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News Roundup: JSW Steel To Raise $1 Billion Through QIP, FCCB Issue

29 May, 2009

Novartis Hikes Offer Price to Rs 450  – Switzerland-based Novartis AG, the parent company of Novartis India, has formally revised the open-offer price for its shares to Rs 450 from Rs 351 to buy back an additional stake of up to 39%, to take its shareholding in the Indian subsidiary to 90%. Following the announcement, the share price of Novartis India surged 20% to hit the upper circuit at Rs 467.50 in morning trade on the Bombay Stock Exchange (BSE). It closed at Rs 444.80, 14.17 per cent higher than yesterday’s closing price of Rs 389.60. (Business Standard)

JSW Steel To Raise $1 Billion Through QIP and Securities Issue – JSW Steel will raise $1 billion (about Rs 4,775 crore) through qualified institutional placement (QIP) and issue of securities in the international markets for part-financing its capital expenditures and for meeting general corporate purposes. The board of the cpmpany has approved the raising of long-term funds aggregating $1 billion or its Indian rupee equivalent to part-finance its capex and for other general corporate purposes, including reducing the leverage, depending on market dynamics. (Business Standard)

Dewan Housing to Raise Rs 1,000 Crore By July – Dewan Housing Finance Corporation (DHFL) is planning to issue non-convertible debentures (NCDs) worth up to Rs 1,000 crore in July to meet its credit disbursal targets for the current financial year. DHFL, which usually raises funds through the private placement route, is looking at raising money from the high net-worth individuals (HNIs) and retail investors also. (Business Standard)

Siemens To Invest Rs 275 Crore in Vadodara – Power engineering major Siemens will invest Rs 275 crore to expand its steam turbine facility at Vadodara. The expansion programme, which would triple its existing capacity, would be completed by 2010. The Vadodara unit currently makes single stage multi stage steam turbines up to 45 megawatts for industrial applications. The expansion programme will increase the factory capacity to manufacture steam turbines up to 100 MW. (The Economic Times)

R-Power in JV Talks with BHP Billiton – Anil Ambani-promoted Reliance Power is in talks with Australian mining firms BHP Billiton and Rio Tinto for setting up a coal mining joint venture that will develop the mines allocated to the company and supply coal to its power plants. The company plans to spend close to Rs 5,000 crore in developing coal mines. (The Economic Times)

Sanofi Pulls Out of Race for Shantha; GSK in Fray – British drug major GlaxoSmithKline Pharmaceuticals is in advanced talks to buy at least a 51% stake from French company Merieux Alliance in Shantha Biotech after the other contender, Sanofi Aventis, dropped out of the race. Only a few issues related to the valuations need to be finalised. France’s Merieux Alliance bought a 60% stake in Shantha Biotech in 2006 and subsequently increased it to about 80%. GSK is interested in buying at a majority stake in Shantha Biotech and shore up its vaccine business, especially the five-in-one pentavalent variety where it has lost out to rivals such as Panacea Biotec, Novartis and Shantha Biotech. (The Economic Times)

IPL Team Kings XI To Offload 10-15% Stak – IPL team Kings XI Punjab, co-owned by Bollywood actor Preity Zinta, Dabur group’s Mohit Burman and Bombay Dyeing’s Ness Wadia, may offload a 10-15% equity stake in the team, joining a growing list of IPL franchisees looking for new investors. The team is in talks with various investors, including high net worth individuals, to sell a stake in the team. But, the stake sale may not happen immediately. It is not clear if dilution will be done through stake sales by existing promoters or through the issue of fresh equity. (The Economic Times)

AB Group May not Buy L&T’s Stake in UltraTech – Aditya Birla Group is unlikely to buy Larsen & Toubro’s (L&T) 11.5% stake in its subsidiary UltraTech Cement, as it does not want to launch the mandatory open offer, which, if successful, would scale up its equity in the cement company to 86%. According to sources, the Birlas do not wish to spend money for scaling up their stake in UltraTech in which they already hold a comfortable 55% stake. If fully subscribed, the required open offer coupled with L&T’s stake, would raise the Birla group’s stake in UltraTech by 31.5%, an exercise which would cost around Rs 2,700 crore at Thursday’s price. (The Economic Times)

Dish TV To Raise $200 Million – Zee group firm Dish TV today said it will raise up to $200 million (about Rs 953.88 crore) by way of foreign currency convertible bonds (FCCB). The company board has approved its plans of raising the amount. Further, the direct-to-home services provider said it will allot 5,89,200 shares under its employee stock option plan (ESOP). Besides, the board has approved the grant of 5,89,200 stock options convertible into equal number of equity shares to 13 employees at an exercise price of Rs 47.65 each under ESOP. (Business Standard)

 


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News Roundup: JSW Steel To Raise $1 Billion Through QIP, FCCB Issue

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