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Infosys will be watched after nod to delist ADS from Euronext Paris, London
(08:04, 12 Jun 2018)

Infosys announced that the voluntary delisting of its American Depositary Shares (ADSs) from the Euronext Paris and Euronext London exchanges has been approved by the board of directors of Euronext Paris SA and by Euronext London. The primary reason for this delisting is the low average daily trading volume of Infosys ADSs on Euronext Paris and Euronext London, which is not commensurate with the related administrative requirements. There will be no change to the Infosys share/ADS count, capital structure or float as a result of the delisting from the above exchanges. Infosys ADSs will continue to be listed on the NYSE under the symbol “INFY” and investors can continue to trade their ADSs on the NYSE as before. The announcement was made after market hours yesterday, 11 June 2018.

ICICI Bank will be watched. With reference to the news item titled, ICICI Bank, Kochhar under SEC lens, the bank clarified to the bourses after market hours yesterday, 11 June 2018, that as a large and internationally active bank with operations and listing of its equity and debt instruments in multiple jurisdictions, the bank is regularly engaged with regulators, including the US SEC, on a range of matters. However, the bank has so far not received any specific communication from the US SEC in relation to the allegations in respect of the managing director & CEO of the bank.

DCM Shriram said that its board will meet on 18 June 2018, to consider the proposal to buyback the fully paid up equity shares of the company. The announcement was made after market hours yesterday, 11 June 2018.

DCB Bank announced upward revision to its Marginal Cost of Funds based Lending Rate (MCLR). MCLR for overnight loans will be 8.6%, for one month will be 8.7% and for three months will be 8.75%. MCLR on 6-month loans will be 9.20% and for one-year loans the rate would be 9.97%. The announcement was made after market hours yesterday, 11 June 2018.

Strides Shasun announced that its wholly-owned subsidiary Strides Pharma Global has received final approval for Oseltamivir Phosphate Capsules USP, 30 mg (base), 45 mg (base), and 75 mg (base) from the United States Food & Drug Administration (USFDA). Oseltamivir Phosphate Capsules is a generic version of Tamiflu Capsules of Hoffmann-La Roche, Inc. As per IQVIA MAT April 2018 data, the US market for Oseltamivir Phosphate Capsules was approximately $725 million. The product will be manufactured at the company's oral dosage facility at Bangalore and will be marketed by Strides Pharma Inc. in the US Market. The company has 75 cumulative ANDA filings with USFDA of which 48 ANDAs have been approved as of date and 27 are pending approval. The announcement was made after market hours yesterday, 11 June 2018.

Usha Martin announced that its board has decided to explore the sale of its steel business in order to achieve the objective of deleveraging the company. The board reconstituted the committee of independent directors of the company to appoint investment banks, consultants and advisors to help evaluate proposals and oversee the process for sale of steel business of the company. The announcement was made after market hours yesterday, 11 June 2018.

Hotel Leela Venture said its board approved issuing 125 crore shares to JM Financial Asset Reconstruction Company on conversion of debt. The announcement was made after market hours yesterday, 11 June 2018.

KDDL announced that its board approved increasing the investment limit to permit foreign portfolio investors (FPIs)/the foreign institutional investors (FIIs), registered with the Securities Exchange Board of India (Sebi), to acquire and hold in aggregate upto 49% of equity paid up capital of the company. The board also approved the proposal to raise upto Rs 30 crore by issuing equity shares through preferential issue/qualified institutional placement (QIP)/combination thereof. The announcement was made after market hours yesterday, 11 June 2018.

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