IGI Logo

Key News

Barbeque Nation raises nearly Rs 100 cr via preferential issue of shares

Restaurants chain Barbeque Nation Hospitality Ltd on Saturday said it has raised nearly Rs 100 crore through preferential issue of equity shares to three different investors, including Massachusetts Institute of Technology. The company's stakeholders' relationship committee in its meeting on Saturday approved an allotment of 11,77,855 fully paid-up equity shares of a face value of Rs 5 each at a premium of Rs 844 by preferential allotment, the company said in a regulatory filing. It has allotted 7,06,713 equity shares to Massachusetts Institute of Technology for an aggregate subscription amount of Rs 59,99,99,337.

High coking coal prices to impact gross margins of steel mills, says Ind-Ra

High coking coal prices are likely to impact gross margins of steel mills, says India Ratings and Research (Ind-Ra). Accordingly, coking coal prices were up 5 per cent MoM and 103 per cent YoY to $222 per MT in mid-August 2021. "Australian coking coal prices are receiving support from a strong demand from Asian countries, ex-China. The limited availability of prompt coking coal cargoes for near-term deliveries due to logistical issues, including freight and container unavailability and high freight rates, could support coking coal prices over the near term.“

NTPC seeks shareholders' nod to raise Rs 18,000 crore via bonds

State-owned NTPC will seek shareholders' approval to raise Rs 18,000 crore through the issuance of bonds or debentures in its annual general meeting on September 28. NTPC has proposed to raise funds up to Rs 18,000 crore through the issue of bonds/debentures on a private placement basis, said a notice for the AGM. In addition to capital expenditure requirement, the company also needs to borrow for meeting its working capital requirement and other general corporate purposes, which is partly proposed to be met through the issuance of non-convertible bonds, it added. It has also sought shareholders' approval to increase the borrowing powers of the company from Rs 2,00,000 crore to Rs 2,25,000 crore.

JSPL shareholders approve 96.42% stake sale in Jindal Power for Rs 7,401 cr

Jindal Steel and Power Ltd (JSPL) on Friday said over 97 per cent shareholders have approved the proposal to sell 96.42 per cent stake the company holds in its arm Jindal Power for Rs 7,401 crore to its promoters owned firm Worldone. Jindal Power Ltd (JPL) stake sale to Worldone was approved by the JSPL shareholders at the company's EGM (extraordinary general meeting) held on September 3, 2021, JSPL said in a regulatory filing. JSPL had proposed to sell 96.42 per cent stake in Jindal Power to promoter owned company Worldone.

NCLAT issues notice over PNB's plea against Jet Airways resolution plan

Public sector lender Punjab National Bank (PNB) has moved the Insolvency appellate tribunal NCLAT against the approval of bids for defunct airline Jet Airways. The National Company Law Appellate Tribunal (NCLAT) bench has issued a notice over the PNB's petition along with its interim plea seeking a stay over the execution of the resolution plan. A three-member bench has directed the Resolution Professional of Jet Airways along with other parties including the Committee of Creditors to file a reply within two weeks and rejoinder, if by PNB, within one week. "Let the matter be fixed 'for admission (after notice)' on September 21, 2021, said the NCLAT. PNB has challenged the approval of the Resolution Plan by Kalrock-Jalan Consortium on June 22, 2021, by the Mumbai bench of the National Company Law Tribunal (NCLT).

To Read Complete Report & Disclaimer Click Here

Above views are of the author and not of the website kindly read disclaimer