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TOP CORPORATE NEWS- 20 MAR 2019

Corporate-News

ONGC board to meet March 23 to consider interim dividend
Oil and Natural Gas Corp (ONGC) said a board meeting has been convened on March 23 to consider and declare an interim dividend. A meeting of the Board of Directors of Oil & Natural Gas Corporation Ltd (ONGC) is scheduled to be held on Saturday, March 23, 2019, to consider and declare an Interim Dividend if any. March 27, 2019, will be the record date for determining the eligibility of shareholders for payment of said Interim Dividend, if any, declared by the Board, as BSE filing.

Jubilant Life stock slips 6% post block deal
Shares of Jubilant Life slipped 6% on the BSE in the morning trade on Wednesday. Around 33 lakh shares changed hands in a block deal, as per media reports. Jubilant Life Sciences Ltd is currently trading at Rs796, down by Rs47.35 or 5.61% from its previous closing of Rs843.35 on the BSE. The scrip opened at Rs812 and has touched a high and low of Rs832.30 and Rs786 respectively.

Muthoot Capital raises Rs236cr via securitisation deal
Muthoot Capital Services, a vehicle finance subsidiary of Muthoot Pappachan Group, has raised Rs236cr through a two-wheeler securitisation deal.”With this transaction, the company has so far raised total funds of Rs749.20cr through securitization/direct assignment transactions during FY19,” the company said in a press note after markets hours to the exchanges on Tuesday.

SBI starts looking for other potential buyers for Jet Airways
State Bank of India (SBI) started scouting for other potential buyers for debt ridden Jet Airways as a meeting with Etihad remained inconclusive. As per media reports, Etihad has formally asked SBI to purchase its entire 24% stake even as the government held an emergency meeting on Tuesday to discuss the unfolding crisis at the cash-strapped Indian airline.

DLF-HINES JV to invest upto Rs1,900cr for land development
DLF announced its second joint venture with HINES. DLF Home Developers Ltd (DHDL), a wholly owned subsidiary of the company, and Green Horizon Trustee (an affiliate of “HINES”) have entered into a Joint Venture for developing a high-end commercial project in Gurugram. DHDL will hold 67% stake, in the joint venture while 33% will be held by Hines. The total investment by the joint-venture partners in this project is about Rs1900cr in accordance with the independent valuation undertaken by a Category-1 Merchant Banker. Hines will initially own a 33% equity share of the Joint Venture with an option to increase its stake to up to 49%. Hines has invested ~Rs500cr in the first tranche.

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