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News Round Up: Jindal Power to Raise Rs 7,000 crore Within a Year

By TEAM VCC

  • 27 Dec 2008

Jubilant Organosys to Buy Back FCCBs - New Delhi-based pharmaceutical company, Jubilant Organosys, plans to buy back $253 million worth of foreign currency convertible bonds (FCCBs). The company planes to buy back FCCBs as its share prices dropped, making it unattractive for investors to convert their bond holdings. The firm is looking at buying back bonds from investors through debt. (Business Standard)

Jindal Power to Raise Rs 7,000 crore Within a Year - Jindal Power announced today that will raise Rs 7,000 crore in the next one year from both, domestic as well as international sources to fund its thermal power project in Chhattisgarh. Jindal power, a subsidiary of Jindal steel and Power, would raise this amount through bank loans, by issuing local bonds and through external commercial borrowing (ECB). The company is setting up 4x600 mw super thermal power plant in Chhattisgarh at an investment of Rs 10,000 crore at a debt and equity ratio of 70:30. (Business Standard)

HDFC Raises Rs 1,728 crore - HDFC bank has raised Rs 1,728 crore through private placement of unsecured non-convertible bonds. The fund has been raised by the company to support its expansion and business growth. (Business Standard)

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Hyundai India to Cut Production, Hike Vehicle Prices - Hyundai Motor India (HMIL) has decided to cut down its production by 20%-25% starting December 29. the company also announced that will hike prices across modules by a minimum of 2% in January.  About a month back, the company had reduced its vehicle prices by up to Rs 44,792 on account of the 4 per cent reduction in the central excise duty. The firm sells seven models currently in India in the price band of Rs 2.67 lakh-Rs 16.97 lakh. (Business Standard)

GM to Sell Stake in Taiwan Venture to Yulon Motor for NT$1 - Largest U.S Auto manufacturer, General Motors Corp will sell its stake in a Taiwan venture to its Taiwanese partner Yulon Motor Co. for NT$1 (3 U.S. cents). Yulon, holds 51 percent stake in Yulon General Motors Co., and will buy the remaining 49 percent stake.  The Venture was set up by General Motors and Yulon in 2005 with an initial investment of NT$2 billion.  (Business Standard)

Cholamandalam DBS Finance to Raise Rs 300 crore - Cholamandalam DBS Finance Ltd plans to raise Rs 300 crore by issuing preference shares to its promoters. The preference shares will be issued at a price of Rs 300, which is 7.5 times higher than its current equity share price of Rs 40.50. (Business Standard)

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PwC Acquires ECS - Audit and consulting services major, Pricewaterhousecoopers India has acquired ECS (earlier known as Eicher Consultancy Services). According to reports, PwC has acquired ECS for around Rs 38-42 crore. ECS provides consulting solutions to over 150 clients in the services sectors, including banking, financial services, IT and ITeS. PwC employs some 5,000 professionals operating in India and plans to double headcount in the next 3-4 years, according to a recent report. (The Economic Times)

Wockhardt to Raise Rs 500 Crore Through Preference Share Issue

Pharmaceuticals giant Wockhardt is planning to raise Rs 500 crore through a redeemable preference share offering. An extra ordinary general meeting would be convened on January 19 to consider and approve the offer. While the company has not specified the reasons for raising the fund, reports suggest that the funds are being raised to meet the company’s FCCB (foreign currency convertible bonds) dues. Wockhardt's FCCB amounting to $110 million is due for maturity in October 2009. (The Economic Times) 

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India Tales Media Buys 41% in OPA-Studio - India Tales Media, the animation filmmaker, has bought 41% stake in the Bangkok based animation company, OPA-Studio for an upfront cash transaction of $3-5 million. The acquisition marks the first outside investment in Thailand’s entertainment sector. OPA is making animation feature films such a Super Panda and Medusa to be released in 2009. The films will be done 100% in Thailand under the project management and supervision of India Tales Media. (The Economic Times)

 

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