the strategic debt restructuring (SDR) option against debt-laden Japyee Group earlier this week, sale of its cement business to UltraTech for Rs15,900 crore has come under a cloud.

Jaiprakash Associates owes over Rs30000 crore to a consortium of lenders led by ICICI Bank and the sale of its 21.2-million tonne cement business is very crucial for the promoters to continue in business.

The Jaypee Group is already an NPA (non-performing asset) for SBI.

TeamLease acquires ASAP Info Systems

TeamLease Services surged over 5%, touching to Rs1134, after the company announced the signing of a definitive agreement to acquire ASAP Info Systems.

TeamLease has signed a definitive agreement to acquire ASAP Info Systems, a company incorporated under Companies Act, 1956 through its wholly owned subsidiary TeamLease Staffing Services Pvt Ltd.

The company acquired staffing firm for Rs67 crore, i.e. 6 times more than its EBITDA.

Adani Ports up on acquisition plans

Adani Ports and Special Economic Zone rose over 4%, touching to Rs213.4, after the company's announcement that it is considering the acquisition of TM Harbour Services

Adani Ports and Special Economic Zone (APSEZ) announced that at its board meeting held on July  02, 2016, TM Harbour Services is engaged solely in providing tug services to The Dhamra Port Company (DPCL), a wholly-owned subsidiary of APSEZ.

The acquisition will help the company provide effective and efficient marine services to DPCL. The acquisition is subject to due diligence, final negotiations between the parties and obtaining of requisite regulatory approvals.

SBI gains on stake sale in NSE for Rs911 crore

Shares of India's largest lender State Bank of India ( SBI) gained over 2% to Rs224.05 on NSE on reports that the Bank has sold 5% stake in NSE for Rs911 crore - Positive read through

SBI has raised Rs911 crore by selling 5% of its stake in National Stock Exchange ( NSE) to Mauritius base foreign investor Veracity Investments Ltd.

SBI has sold 22.5 lakh shares at Rs4050 per shares for a total consideration of Rs911 crore.


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