TCS ₹16k Cr. Buyback, HDFC’s India’s largest QIP, Jio to raise money from bonds- Weekly Digest #63

The government has said that it wants NCLT and NCLAT to work through the summer, without a break, to resolve the corporate insolvency cases that have been piling up. The move was sparked by the NCLAT posting a vacation notice on its website announcing a break from June 1 to July 1.
Supply chain financing firm CredAble has raised ₹100 crore in Series-A funding from private equity firm Alpha Capital. The funds are to be utilised for scaling up operations and technology, as well as for onward lending.
Avenue Supermarts briefly became part of the elite club of companies after its market capitalisation crossed ₹1 lakh crore as the share price hit the mark of ₹1,619.9. It closed at ₹1593.8, with the company being valued at ₹99,466.5 crore.

Adani Wilmar emerged as the highest bidder for bankrupt Ruchi Soya, trumping Ramdev-backed Patanjali Ayurved. Adani Wilmar has offered to settle ₹4,300 crore of debt and invest ₹1,174 crore in equity to revive the bankrupt firm.
The SEBI has formed an expert committee to examine the listing of equity share capital of Indian companies abroad and also allow foreign companies to list directly on Indian stock exchanges.
Axilor Ventures has launched a ₹200-crore seed fund, Axilor Technology Fund, with the company’s founders as its partners. The fund is structured as a Category I AIF and will make investments up to ₹3 crore.
The rupee set off its initial gains to close down by 7 paise at 67.49 against the USD due to fag-end dollar demand from banks and importers.

HDFC Bank has received government approval to sell fresh shares in India and abroad worth about ₹15,500 crore in what could result in the country’s largest QIP. The approval includes a ₹8,500-crore infusion from parent HDFC.
The All India Bank Officers’ Confederation (AIBOC) has filed a writ petition in the Delhi HC challenging the RBI’s controversial February 12 circular that bankruptcy proceedings will kick in 180 days after a borrower misses a payment without allowing even a day’s extension as it will cause a loss of ₹1 lakh crore.
Reliance Jio Infocomm has approached the bond market to raise about ₹2,000 crore @ 8.7% after the RBI raised the policy rate for the first time in more than four years.

The Anil Ambani-led Reliance Naval & Engineering Ltd (RNEL) has filed a complaint with the defence ministry against a senior naval officer, alleging that he has been favouring its competitor, Larsen & Toubro, in a contract because his son is employed there. It has halted a ₹20,000-crore ‘Make in India’ naval warship deal.
Former Supreme Court judge BN Srikrishna will conduct an investigation into various allegations of impropriety against ICICI Bank chief executive Chanda Kochhar. Srikrishna will investigate whether Kochhar violated the bank’s code of conduct and was involved in quid pro quo transactions with certain bank borrowers.
Fortis Healthcare has withdrawn its scheme to demerge its diagnostics arm from the group and merge it with a step-down subsidiary “due to reasons beyond the company’s control” and its recently launched fresh bidding process for a deal. The company said that the process has taken over 19 months and is still not complete.
Shriram Transport Finance is raising ₹5,000 crore in retail bonds, extending the latest series of public issuances amid rising interest rates.
Adani Wilmar has decided not to revise its bid of ₹5,474 crore for the bankrupt Ruchi Soya after both, Adani Wilmar and Ramdev’s Ayurveda were offered by the lenders to revise their bid.

TCS to initiate a ₹16,000-crore buyback soon after its buyback in 2017. The company said it would repurchase about 76 million shares at ₹2,100 per share, nearly a 15% premium to the price on the Bombay Stock Exchange. TCS shares closed at ₹1,841.45 on BSE.
Deloitte Touche Tohmatsu’s 2016 audit of AirAsia India, mired in corruption allegations, has come under the scanner of the country’s investigating agencies; CBI and ED.
ICICI Venture has sold its 30% stake in Hyderabad-based hospital chain Krishna Institute of Medical Sciences to rival General Atlantic for ₹ 850 crores. ICICI Venture had invested about ₹220 crore in 2014 in the hospital chain.

Source: The Economic Times

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