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Showing posts from December, 2018

OYO Rooms to buy back ESOPs worth ₹50 crore in January

OYO Rooms, India’s second-most valuable startup, will hold a share buyback in January, the first in a series of programmes that is expected to yield its former and current employees a total of $150-200 million over the next two to three years. About 250 ESOP (employee stock ownership plan) holders of OYO will be able to offer their shares in the first round estimated at about ₹40-50 crore. The hospitality chain declined to name the investor who will buy the shares. “As a part of this effort, eligible option holders both existing and ex-employees will be rewarded for their loyalty and value created over the last four years by way of liquidating a portion of their stock options,” Dinesh Ramamurthi, chief human resources officer at OYO Rooms told Mint. “The eligibility for awarding ESOPs was calculated based on the individual’s role, contribution, and long-term potential. The move by OYO Rooms comes in a year that has seen many startups, including Flipkart, Paytm and Ola, offer cash

MSTC mulls 10% fresh equity issue after govt plan to dilute 25% stake

. State-owned MSTC Ltd is mulling an additional 10 per cent equity issue, following the government's proposed dilution of stake in the trading and e-commerce services company. The Centre has proposed to offload 25 per cent stake in MSTC through the offer for sale (OFS) route, and the process is likely to be completed by March 2019. The divestment would bring down government holding to 64 per cent from 89.85 per cent. "We are are in need of capital to meet our expansion plans. We are exploring options for 10 per cent fresh equity issue, as the government's dilution of stake will not bring any capital to the company," a top MSTC official told PTI. MSTC has been expanding its areas of e-commerce and online auction, including ferrous and non-ferrous materials. It is also holding e-auctions for mines as well as agri-products. The company has targeted north eastern states like Tripura, where it sees huge demand for e-auction services in agri-products, but needs

CSB to amend Articles of Association to give board seats to Fairfax

Catholic Syrian Bank  (CSB) has decided to make changes in the article of association to pave way for Fairfax, which picked up a 51 per cent stake in the bank, to get two seats on the board, including the post of Chairman. According to the amendment,  Fairfax  would have a minimum of two directors always and there should be at least one  Fairfax  representative in all the committees. If the representation is not there in the first meeting, the meeting should be postponed and if they cannot participate in the postponed meeting also, then the committee is allowed to go ahead without them, said bank officials. The bank and FIH Mauritius Investments Ltd (FIH-M) entered into an investment agreement in February 2018 that was modified on October 15, 2018, pursuant to  Fairfax  agreed to acquire shares up to 51 per cent of the post issue paid-up capital of the Bank. The articles of association have been amended in order to bring in changes in line with the agreement. Sandip Ginodia

Otis to refit India elevators

Otis India, a leading manufacturer and maintainer of elevators, escalators and walkways, has announced a ‘green’ modernisation package for old elevators,based on its Gen2 elevator family technology. “Apart from upgrading the elevators, the new Gen2 MOD package will bring elevators in need of renovation up-to-date with the latest technology in safety, comfort and environmental standards as well as enhance the passenger experience,” Otis India said. The Gen2 MOD will be provided from Otis’ India factory in Bengaluru. The Gen2 MOD package employs a smart- retention programme where reusable parts from the older system are retained in the new system. Reduces downtime This further aids in minimal interference with the structural part of the building, reduces the downtime period and minimises inconvenience to residents, the company said. “We’re excited to extend the efficiency and innovation of our Gen2 technology to our modernisation customers.” said Sebi Joseph, president, Oti

Chennai Super Kings shares selling like hot cakes off-market, gets Rs 450 crore evaluation

Chennai Super Kings shares are reportedly being traded off-market at a cost of Rs 13-15 per share. The current off-market evaluation of the company is evaluated at Rs 450 crore as against the CSK brand value of USD 98 million according to an evaluation by American American Appraisal India and Duff & Phelps. CSK shares carry a face value of 10 paise for its Rs 3.1 crore paid-up capital. However, the listing of the franchise is not expected to happen any time soon. Advertising “Many investors who got CSK shares early this week were seen selling them off-market between Rs 13-15 per share,” Narottam Dharawat, a Mumbai based broker who deals in unlisted shares is quoted as saying by Economic Times. “Savvy investors are interested in buying CSK shares.” Another Delhi-based trader is quoted as saying that the shares are going at “Rs 12 and Rs 15.” However, compared to a recent deal between JSW Sports, a unit of Sajjan Jindal-owned JSW Group, and GMR Group-owned IPL franchise