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TOP CORPORATE NEWS – 09 September 2019

corporate news (2)

Union Bank approves merger of Andhra Bank & Corporation Bank

Shares of Union Bank are up by over 1% in afternoon trade. The bank’s board today approved the merger of Andhra Bank and Corporation Bank with itself.
The board also approved a revised capital plan to raise up to Rs17,200cr, of which Rs13,000cr would be raised by means of equity and the rest via AT I/Tier II bonds.The capital raising through equity shares would be on a preferential basis to the Government of India.

Ashok Leyland down 2% on announcing no production days amid weak demand

Shares of Ashok Leyland are trading lower by 2% after the co. announced no production days for the month of September 2019. The company’s Ennore plant will stay closed for 16 days, Hosur 1,2 and CPPS for 5 days, Alwar for 10 days, Bhandara for 10 days, and Pantnagar for 18 days.

L&T Construction secures a major contract to construct residential project in Navi Mumbai

The Buildings & Factories business of L&T Construction has secured a prestigious residential project from the City and Industrial Development Corporation of Maharashtra Limited (CIDCO) to construct 23,432 dwelling units with on-site infrastructure works at various locations in Navi Mumbai. The project, being part of the Pradhan Mantri Awas Yojana (PMAY), envisages construction of Economically Weaker Section (EWS) and Low-Income Group (LIG) type of dwelling units. The building configurations vary from 13 to 20 storeys.

LTTS bags new electrification project from European automobile OEM

L&T Technology Services Limited (LTTS), a leading global pure-play engineering services company, has been selected as a strategic partner by a European automotive manufacturer for its electric Powertrain (e-Powertrain) practice. LTTS will be responsible for the functional qualification of the e-Powertrain ECUs (Electronics Control Unit). Under the multi-year engagement, LTTS will provide a real-time technology framework to evaluate the controller design of the e-Powertrain and will span from concept phase to product development till on-road testing of vehicle.

Canara Bank seeks bids to sell ~30% stake in Can Fin Homes

Canara Bank informed the exchanges that the bank is seeking bidders for the sale of 29.99% stake of Can Fin Homes. The bank’s filing read, “This is to inform the exchanges that Bank has published the Invitation to Bid No: FM&S Wing/Sub/RFP/05/2019 (“Invitation to Bid”) seeking expression of interest of bidders/investors through duly appointed Merchant Bankers to purchase 3, 99, 30,365 equity shares of the face value of Rs. 2/- each constituting 29.99% of the Paid-up Capital held by the bank in CFHL.”

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