Apollo Global Management has closed the Welspun Corp at Rs 225/share, although the share has dropped sharply since June, taking up the premium from 33% earlier to 74%.
Tata Steel will cut losses by restructuring its long products business in the UK, cutting about 1,500 jobs and either closing or mothballing facilities. It plans to invest £400mn pounds to turn around the facility.
Adani Enterprises will invest the money over four years to set up rail and port infrastructure in Indonesia, and will ship nearly 35 million tons of coal to Indian power plants.
The Vedanta Resources owned Sesa Goa will seek shareholder approval to raise Rs 6,000 crore through various instruments. It will raise Rs 2,400 crore by issuing FCCBs, in the first tranche.
Sterlite Industries plans to raise $1.5bn or Rs 7,200 crore through an ADS offering. Its equity capital will increase by at least 17%, lowering its EPS.
Hindalco gets breathing space, as its overall performance has suffered due to losses incurred by Novelis. That could have triggered some of the loan covenants
Tata Motors is seeking to make use of JLR’s rising cash flows by leveraging its balance sheet, and refinance existing debt and potentially lower interest costs too.
State Bank of India’s reaction to the credit policy was swift, in a move which will see short term deposit rates spike and all loans will become expensive.
