Indian equities ended lower for the second day in a row as technology names and drugmakers continued to underperform. The S&P BSE Sensex ended 0.8% lower at 51,703 while the NSE Nifty 50 index held on to its support zone of 15,200 to end at 15,208, down 0.7%. Here are the stocks to watch in trade today:
Bharti Airtel: To acquire (10.20 crore shares) 20% stake in its DTH arm Bharti Telemedia from an affiliate of Warburg Pincus for about Rs 3,126 crore. The Warburg Pincus affiliate, Lion Meadow Investment, had acquired 20% equity stake in Bharti Telemedia for Rs 2,310 crore in 2018 after the announcement of deal in December 2017. The transaction will be discharged primarily via issuance of about 3.64 crore equity shares of Airtel at a price of Rs 600 per share and up to Rs 1,037.8 crore in cash. The proposed transaction is part of Airtel’s strategy to align the shareholding of its customer facing products, services and businesses under the same holding group. Further Airtel will issue its shares to the Warburg Pincus affiliate at a premium of 0.50% to the floor price determined as per ICDR regulations. The remaining consideration of Rs 937.8 crore will be paid in cash on the closing date of the proposed transaction. There may also be minor customary closing adjustments not exceeding Rs 100 crore.
IndiaMART InterMESH: Opened the QIP issue of shares of face value of Rs 10 each on February 17. The floor price in respect of the issue is Rs 9,065.61 per share, which is at a premium of 5.92% of the closing price on Wednesday.
Dish TV India: The Board of Directors has granted approval to initiate fund-raising through permissible modes and issue of permissible securities, for an amount upto Rs 1,000 crore, in one or more tranches. In this regard, the board has constituted ‘Fund Raising Committee’ for recommending, taking actions and monitoring in the matters of raising funds.
Phillips Carbon Black: The company has commissioned two specialty black lines at Palej, in Gujarat for production of wide range of specialty black products totalling about 32,000 MTPA to service the growing needs of its customers.
Bajaj Electricals: ICRA has revised the long-term rating of the company to A from A- and the short-term rating to A1 from A2+.
Future Enterprises: Has defaulted on payment of interest of Rs 12.72 crore due on […]