Rating agency Icra has reaffirmed A1+ rating to the Rs 500-crore short-term debt programme of SBI Capital Markets Limited (SBI Caps). The rating indicates highest credit quality assigned by the agency to short-term debt instruments, Icra said in a release. It takes into account the strong parentage of SBI Caps, its sound capitalisation and its position as one of the leading investment banking companies in the country, it said. Icra has also reaffirmed the MFA1+ rating assigned to the UTI Liquid Fund Cash plan.
Mumbai-based IOL Broadband will raise fresh funds to the tune of Rs 6.65 crore by allotting equity share warrants to Ahmedabad-based Maula Trading Company. IOL has allotted 7 lakh equity share warrants carrying an entitlement to subscribe to an equivalent number of equity shares at Rs 95, including a premium of Rs 85 per share.
Arvind Mills has received Ahmedabad High Court’s sanction for the scheme of arrangement following the merger and demerger of its businesses. The court has sanctioned the scheme of arrangement for the de-merger of the garment business division of Arvind Brands and amalgamation of Arvind Fashions.
Tata Indicom has launched wireline telecom services for the business to business (B2B) customers of Calcutta. A new Alcatel 1000 MM E10 switch has been installed in the city to cater to a multi-service and multimedia environment.
Mefcom Agro Industries will hike its stake to 25 per cent in the equity capital of Chennai-based Gypcrete Building India, a manufacturer of energy-saving building materials. Gypcrete Building India is an Indo-Australian joint venture with technical collaboration and equity participation by the Australian company.
The Oriental Bank of Commerce has inaugurated its 1000th branch under the core banking solution and 600th ATM and said the total business of the bank had crossed the Rs 1-lakh-crore mark. OBC has covered 93.1 per cent of its total business under the core banking solution platform.
Sadbhav Engineering has tied up funds for an Ahmedabad road project of Rs 514.96 crore. The company has achieved financial closure for the Ahmedabad Urban Development Authority project, Sadbhav Engineering has informed the BSE.
Surya Roshni Ltd, a leading lighting company, has launched a range of energy fluorescent tube lights with three and four stars rating. The tube lights are priced at Rs 40 onwards.
