Aditya Birla Nuvo (ABNL) yesterday, 2 December 2015 announced that Sun Life Financial (Sun Life) will increase its stake in the life insurance joint venture, Birla Sun Life Insurance (BSLI) from 26% to 49% at an investment of Rs 1664 crore, subject to the requisite approvals. The announcement was made after market hours yesterday, 2 December 2015.
ABNL has entered into an agreement with the Canadian insurance major Sun Life to sell approximately 43.70 crore equity shares constituting 23% of the issued and paid up equity share capital of BSLI. On completion of the transaction, Sun Life’s stake in BSLI will increase from current 26% to 49% while ABNL will continue to hold the controlling stake at 51%. The 23% stake sale will fetch ABNL Rs 1664 crore, valuing BSLI at Rs 7235 crore. The transaction is expected to close by the end of FY2015-16, subject to the customary closing conditions and the requisite statutory and regulatory approvals in India and Canada, ABNL said.
Wipro announced after market hours yesterday, 2 December 2015, that it has signed an agreement with Landesbank Baden-Wuerttemberg (LBBW) to acquire cellent AG for 73.5 Million Euros. cellent AG is a leading IT consulting and software services company and has been offering holistic innovative IT solutions and services to its customers in the DACH region of Germany, Austria and Switzerland for the past 14 years. cellent AG serves the DACH market region with a team of more than 800 consultants, who will now become part of Wipro. The DACH market is a strategic growth and investment region for Wipro. This acquisition will provide Wipro with significant scale and prime customer relationships, especially in the Manufacturing and Automotive domains, which are key industry sectors in the DACH region, the company said in a statement.
Rural Electrification Corporation said that the company has incorporated three project specific special purpose vehicles (SPVs) – North Karanpura Transco, Khargone Transmission and Dinchang Transmission as subsidiary companies. The announcement was made after market hours yesterday, 2 December 2015.
CESC after market hours yesterday, 2 December 2015 said that a memorandum of understanding has been executed with Silver Spring, a US-based company and a market leader in smart grid space across the globe, for exploring business opportunities in India in the space. As part of its ongoing drive for modernizing its transmission and distribution network, as a pilot project the company will work with Silver Spring on smart grid distribution models in parts of South Kolkata under its licensed area, CESC said.
PNC Infratech said that Credit Analysis & Research (CARE) has upgraded credit ratings on the bank facilities of two of subsidiaries of the company, as per recent report. CARE upgraded credit ratings on the bank facilities of MP Highways from CARE BBB to CARE BBB (+) and PNC Kanpur Highways revised from CARE BBB(-) to CARE BBB. The announcement was made after market hours yesterday, 2 December 2015.
Speciality Restaurants said that the company has opened a new Asia Kitchen by Mainland China restaurant located at Acropolis Mall, Kolkata on 1 December 2015. The announcement was made after market hours yesterday, 2 December 2015.
Joonktollee Tea & Industries said that the company has entered into a share purchase agreement for acquiring 100% equity shares of Keshava Plantations Ltd. with the Chaliha family for acquisition of Azizbagh Tea Estate in Assam with factory for a consideration of Rs 27.50 crore. Acquisition will be completed before March 2016, Joonktollee Tea & Industries said. The announcement was made after market hours yesterday, 2 December 2015.
Apollo Tyres announced before trading hours today, 3 December 2015, that the production operations of its plant located at Oragadam, Tamil Nadu have been disrupted due to flooding at the factory premises caused by heavy rains in Chennai. The production was disrupted in 3 shifts till 2 December 2015. The production loss due to this natural calamity is 450 MT (approximately). The natural calamity is adequately covered under the Insurance Policy of the company, it said.
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