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TOP CORPORATE NEWS- 08 APR 2019

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Adani Power gets LOI for Korba West Power Company
Adani Power has been awarded the Letter of Intent (LOI) for Korba West Power Company Limited (KWPCL). The Committee of Creditors of KWPCL, a company undergoing insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (Code), has approved the Resolution Plan submitted by Adani Power Limited (the “Company” or “APL”), the company said in the filing. Pursuant to this approval, the Resolution Professional appointed by the National Company Law Tribunal, Ahmedabad (the “NCLT”) has issued an LOI on April 6, 2019, to the company. The closure of the transaction shall be subject to obtaining the necessary approval from the NCLT, Ahmedabad, and satisfaction of the conditions precedent under the resolution plan.

Tata Motors JLR March sales down 8.2% yoy
Shares of Tata Motors were trading marginally lower in the afternoon trade. Jaguar Land Rover total retail sales for the fourth quarter were 1.58 lakh vehicles, down 8% compared to the same period last year, and sales in March 2019 were 76,895, down 8.2% compared to March 2018 Jaguar Land Rover retail sales in FY18-19 were 5.78 lakh vehicles, down 5.8% compared to FY17-18. During the year, the all-electric Jaguar I-PACE was introduced and sales of the Jaguar E-PACE, Range Rover Velar and the refreshed Range Rover and Range Rover Sport ramped up, however, this was offset by continuing weakness in China and the run out of the first generation Range Rover Evoque.

Sobha stock gains after Q4FY19 real estate operational update
Sobha Ltd has achieved a record fourth quarter in terms of pre-sales numbers, enabling it to close a record financial year as well. In the FY18-19, we have achieved pre-sales of 4.03 mn square feet valued at Rs3123cr. This is the highest ever new sales booking in the history of the company. Similarly, Bengaluru has achieved the highest ever new sales booking of 2. 76 mn square feet during FY18-19. The financial year was also notable for record completion of 5.41 mn square feet of saleable area with 3,516 units in residential space for the company, which demonstrates its unparalleled execution capability and strong backward integrated process.

Baring to acquire 30% stake in NIIT Tech
NIIT Technologies in its filing to the exchanges informed that fund affiliated with Baring have signed definitive agreements to buy ~18.85mn or ~30% shares of NIIT Tech shares from NIIT and other promoters at a price of Rs1, 394/shares. Accordingly, the aggregate consideration for a purchase of shares from promoter entities is estimated to be ~Rs2, 627cr, the company said in a press note to the exchanges on Sunday. Further, in accordance with the Securities and Exchange Board of India, Baring will make an open offer to the public shareholders of NIIT Tech to purchase up to 26% additional shareholding at a price of Rs1394/shares.

RBL Bank to consider fund raising proposal on April 18
RBL Bank in its filing to the exchanges informed that the board will consider raising of funds on April 18, 2019. The audited standalone financial results of the Bank for the quarter/year ended March 31, 2019, along with the audited consolidated financial statements for the year ended March 31, 2019, and recommend dividend, if any, for the financial year 2018-19, the bank said in the filing. Raising of funds by issue of equity shares/depository receipts and other securities including through Qualified Institutions Placement (QIP)/ Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) / Foreign Currency Convertible Bonds (FCCBs), or such other methods or combination as may be decided, subject to such regulatory/statutory approvals as may be required, including approval of shareholders of the Bank, at its ensuing 76th Annual General Meeting of the Bank.

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