Wockhardt to Raise Rs 500 Crore Through Preferential Allotment – Wockhardt is planning to raise Rs 500 crore through preferential allotment of shares. The drug major is trying to raise funds to repay its FCCB (foreign currency convertible bond) holders. Following the announcement, share prices of Wockhardt rose 3.02 per cent on the Bombay Stock Exchange (BSE) from Rs 104.20 to close at Rs 107.35 today. An extraordinary general meeting of the members of the company has been scheduled for January 19, to consider and approve the plan. (Business Standard)
Titan to Raise Rs 50 crore by Issuing Debentures to LIC – Titan Industries has announced its pans to raise Rs 50 crore by issuing non convertible debentures to Life Insurance Corporation of India (LIC). The shares of the company soared 3.02 per cent to close at Rs 984.85 a share post the announcement. Titan board members would meet on December 23, to consider raising Rs 50 crore by issuing 10 lakh debentures of face value of Rs 500 at 12.75 per cent per annum for 5 years to LIC. (Business Standard)
Sun Pharmaceuticals Extends Tender Offer for Taro – Sun pharmaceutical industries, which intends to acquire drug major Taro Pharmaceuticals has extended the offer for the purchase of al outstanding shares of taro to January 9. this offer had been scheduled to expire today. The extension of the tender offer comes as a compliance with an earlier directive of the Supreme Court of Israel, which temporarily prohibited the closing of the offer, till the court decides regarding the applicability of the special tender offer rules under the Israeli Companies Law. (Business Standard)
Jindal Drugs to Start Cocoa Powder Production at Jammu Plant by Feb. 2009 – Jindal drugs plans to manufacture cocoa powder and cocoa fat at its Jammu plan. It plans to start the commercial production by February 2009. The Jammu plant has been set up at an investment of Rs 120 crore, and will have a capacity to process 25,000 tonnes of cocoa beans. The plant is, presently under trial. The company plans to process 12,000-15,000 tonnes of beans a year, once it starts commercial production. (Business Standard)
HDFC Cuts Home Loan rates – HDFC Ltd. has cut lending rate by 50 basis points for loans of more than Rs 20 lakh for both existing and new customers and introduced a new slab for sub-Rs 20 lakh. Interest on loans of up to Rs 20 lakh will be 10.25% while the rates for loans above 20 lakh would be 11.25%. The new rates would be effective from Monday. HDFC also decided to reduce the deposit rates by 50 basis points. (Economic Times)
Banks to Cut Lending Rates for Corporate Borrowers – Banks are expected to reduce lending rates for corporate borrowers by up to 100 basis points or one percentage point in the coming weeks. Post the reduction, the lending rates for corporate borrowers are expected to fall to 11% – 13% from the current 12%- 14%. The reduction comes as a result of the decease in the banks’ average costs of funds. Lower costs of funds help banks extend cheaper credit. (The Economic Times)
Panasonic to Acquire Sanyo for $ 9 Billion – Panasonic will acquire its rival Japanese electronic firm Sanyo for up to 800 billion yen ($9 billion). The acquisition will happen through a public tender offer. The deal would create one of the world’s largest electronic companies. Panasonic Corp will now be able to add Sanyo Electric Co’s strengths in green energy solar panels and rechargeable batteries to its product line. (The Economic Times)
KEC International Gets Rs 88 Crore Contract From Tajikistan Co. – KEC International has got an order of Rs 88 crore from Barki Tojik, national electricity company of Tajikistan. The contract has been funded by the Asian Development Bank and OPEC Fund for International Development. The contract, which is on a turnkey basis, is for the supply and construction of 220 kV double circuit line associated with Tajikistan-Afghanistan Interconnection Project for the Tajikistan portion. (The Economic Times)
No More Lay offs in Reliance ADAG, Will Hire 90,000 Employees – Reliance ADAG, headed by Anil Ambani, announced that it is not planning any further reductions in the headcount, rather the group plans to create 90,000 job opportunities in the next few months. Denying the reports of the group laying off 6,000 people, the group said that there were no lay offs happening. (The Economic Times)
RPG Sells 50% Stake to JV Partner – The RP Goenka Group has sold its 50% stake in mobile and laptop chain RPG Cellucom to its joint venture partner, Arum Nagar, founder and owner of Cellucom. Reports suggest that the deal has been valued between Rs.150-200 crore. presently, there are 200 RPG Cellucom stores in the country and the company plan to set up 500 more stores by march 2010. (The Economic Times)
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