The event was widely anticipated since 2019, when Larsen & Toubro (L&T) had bought a majority stake in Mindtree – termed as India’s first major hostile takeover. Key points to note – L&T currently owns 60.99% of Mindtree and 74.05% of Larsen & Toubro Infotech (LTI) Given the common parent and similar business, the merger … Read more
This is what some investors had wanted and that’s exactly what Varroc Engineering Ltd (VEL) has decided. Key announcements – VEL has entered into a definitive agreement with Compagnie Plastic Omnium SE, France to divest its 4-Wheeler lighting business in the Americas and Europe Agreed consideration is an Enterprise Value of EUR 600 mn (approx … Read more
Tata Consumer Products (TCPL) has decided to restructure the business of it’s 57.48% subsidiary Tata Coffee Limited (TCL). The proposed restructuring includes the following – Demerger of TCL’s plantation business into a new 100% subsidiary of TCPL. Merger of the remaining TCL’s business into TCPL. TCPL’s shareholding in TCL would be cancelled and non-promoter TCL’s … Read more
In a surprise announcement, the two major cinema brands in India have decided to merge together. (It’s important to note here that until recently, it was rumoured that PVR and and Inox are in talks with the Mexican company Cinepolis for a possible merger.) Key points on the PVR-Inox merger It’s a share swap merger … Read more
L&T Finance Holdings (LTFH) as part of the restructuring and consolidation has decided to move out of the wholesale business and focus exclusively on the retail lending. Key points to note – Retail lending for the Company consists of farm equipment, 2 wheelers, consumer loans, micro loans and home loans/ LAP. Wholesale lending comprises of … Read more
For almost a year, I have been confused about how Future retail stores are getting funding to operate given – the poor financial health of the group; and 2020 deal with Reliance retail not getting concluded due to the legal dispute with Amazon. Operating the stores meant expenses in the form of lease payments, employee … Read more
After days of Godrej Properties getting forced to withdraw from it’s proposed strategic partnership with DB Realty (DBR), the latter gets support from the ace investor, Rakesh Jhunjhunwala (RJ’s) and others. Key points to note – DBR was issuing 5 crore equity warrants to GP. The same quantum now will be instead issued to the … Read more
After Vodafone Idea (VIL), Tata Teleservices Maharashtra (TTML) now opts for this conversion. For VIL, it made sense (check the article). However for TTML to opt for this is highly confusing and mysterious. Why? The interest amount that TTML had to pay was only Rs 850 crore. For Tata group this is nothing. In lieu … Read more
Contrary to general consensus, Vodfaone Idea (VIL) informed that the board has approved conversion of interest on delayed payment of spectrum and Adjusted Gross Revenues (AGR) dues to the Government into equity. Key points to note The option was available to the Company in line with the telecom relief package announced by the Government in … Read more