Infrastructure Newsletter - January 2 to 6, 2017

India Infoline News Service | Mumbai | January 06, 2017 17:37 IST

This week, GEE entered into a memorandum of agreed terms with Cliff Conwell LLP, Apar Industries announced share buyback. IIFL presents a weekly snapshot of all the major happenings in the Infrastructure industry.

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GEE enters into Memorandum of agreed terms with Cliff Conwell LLP
GEE has entered into a Memorandum of agreed terms with Cliff Conwell LLP on January 05, 2017, to set up a private IT park. GEE and Cliff Conwell LLP shall form an LLP to be named as GEE Tropical Infrastructure LLP. GEE shall transfer the developmental rights of its land situated at Plot No. E1, Road No. 7, Wagle Industrial Estate, Thane (W) to the proposed LLP. GEE shall bring development rights with agreed value at Rs 69.50 crore and Cliff Conwell LLP to introduce equity capital as its contribution in phased manner. The final agreement would take place after the commencement of financial year 2017-18. Read More
 
Apar Industries announces share buyback
Directors of Apar Industries on January 6, 2017 approved Buyback of upto 4,50,000 fully paid up equity shares of face vale Rs 10 each, representing upto 1.17% of the outstanding equity shares of the Company at a price of Rs 660 per equity share, amounting upto Rs 29.7 crore, which is 4.09% of the fully paid up share capital and free reserves. The board of directors have determined the record date for the proposed Buyback to be January 20, 2017. Read More
 
Larsen & Toubro bags order for Smart City project for Pune
Larsen & Toubro Ltd  has bagged Smart City project by being identified as the Implementation Partner to convert Pune into a Smart City. The Letter of Intent was handed over by the Municipal Commissioner of Pune, Kunal Kumar to representatives of L&T Construction's Smart World & Communication Business Unit, which will be executing the project. Read More
 
Domestic Newsmakers
 
HCC shareholders approve converting loan into Equity
HCC a beleaguered infrastructure company, headquartered in Mumbai has been in news recently for its debts accumulated over several years that has been affecting the profitability of the company. In a fresh development at HCC the shareholders of HCC have approved converting loan into Equity/OCDs under the S4A. The shareholders have agreed to convert 24.4% of the equity amounting to Rs 2,000 crore. S4A means Scheme for Sustainable Structuring of Stressed Assets. RBI has issued this new scheme to ensure that the economic value of the assets is preserved. The scheme is a restructuring large ticket loans where the projects are up and running and lenders are required to separate a sustainable loan from an unsustainable loan. Read More
 
L&T Hydrocarbon Engineering led consortium secures two more contracts from Saudi Aramco
L&T Hydrocarbon Engineering (LTHE), a fully owned subsidiary of Larsen & Toubro, in consortium with EMAS CHIYODA Subsea, has announced the conclusion of two awards involving Engineering, Procurement, Construction and Installation contracts from Saudi Arabian oil giant and biggest oil company in world, Saudi Aramco. The contract is awarded to supply and install four wellhead decks in the Safaniya field and another award to upgrade on 17 platforms in various offshore fields in the Arabian Sea off the coast of Saudi Arabia.
 
Larsen & Toubro bags order for Smart City project for Pune
Larsen & Toubro Ltd  has bagged Smart City project by being identified as the Implementation Partner to convert Pune into a Smart City. The Letter of Intent was handed over by the Municipal Commissioner of Pune, Kunal Kumar to representatives of L&T Construction's Smart World & Communication Business Unit, which will be executing the project. Read More
 
Pratibha Industries issuing shares to its lenders
Pratibha Industries Ltd., a real estate, engineering and construction company, is expected to hold a meeting of its board of directors on Saturday, January 7, 2017. The meeting will consider and approve, the issue and allotment of shares on a preferential basis to the lenders of the company, who have not subscribed to the shares till January 4, 2017 under the Strategic Debt Restructuring (SDR) Scheme. Pratibha over a one year period has corrected by 67.6%, thus underperforming the broader market. Read More

 

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