Monthly Corporate Action Tracker

- Dossier of key corporate actions in March, 2019

Research Analyst:
Amit Gupta Bharat Chhoda Cheragh Sidhwa
amit.gup@icicisecurities.com bharat.chhoda@icicisecurities.com cheragh.sidhwa@icicisecurities.com

March 12, 2019

 Corporate
Deal Team Action Tracker-
– At Your March 2019
Service

1 Announced/Probable dividend

2 Board meetings for March 2019

3 Bonus and open offer for March 2019

4 Major stakeholder’s activity in February 2019

5 Preferential allotment in February 2019

6 Historical trends of corporate actions

2
Companies likely to pay dividend in March 2019

Announced dividend
Company Dividend Face value Dividend Dividend Yield
(%) (|) (|/share) (%) Ex-date
Vedanta 185 1.00 1.85 1.1 13/03/2019
Power Grid Corpn 58.3 10.00 5.83 3.1 14/03/2019
HDFC Life Insur. 16.3 10.00 1.63 0.4 14/03/2019
HDFC 175 2.00 3.5 0.2 15/03/2019
CRISIL 1100 1.00 11 0.7 28/03/2019
Source: Capitaline, ICICI Direct Research

Probable dividend
Company Dividend Face value Dividend Dividend Yield Last Years
(%) (|) (|/share) (%) Ex-date
ONGC 45 5.00 2.25 1.2 13/03/2018
NBCC 27.5 1.00 0.275 0.3 15/03/2018
Coal India 165 10.00 16.5 5.9 16/03/2018
Last year major PSU companies
Engineers India 50 5.00 2.5 1.6 19/03/2018
like ONGC, Coal India , Engineers
Colgate-Palm. 500 1.00 5 0.5 20/03/2018
India, Hindustan Zinc and NMDC
Coromandel Inter 300 1.00 3 0.6 22/03/2018
had declared dividend in March
Sun TV Network 50 5.00 2.5 0.3 22/03/2018
Hind.Zinc 300 2.00 6 2.0 23/03/2018
NLC India 42.3 10.00 4.23 4.9 26/03/2018
KIOCL 2.7 10.00 0.27 0.1 26/03/2018
DLF 60 2.00 1.2 0.6 27/03/2018
NMDC 430 1.00 4.3 3.5 27/03/2018
Ashoka Buildcon 16 5.00 0.8 0.5 27/03/2018
Source: Capitaline, ICICI Direct Research

3
 Corporate
Deal Team Action Tracker-
– At Your March 2019
Service

1 Announced/Probable dividend

2 Board meetings for March 2019

3 Bonus and open offer for March 2019

4 Major stakeholder’s activity in February 2019

5 Preferential allotment in February 2019

6 Historical trends of corporate actions

4
Board meetings scheduled in March 2019

Board meetings in March 2019

Company Name Meeting Date Board Meeting purpose
HUDCO 12/3/2019 Interim Dividend
NMDC 12/3/2019 Interim Dividend
Coal India 14/03/2019 Interim Dividend
eClerx Services 14/03/2019 Buy Back
Kotak Mah. Bank 14/03/2019 Dividend
MAS FINANC SER 14/03/2019 Change in Directors
Tide Water Oil 14/03/2019 Interim Dividend
Aarti Drugs 15/03/2019 Others
Mishtann Foods 15/03/2019 Others
Bharat Dynamics 18/03/2019 Interim Dividend
NLC India 18/03/2019 Interim Dividend
SRG Housing 18/03/2019 Others
Wockhardt 19/03/2019 Redemption
Balmer Lawrie 26/03/2019 Others
Source: Capitaline, ICICI Direct Research

5
 Corporate
Deal Team Action Tracker-
– At Your March 2019
Service

1 Announced/Probable dividend

2 Board meetings for March 2019

3 Bonus and open offer for March 2019

4 Major stakeholder’s activity in February 2019

5 Preferential allotment in February 2019

6 Historical trends of corporate actions

6
Corporate actions announced in March 2019

Bonus issue
Company Ratio Ex Bonus Date Record Date
NTPC 1:5 19/03/2019 20/03/2019
Sukhjit Starch 1:1 27/03/2019 28/03/2019
Source: Capitaline, ICICI Direct Research

Ongoing open offer

Offer Start Offer Close Offer Price Proposed Acquisition Proposed Acquisition
Company Date Date (|) (No. of shares in crore) (% Capital)
Polaris Consulta 1/8/2018 31/07/2019 480.0 2.6 25.8
Hathway Cable 31/01/2019 13/02/2019 32.4 46.0 26.0
Tour. Fin. Corp. 5/2/2019 18/02/2019 157.2 2.1 26.0
Den Networks 8/2/2019 22/02/2019 72.7 12.2 25.6
GTPL Hathway 8/2/2019 22/02/2019 82.7 2.9 25.6
Weizmann For. 21/02/2019 7/3/2019 528.0 0.3 25.2
Grandeur Product 6/3/2019 19/03/2019 40.0 0.6 26.0
Indo Rama Synth. 11/3/2019 25/03/2019 36.0 6.5 24.5
Linde India 14/03/2019 28/03/2019 328.2 2.1 25.0

