🔆Good Morning All🔆
💥 Morning Market News & Update💥
🌟GMM Pfaudler: Promoters to sell up to 40.93 lakh shares or 28% stake through an Offer for Sale. Floor price of Rs 3,500 per share is a 33% discount to Monday's closing. The total share sale amounts to Rs 1,433 crore. Base offer is for 25.71 lakh shares (17.59%) with an oversubscription
option of 15.22 lakh shares (10.41%). The OFS for non-retail investors opens today while that for retail investors opens tomorrow. Sellers include Pfaudler Inc, Millars Machinery and Urmi Patel
🌟JSPL: Clarified on media reports over certain transactions undertaken by the company between 2014-2016. The company stated that all transactions were routine business activities and all of them had proper underlying assets. The statement also said that it had fully complied with all regulatory guidelines at the time of these transactions.
🌟HSIL: Board approves share buyback of 66.67 lakh shares or 9.22% of total equity. The buyback price of Rs 105 per share is a 47% premium to Monday's closing price. The total buyback aggregates to Rs 70 crore. On full acceptance of maximum buyback offer, promoter stake in the company will rise to 59.38% from 53.91%.
🌟Shree Renuka Sugar: Board approved allotment of 21.17 crore equity shares at Rs 8.74 per share aggregating to Rs 185 crore on a preferential basis to promoter Wilmar Sugar Holdings. SBI: Board approved allotment of debentures worth Rs 7,000 crore.
🌟SBI: Board approved allotment of debentures worth Rs 7,000 crore.
🌟Bombay Burmah Trading: Board to consider raising Rs 75 crore via NCDs on September 24.
🌟NBFCs: Fitch Ratings has taken rating action on the long-term issuer default rating of four NBFCs, in light of their performance amid the Covid-19 pandemic. Rating for IIFL Finance maintained at B+ with rating watch negative. Rating for Manappuram Finance affirmed at BB-.
Rating for Muthoot Finance and Shriram Transport Finance affirmed at BB. Rating watch negative removed for Manappuram, Muthoot and Shriram Transport. The outlook for Manappuram and Muthoot is stable while that for Shriram Transport Finance is negative.
🌟Aarti Drugs: October 1 set as the record date for the company's bonus issue. The board had approved a bonus issue of three shares for every one held in August.
🌟Ceat: Board to consider raising funds via NCDs on September 25.
🌟Angel Broking: Raises Rs 180 crore from 26 anchor investors ahead of its IPO. The issue opens for subscription today.
🌟Chemcon Speciality Chemicals: Issue subscribed 5.2 times on the first day. Institutional subscription at zero, non-institutional subscription at 1.24 times while retail subscription at 9.86 times.
🌟CAMS: Issue subscribed 0.82 times on day 1. Institutional subscription at 0.25 times, non-institutional subscription at 0.3 times while retail subscription at 1.4 times. #NIFTY50#NIFTYBANK