Bandhan Bank’s main shareholder seeks $1.4 billion in stock sale


Bandhan Bank’s main shareholder Bandhan Financial Holdings is selling 337.4 million shares in the Indian lender in a block trade seeking to raise $1.4 billion, according to deal teams obtained by Bloomberg

Those shares are offered at a floor price of $4.16 each, according to the terms.

Books will close by 11:30 pm in Hong Kong on August 2. and trading will start on August 3. Credit Suisse Securities (India), J.P. Morgan India, Goldman Sachs (India) Securities and JM Financial Institutional Securities are joint bookrunners for the deal.

Mobile companies commit Rs 11,000 cr investment under PLI scheme: ICEA


Industry body ICEA, which represents top mobile phone makers like Apple, Foxconn, Wistron, Lava, etc, on Saturday said have committed investments worth Rs 11,000 crore under the PLI scheme and they will surpass manufacturing estimates by 2 to 2.5 times.

Major global players Wistron, Pegatron, Foxconn and Hon Hai and Indian such as Lava, Dixon, Micromax, Padget Electronics, Sojo, UTL and Optiemus have applied for benefits under the production-linked incentive (PLI) scheme.

According to the estimates of India Cellular and Electronics Association (ICEA), mobile phone will increase devices production in the country to around Rs 27.5 trillion on higher side under the PLI compared to government’s announcement of Rs 11 trillion.

Union telecom and IT minister has announced that as many as 22 domestic and international firms have lined up with proposals for mobile phones production worth Rs 11 trillion , which have potential to create direct and indirect jobs for around 1.2 million people over the next five years.

“Applications received under the PLI scheme with cumulative investment commitments worth Rs 11,000 crore, total production of mobile phones at

Facebook brings ‘official music videos’ to India; to feature big labels


Facebook on Friday introduced ‘official videos’ in India to showcase videos from labels like T-Series Music, Zee Company, and Yash Raj Films on its platform.

The music video experience on Facebook is available in India, Thailand, and the US. Users in India will be able to watch content from the country’s top music labels T-Series Music, Zee Music Company, and Yash Raj Films, a statement said.

“Over the past year, we have been working with partners in the Indian music industry to build the foundation of a music video experience for our consumers, and are thrilled to launch official music videos on the platform,” Director and Head of Partnerships Manish Chopra said.

He added that the company will continue to find opportunities to add more unique social sharing experiences and bring music into the ways people share and connect on Facebook.

Facebook said ‘official music videos’ will “create new social experiences that go beyond just watching the video”.

“On Facebook, you will be able to discover new artists and tracks through social sharing, clicking through to a song from a

Tata Steel BSL slips into red, posts Rs 650 cr net loss in June quarter


Ltd on Thursday reported a consolidated net loss of Rs 650 crore in the quarter ended June 30, mainly on account of reduced income.

The company had posted a net profit of Rs 111 crore during the same quarter a year ago, said in a BSE filing.

Total income fell to Rs 2,710 crore during the quarter under review from Rs 4,359 crore in the year-ago quarter.

The company’s total expenses stood at Rs 3,360 crore as compared with Rs 4,318 crore in April-June of 2019-20 fiscal.

further said the outbreak of Covid-19 pandemic and ensuing mobility restrictions to ensure the health and safety of employees and other stakeholders impacted the company’s crude steel production during April, May, and part of June 2020.

Crude steel production during June quarter stood at 0.66 million tonnes.

“During the quarter ended June 30, 2020, the company incurred fixed production overheads (including depreciation) amounting to Rs 681 crore,” it said.

Mukesh Ambani’s trusted aide PMS Prasad pledges 94% of his shares


In a curious move, Reliance Industries’ (RIL) executive director and Mukesh Ambani’s trusted aide PMS Prasad (pictured) pledged 600,000 shares of the company last month, which is 93.75 per cent of the total shares he owns in RIL.

Prasad owned a total of 640,000 RIL shares and his compensation stood at Rs 11.15 crore in FY20.

Typically, professional corporate executives pledge shares when they need to raise cash to exercise stock options in the company’s shares or invest the money elsewhere.

Neither Prasad nor RIL responded to Business Standard’s queries on the reason for the pledge.

According to stock exchange filings, Alok Agarwal, chief financial officer (CFO), RIL, had pledged 1.44 million shares in September 2019 and revoked the pledge on 940,000 shares even as he pledged another 225,000 shares last month. He acquired a little over 100,000 shares through the rights issue last month.

Interestingly, Prasad’s last trading activity, prior to the pledge was in September 2017, when he sold 136,666 shares.

HDFC Bank’s managing director (MD) Aditya Puri, who was recently in the for exiting 95 per cent of

Tata Coffee Q1 net profit jumps 77% to Rs 62 cr; total income up 26%


Ltd on Tuesday reported a 77 per cent increase in consolidated net profit at Rs 62 crore for the quarter ended June.

Its net profit stood at Rs 35 crore in the year ago period.

“Consolidated total income for the quarter higher at Rs 592 crore compared to Rs 472 crore for the corresponding quarter of the previous year, an increase of 26 per cent, driven by improved performance from the value-added businesses,” said in a regulatory filing.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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