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TOP CORPORATE NEWS- 11 June 2019

corporate news (2)

Promoter co revokes pledge of 52% stake in Sterlite Tech
Anil Agarwal-led promoters of Sterlite Technologies (STL) have announced that they have removed their entire pledge on STL’s shares with immediate effect.Twin Star Overseas, the promoter entity, had pledged their entire 52.01% of holding in STL with Citicorp International as a collateral for loan taken by the group company Volcan Investment.The company had pledged 20.94cr shares (52.01% of its total equity capital), with financial institutions.

Indiabulls Housing Finance refutes allegations of siphoning Rs98,000cr;
Shares of Indiabulls Housing Finance were trading 5% down on Tuesday. This is in relation to the news item of Writ Petition filed in Supreme Court against Sameer Gehlaut allegedly siphoning off Rs98,000cr from lndiabulls Housing Finance. The Writ Petition is filed only and is not heard by the court, the company said in the filing.The total loans on the books of lndiabulls Housing are ~Rs90,000cr. The allegation of siphoning off of Rs98,000cr is bizarre.

Reliance Industries to shut down crude unit for maintenance
Reliance Industries in a filing on the NSE on June 10 said that it would shut down a crude distillation unit at its old refinery at Jamnagar for maintenance and inspection for up to four weeks from June 20.The filing read, “RIL is planning to shut down one of the crude distillation units and coker units of its DTA refinery at Jamnagar for routine maintenance and inspection activities, for about 3 to 4 weeks starting from June 20, 2019.”RIL said other crude distillation and secondary processing units would operate normally during the period.Reliance owns and operates two refineries at Jamnagar in Gujarat. A 33mn tonne per annum DTA refinery caters to local fuel demand and a 35.2mn tonne per annum refinery is reserved for exports.

Yes Bank non-executive director Ajai Kumar resigns
Shares of Yes Bank ended lower for the third consecutive session. Ajai Kumar, Non-Executive (Non-Independent) Director of Yes Bank has tendered his resignation on June 9, 2019, with immediate effect due to personal reasons.”We would like to inform that Ajai Kumar, non-executive (non-independent) director of the bank has tendered his resignation on June 9, 2019, with immediate effect due to personal reasons,” the bank said in a regulatory filing.

DHFL completes Aadhar Housing stake sale; pays some investor dues
Dewan Housing Finance Corp Ltd (DHFL) announced that it has paid the interest and principal on certain debt instruments due on Monday and also completed the stake sale in Aadhar Housing Finance Ltd to Blackstone Group’s arm.The news comes as a relief for bond investors of DHFL after recent developments, as the promoters have received more than Rs2,000cr from the sale.We have received about Rs2,200cr crore via the Aadhar stake sale, of which a portion will go to DHFL. Once we clear our technical delays (on bond interest payments), we will go back to rating companies seeking an upgrade, Kapil Wadhawan, Chairman of DHFL.

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