Author: Mitali Mohite

Midhani IPO opens today; government aims to raise Rs 438 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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State-owned steel company Mishra Dhatu Nigam or Midhani opens its initial public offering (IPO) for subscription today. The government aims to raise Rs 438 crore from this IPO.

In an interview to CNBC-TV18, Dinesh Lekhi, CMD of MIDHANI spoke about the issue and gave his outlook for the future.

Lekhi said that the IPO proceeds will go to the Government of India.

Talking about business, he said the topline growth should be more than 10 percent going ahead because we are setting up two new facilities at Rohtak and Nellore.

He further said that we expect defence and space sectors to grow at a fast rate which will aid our growth.

According to him, Rohtak facility should come on stream by end of FY19.

On expansion plan, he said we will fund expansion via internal accruals and may have to take some debt.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

UltraTech proposes to acquire Binani’s stressed assets

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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UltraTech Cement has re-entered the race for Binani Cement and has proposed to acquire the stressed company. The company has offered to provide Rs 7,200 crore to help Binani pay off its lenders.

CNBC-TV18 spoke to Sameer Kaji, the senior advisor at Binani Industries where he said that they are still in the process of working out the final arrangements, after which the ownership will move to UltraTech.

In an interview to CNBC-TV18, Arjun Gupta, Corporate Insolvency Lawyer at Nishith Desai Associates spoke on Insolvency and Bankruptcy Code (IBC).

Below is the verbatim transcript of the interview:

Q: How come Binani is taking a loan from UltraTech? The basic premise was that the defaulting promoters cannot participate. So how is this happening?

A: It is all about structuring move and Section 29A which was included through an amendment which provides eligibility criteria for resolution applicant specifically barred promoters. So Binani Industries could not have been a resolution applicant in the entire process. Therefore, what they are doing is they want to sell their entire shareholding to UltraTech.

Q: Can they do that?

A: Whether they can do that or not, there is no specific barred under the code for an existing shareholder to sell its assets to third party however, if you see Section 14 of the code which deals with moratorium, it also says that there will be no incumbent sale or in any manner any rights being created in respect of assets of the corporate debtor in favour of any third party. Over here since the shares of the company are definitely one of its assets, whether there can be a change of ownership in the assets of the company during the pendency of the insolvency proceedings to an extent where the entire ownership control and management of the company will be shifted to a different entity which entity itself is involved in the entire insolvency process that is yet to be seen.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ITD Cementation loses Bandra-Versova Sea Link project

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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ITD Cementation lost to Reliance Infra on the Bandra-Versova Sea Link project. This is the second loss that ITD Cementation witnessed in quick succession after they lost the Mumbai Trans Harbour Link earlier.

The company bid for the project in joint venture with Hyundai, which is a globally reputed infrastructure company. “We firmly believe that the price we quoted was the right price”, said Patwardhan.

Patwardhan said that the company received orders in excess of Rs 2,400 crore in the first two months of the calendar year.

He further said that the balance sheet had improved substantially after 2017. “We did a QIP in January and mobilized about Rs 337 crore and we deployed the money to reduce our debt. Therefore, our debt equity ratio is in the range of 0.1 or 0.15”, he added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Vidaza generic doing well, market share is increasing, says Shilpa Medicare

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The US Food and Drug Administration (US FDA) has given an all clear to Shilpa Medicare‘s formulation manufacturing facility at Jadcherla in Telangana, said Vishnukant Bhutada, MD of the company.

“We have done 32 filings from this plant including our customer filing”, said Bhutada.

Talking about their Raichur unit, he said that the company had submitted response for Raichur unit observations to US FDA.

“Vidaza generic is doing well for the company and we are getting more market share from this molecule”, he added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow