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Yes Bank in focus after rating downgrade
06-Dec-19   08:37 Hrs IST

Yes Bank said Moody's Investors Service downgraded its long term foreign currency issuer rating to B2 from Ba3. Moody's has also downgraded the bank's long-term foreign and local currency bank deposit ratings to B2 from Ba3, foreign currency senior unsecured MTN program rating to (P)B2 from (P)Ba3, and Baseline Credit Assessment (BCA) and Adjusted BCA to b3 from b1. The outlook on the bank's ratings, where applicable, is negative. Moody's expects Yes Bank's common equity tier 1 (CET1) ratio of 8.7% at the end of September 2019 to come under significant pressure, unless the bank can raise new capital in the next few quarters.

M&M said the company acquired 36.63% of the Equity Share Capital of Meru in the first tranche of investment. Consequently, Meru has become a subsidiary of the Company with effect from 5 December, 2019. Subsequently, Meru Mobility Tech Private Limited, V-Link Automotive Services Private Limited and V-Link Fleet Solutions Private Limited, subsidiary companies of Meru, have in turn, also become subsidiaries of M&M.

Allcargo Logistics said Directors have approved the Share Purchase Agreement between the Company and some of the existing members of the Promoter and Promoter Group of Gati Limited for acquisition upto 1,03,85,332 Equity Shares at a price of Rs 75/- per Equity Share. The company will also make an open offer for acquisition of 3,17,42,615 Equity Shares representing 26% of the Paid up Voting Equity Share Capital (post preferential issue and vesting of stock option) of Gati at a price of Rs 75/- per Equity Share.

Bank of Baroda said Capital Raising Committee of Bank approved issuance of Basel III Compliant Additional Tier I Bonds for aggregate total issue size not exceeding Rs 1,850 crore, with a base issue size of Rs 500 crore and a Green Shoe Option to retain oversubscription up to Rs.1 ,350 crore.

Greaves Cotton said it has completed acquisition of entire shareholding of Ms Hemalatha Annamalai in Ampere Vehicles Pvt Ltd through secondary purchase, thereby acquiring absolute control in its subsidiary Ampere Vehicles Pvt Ltd. This is part of Greaves' long-term strategy to strengthen and expand its presence in last-mile e-Mobility space that is seeing significant interest from government and commuters alike.

Narayana Hrudayalaya said its plan to establish a 130 bedded hospital project in Nairobi, Kenya announced in 2016 could not be proceeded with due to the inability to fund the project by a financial institution partner.

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