TCL completes sale of urea biz to Yara Fertilizers

Tata Chemicals Limited (TCL) has completed the sale of its urea and customized fertilizers business to Yara Fertilizers India Pvt Limited for Rs 2,682 crore. The company said in a BSE filing that sale and transfer of the business between the companies secured the final approval of the National Company Law Tribunal (NCLT).

TCL has received the consideration of Rs 2,682 crore, subject to post completion working capital adjustments from Yara Fertilizers on January 12, 2018, it said.

TCL’s profit after tax (PAT) increased by over 80% to Rs. 156.35 crore in the Q2 FY18 as against Rs. 86.52 crore in the Q2 FY17. The company had posted a 5.76% drop in it PAT to Rs. 557.88 crore in the fiscal year 2017 on a yearly basis.

Meantime, shares of Tata Chemicals Limited closed at Rs. 764.25, down by Rs. 6.75 or 0.88 on the NSE, Friday.

Amber Enterprises to launch Rs. 555 crore IPO on 17 January

Amber Enterprises India Ltd, a prominent solution provider for Air conditioner Industry in India, on Wednesday said it will launch a Rs. 555 crore IPO on 17 January. The company has priced its shares ranging Rs. 855 - 859 per share, which comprises a fresh issue of shares of Rs. 450 crore and an offer for sale of shares of Rs. 105 by promoters of the firm Jasbir Singh & Daljit Singh. The offering closes on 19 January.

In the fiscal 2016-17, Amber Enterprises India Limited’s posted revenue of Rs. 1652.20 cr, up from Rs. 1092.10 cr, in the previous year. The company earned a profit of Rs. 27.8 cr, up from Rs. 24.1 cr, in the previous year.

Investment banks Edelweiss Fin Services Ltd, SBI Capital Markets, IDFC Bank Ltd and BNP Paribas are managing the share sale.

Newgen Software launches Rs. 400 crore IPO on 16 January

Newgen Software Technologies Limited has said that it will launch an initial public offering (IPO) on 16 January to raise over Rs. 400 crore. The company has fixed a price band of Rs. 240-245 per share. The IPO comprises a fresh issue of shares worth Rs. 95 crore and an OFS of 13.45 million shares by existing venture capital investors. The IPO closes on 18 January. At the upper end of the price band, the offer will collectively bring in the company and the exiting investors around Rs. 424.6 crore.

Venture capital investors sell their stakes include Ascent Capital, IDG Ventures and SAP Ventures. Ascent Capital is selling its entire 11.42% stake in Newgen, while IDG is selling 4.57% and SAP Ventures’ 3.31%.

Investment banks ICICI Securities Ltd, IDFC Bank Ltd and Jefferies India Pvt Ltd are managing the Newgen share sale.  Newgen Software Technologies’ IPO will be the second initial share sale this year.