TOP CORPORATE NEWS : 23 March, 2017

corporate

Bank of Baroda raises fund via bonds
State owned Bank of Baroda (BoB) said that it has raised Rs1, 000 crore by issuing Basel III compliant additional tier I bonds.
The bonds will bear coupon rate of 9.14%. The bank issued 10,000 bonds of face value of Rs10 lakh each.
To comply with Basel-III Capital Regulations, banks need to improve and strengthen their capital planning processes.
These norms are being implemented to mitigate concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks.

Dilip Buildcon rises on signing MoU with Shrem Infraventure
Dilip Buildcon surged over 4% to Rs363, after the company said it signed a pact with Shrem Infraventure for execution of Tuljapur-Ausa road project.
Dilip Buildcon received a letter of award by National Highways Authority of lndia (NHAI) for four-laning Tuljapur – Ausa (including Tuliapur Bypass) road project under NHDP Phase IV on Hybrid Annuity Mode in Maharashtra.
Dilip Buildcon has signed a Memorandum of Understanding (MoU) with Shrem Infraventure to set up a special purpose vehicle (SPV) for execution of the
road project. Shrem Infraventure to hold 49% stake in the SPV and Dilip Buildcon to hold the remaining 51% stake. Shrem will acquire the remaining 51% on completion of two years of commercial operation from the date of commencement.

M&M subsidiary sells 100% stake in MICPL
Mahindra & Mahindra (M&M) has announced that Mahindra Retail Private Limited (MRPL), an indirect subsidiary of the company, has sold its entire shareholding (100%) in Mahindra Internet Commerce Pvt. Ltd (MICP). Hence, MICPL has ceased to be a subsidiary of MRPL and as such of the Company.
Mahindra and Mahindra Ltd is an Indian multinational automobile manufacturing corporation headquartered in Mumbai, Maharashtra, India. It is one of the largest vehicle manufacturers by production in India and the largest manufacturer of tractors in the world.

Mahindra to introduce new MPV “U321”, can replace Xylo
Mahindra is planning to launch a new MPV (codenamed as U321) and is being developed at the Mahindra’s Vehicle Development Centre- Mahindra Research
Valley, Chennai.
According to media sources, Mahindra U321 will be regular MPV and will get some premium features such as projector headlamps with LED DRL’s and windscreen with rear wiper, which hints that the vehicle could be positioned as a family mover and possibly replace Xylo, which could then be used for fleet services solely.

IOCL plan to negotiate deal with Petrobangla to export regasified LNG
As per the media reports, IOCL plan to negotiate a deal with Petrobangla to export regasified LNG to the power plants in Khulna-Jessore region of Bangladesh.
IOCL will construct pipeline from its under-construction Dhamra LNG terminal in Odisha to supply RLNG to Bangladesh. The detail about pricing and contract term are not available as yet.

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