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22-Mar2019

Rane Madras, Karnataka Bank and Manappuram Finance to see some action today

Rane Madras has received approval to invest up to $20 million in Rane Precision Die Casting Inc., USA (RPDC), step down subsidiary, through Rane (Madras) International Holdings B V, The Netherlands (RMIH), Wholly Owned Subsidiary of the Company, over the next five years. The Board of Directors of the Company at its meeting held on March 21, 2019 has approved the same.

Karnataka Bank has opened its 839th Branch at Nadugodu - Kateel in the state of Karnataka on March 20, 2019. Earlier, the bank has opened 838th Branch at Mysuru - Ramanuja Road in the state of Karnataka.

Manappuram Finance has received approval to acquire 100% equity shares of Manappuram Comptech & Consultants (MACOM) and to make it a wholly owned subsidiary company of the Company. The cash consideration is around Rs 98.64 lakh will be paid for 100% shareholding consisting of 27000 equity shares of Rs 100 each at a price of Rs 365.37 per (share premium Rs 265.37 share). The Board of Directors of the Company at its meeting held on March 20, 2019 has approved the same.

Entertainment Network India (ENIL) has commenced broadcast from its radio station at Asansol (95 FM) - acquired under Phase 3 auctions.

Rural Electrification Corporation (REC) has received approval to raise Rs 90,000 crore under different debt segments for FY20. The Board of Directors of the Company at its meeting held on March 20, 2019 has approved the same.

Asian Oilfield Services has received a binding Letter of Intent (LoI) from Oil max Energy for surface facilities for its Charaideo field in Assam to handle and process hydrocarbon fluids. The scope of work includes the engineering, procurement, construction, installation, commissioning, supply, and operation & maintenance of the said facilities. The value of the contract is around at Rs 210 crore including operations and maintenance for 10 years.

NTPC's 200 kilo watt (kW) waste-to-energy plant in Karsada has achieved full generation capacity. The plant is located in Karsada at Varanasi, Uttar Pradesh (UP). The project is in line with the government's Swachh Bharat Mission, promoting a healthy environment through proper waste utilisation.


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