Persistent Systems announced that its US subsidiary, Persistent Systems Inc., has acquired Herald Technologies Inc. (or Herald Health), a start-up in the US, created to transform the data overload swamping healthcare professionals into clear and actionable insights. Herald Health is focused on implementation of proprietary platforms and related IT services for the healthcare industry. The acquired business will strengthen Persistent's IP led offerings in the healthcare domain and create a number of cross-sell opportunities. The enterprise value payable for the acquisition of 100% shares of Herald is $5.2 million, subject to customary adjustments for working capital. The announcement was made after trading hours yesterday, 3 September 2018.
Jet Airways (India) announced that credit ratings firm, ICRA, has revised the long term rating (assigned to long term loans and non-convertible debentures) to [ICRA] BB (pronounced ICRA double B) (negative outlook) from [ICRA] BB+ (pronounced ICRA triple B plus) (negative outlook). The short term rating has been revised to [ICRA] A4 (pronounced ICRA A four) from [ICRA] A4+ (pronounced ICRA A four plus). ICRA considered significant increases in jet fuel prices and no corresponding increase in air fares, which impacted the financial performance of the company, leading to the rating downgrade. The announcement was made after trading hours yesterday, 3 September 2018.
Hotel Leelaventure will be watched. With reference to a news article titled, Brookfield in talks with JM Financial ARC to acquire stake in Hotel Leelavenlure, Hotel Leelaventure clarified after trading hours yesterday, 3 September 2018, that the company, in co-ordination with JM Financial Asset Restructuring Company, has been evaluating various options for a viable restructuring, including sale / monetisation of non-core assets, sale of hotels, or getting equity from a strategic investor for reduction of debt. As already stated in the media, the company is in discussion with three to four investors and Brookfield is one of them. Nothing has been finalized yet.
Yuken India said that it has fixed Friday, 14 September 2018, as the record date for the purpose of determining the eligibility of members for issuance of bonus shares. The company will issue three bonus shares of Rs 10 each for every one fully paid-up equity shares of Rs 10 each held by existing shareholders. The announcement was made after trading hours yesterday, 3 September 2018.