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TOP CORPORATE NEWS- 23 May 2019

corporate news (2)

Reliance Capital to sell stake in Reliance Nippon Life Asset Management
Reliance Capital Ltd. has signed binding definitive agreements with Nippon Life Insurance of Japan to exit its stake in Reliance Nippon Life Asset Management Ltd (RNAM). Both partners currently hold 42.88% each in the company, while the rest is with public shareholders.Pursuant to the agreements, Nippon Life will also make an open offer to the public shareholders of RNAM at Rs230 per share, as required under SEBI regulations, and reach the maximum permissible promoter shareholding of 75% for listed companies. The transaction price represents a premium of 15.5% to the minimum 60-day price as specified under the SEBI Takeover Regulations.

IndusInd Bank gains 7% after classifying IL&FS loans as NPA
Shares of IndusInd Bank were trading 7% higher on Thursday after the bank informed that it has an exposure of Rs3,004cr to the IL&FS Group, all of which has been classified as NPL in Q4FY19.Provisions on the hold co. stood at 70% and on the operating SPVs at 25%. Accordingly, contingent provisions made in prior quarters have been reversed in the quarter. Management of the bank indicated that provisioning on this exposure is complete.Any additional provisioning that could be required would be within the guided credit cost of 60bps in FY20. Further, management expects a recovery rate of 90-100% on the operating SPVs, based on bids received for the same. Of the total exposure, ~Rs1,000cr was also written-off in 4QFY19, the bank said.

Zydus Cadila gets final approval for Esomeprazole Magnesium DR pills
Zydus Cadila has received the final approval from the USFDA to market Esomeprazole Magnesium Delayed-Release Capsules USP (US RLD NEXIUM), 25 mg and 40 mg.It will be manufactured at the group formulations manufacturing facility at SEZ, Ahmedabad company said in the filing.Esomeprazole belongs to the group of medicines termed as proton pump inhibitors. Esomeprazole reduces the amount of acid secreted by the stomach. It is used to treat the symptoms of gastroesophageal reflux disease, to reduce the risk of stomach ulcers in some people taking pain medicines, to treat patients with a stomach infection (Helicobacter pylori) along with certain antibiotics and long-term treatment of conditions where the stomach makes too much acid.

Adani Ports to develop, operate Yangon Port Container Terminal
Adani Ports and Special Economic Zone Limited (APSEZ), India largest port developer, operator and the logistics arm of Adani Group, signed an agreement to develop and operate a container terminal at Yangon Port in Myanmar.The proposed container terminal at Myanmar is part of APSEZ strategy to expand its container terminal network in South-East Asia. This will also act as a network point to feed into our upcoming transhipment hub at Vizhinjam.

HDFC Bank board approved share split of each share into two
HDFC Bank in its filing to the exchanges informed that the bank board of directors granted approval for a proposal to split the lender share from one equity share of the face value of Rs2 each to two shares of face value Rs1 each.”The pre-split and post-split Share Capital will be disclosed by the Bank as on the Record Date to be determined for the subdivision,” the bank said in a press note released after markets hours to the exchanges on Wednesday.

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