Source: Capitaline, ICICI Direct Research

7
 Corporate
Deal Team Action Tracker-
– At Your March 2019
Service

1 Announced/Probable dividend

2 Board meetings for March 2019

3 Bonus and open offer for March 2019

4 Major stakeholder’s activity in February 2019

5 Preferential allotment in February 2019

6 Historical trends of corporate actions

8
Major stakeholder’s activity seen in February 2019

Major stakeholder’s activity in February 2019

Company No of shares Bought/Sold Total Equity Net change % of total
(In lakhs) (In lakhs) (%)
Bajaj Holdings 19.9 1112.9 1.8
Sonata Software 21.2 1051.6 2.0
Mcleod Russel 22.4 1044.6 2.1
Repco Home Fin 12.6 625.6 2.0
Eveready Inds. -2.0 726.9 -0.3
Dish TV -102.0 18412.9 -0.6
Source: Capitaline, ICICI Direct Research

Key Highlights

Bajaj Auto (promoter) purchased 19.9 lakh shares (1.8%) of Bajaj Holdings
HDFC Asset Management Company purchased 21.2 lakh shares (2.0%) of Sonata Software
Edgbaston Asian Equity Trust & PACs purchased 22.4 lakh shares (2.1%) of McLeod Russel
HDFC Mutual Fund purchased 12.6 lakh shares (2.0%) of Repco Home Finance
DSP Trustee Ltd sold 2.0 lakh shares (0.3%) of Eveready Industries
Direct Media Distribution Ventures Ltd sold 102 lakh shares (0.6%) of Dish TV
 Corporate
Deal Team Action Tracker-
– At Your March 2019
Service

1 Announced/Probable dividend

2 Board meetings for March 2019

3 Bonus and open offer for March 2019

4 Major stakeholder’s activity in February 2019

5 Preferential allotment in February 2019

6 Historical trends of corporate actions

10
Preferential allotment in February 2019
On a month-on-month basis, the momentum related to raising money through preferential allotment improved in February 2019. The number
of companies that raised capital through preferential allotment in February 2019 (16 companies) was higher than January 2019 (11 companies).
PSU Banks like Central Bank, Allahabad Bank, United Bank, Uco Bank, Bank of India have received capital infusion from the government
(promoter) through its bank recapitalisation programme. For full year CY18, 223 companies raised capital through preferential allotment
compared to 243 companies in CY17.

Preferential allotment in February 2019

Company No.of Eq. Shares Face Value Issue Price Issued To Issued Category Date of allotment
(in crore) (|) (|)
Indo Rama Synth. 1.72 10 36 NA Non-Promoter 22/02/2019
Oriental Bank 57.23 10 96.1 Government of India NA 14/02/2019
UCO Bank 146.83 10 20.95 Government of India NA 25/02/2019
United Bank (I) 181.73 10 11.88 NA President Of India 11/2/2019
Central Bank 38.74 10 43.31 President of India NA 28/02/2019
Central Bank 68.72 10 37.25 Government of India President of India 26/02/2019
Bank of India 95.38 10 105.75 Government of India Promoter group 16/02/2019
Allahabad Bank 65.28 10 46.78 Government of India NA 18/02/2019

Source: Capitaline, ICICI Direct Research

 Corporate
Deal Team Action Tracker-
– At Your March 2019
Service

1 Announced/Probable dividend

2 Board meetings for March 2019

3 Bonus and open offer for March 2019

4 Major stakeholder’s activity in February 2019

5 Preferential allotment in February 2019

6 Historical trends of corporate actions

12
Historical
Deal Team trend– of
Atrights
Yourand bonus issues
Service
Number of rights issues- CNX 500 Number of bonus issues- CNX 500

10 35
8 8 28 29
30
8 7 7
6 25 20
6 5 5 5 5 20 17 16
14
15 12 12
4 10
2 8
10
2 1 5
0 0
CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17 CY18
CY09

CY10

CY11

CY12

CY13

CY14

CY15

CY16

CY17

CY19 (upto
CY18

Feb 2019)
(upto
Number of Bonus Issues Dec
Number of rights Issue (CNX 500 Companies)
2018)

Key Highlights

 Of the CNX 500 companies, five used the rights issue method to raise capital in CY18 compared to seven in CY17
 Total 20 companies had announced bonus issue in CY18 compared to 29 in CY17

Source: Capitaline, ICICI Direct Research

13
Historical
Deal Team trend– of
Atstock
Yoursplits and dividend payouts
Service

Number of stock splits- CNX 500 Average dividend payout ratio (%) for CNX 500

45 39 40.0 36.5
34.3
40 35.0 30.5 30.0
35 28.2
30.0
30
25 25.0
18 17.8 19.4
20 13 15 20.0
15 11 12 10
7 6 8 15.0
10
5 1 10.0
0 5.0
CY09 CY10 CY011 CY12 CY13 CY14 CY15 CY16 CY17 CY18 CY19 0.0
(Upto FY12 FY13 FY14 FY15 FY16 FY17 FY18
Number of stock Split feb
2019)
Dividend Payout Ratio

Key Highlights

 Post implementation of the new 10% dividend tax and accounting changes owing to implementation of Ind-As,
average dividend payout ratio has been on a downward trend with the ratio declining from 36.5% in FY15 to 19.4%
in FY18
 Eight companies had announced a stock split in CY18 compared to 10 in CY17

Source: Capitaline, ICICI Direct Research

14
Pankaj Pandey Head – Research pankaj.pandey@icicisecurities.com
ICICI Direct Research Desk,
ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road no.7, MIDC
Andheri (East)
Mumbai – 400 093
research@icicidirect.com

15
Disclaimer
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