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News Roundup: Standard Chartered May Raise Rs 5,000 Crore through IDR

24 April, 2009

GlobalLogic Appoints Jim Walsh as Chief Technology Officer – Software development firm GlobalLogic on Thursday announced the appointment of Jim Walsh as its Chief Technology Officer. Walsh will work directly with GlobalLogic President Shashank Samant to advance the company’s leadership in outsourced product development and distributed Agile. Prior to joining GlobalLogic, Walsh has served at Chordiant Software. (The Economic Times)

Unitech Postpones Repayment of Debt – Notwithstanding its successful Rs 1,620-crore Qualified Institutional Placement (QIP) issue, troubled real estate company Unitech has postponed the repayment of a large part of the Rs 500-crore debt it had to pay back to mutual funds by April 19. According to sources, Unitech has repaid a fifth of this amount and rolled over 80% by another 12 months. The company has restructured the debt for one year at an interest rate of 13%, much lower than the earlier 18%. Unitech owed over Rs 500 crore to mutual funds of Reliance, HSBC, Sundaram BNP Paribas, SBI, UTI, Kotak and ING Vysa. (The Economic Times)

Standard Chartered May Raise Rs 5,000 Crore through IDR – Standard Chartered Bank has started the process to raise around Rs 5,000 crore through an Indian Depository Receipts (IDR) issue in the local markets. The bank has appointed JM Financial and UBS AG as lead managers for what could be the first IDR issue by a global player. Goldman Sachs, Bank of America and Kotak Mahindra are the other banks appointed to manage the issue. The timing, however, would depend on the market conditions. (Business Standard)

Laxey Faces Setback in Hirco Board Ouster – Laxey Partners, an activist hedge fund, received a setback in its attempt to oust the existing management of Hirco Plc after UK’s Standard Life Investments opposed the move. Standard Life, which owns 13.7 per cent in the Alternative Investment Market-listed Hirco, the investment vehicle of the Mumbai-based Hiranandani family, has said that Laxey’s move to destabilise the management will harm the shareholders and affect the returns of the fund. An extraordinary general body meeting (EGM) is scheduled on May 6 to resolve the dispute between the Hirco management and the warring shareholders. Laxey, which holds over 10 per cent, on February 20 called for an EGM to oust three directors of Hirco, including Chairman Niranjan Hiranandani, and replacing them with its own, while the Hiranandani camp, which owns a majority stake, threatened to pull out the entire board if any of its directors were ousted. (Business Standard)

Reva’s Chetan Maini Features in BusinessWeek’s 50 Most Powerful People List -BusinessWeek has included Chetan Maini, Deputy Chairman & CTO of REVA Electric Car Company (RECC) among its latest list of the 50 most powerful people in India. BusinessWeek India’s 50 Most Powerful People 2009 were chosen by the magazine’s reporters and editors. Maini has featured in the list for the first time. He has been contributing to the fight against climate change through his efforts in making Reva, the electric car. 

 

 


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News Roundup: Standard Chartered May Raise Rs 5,000 Crore through IDR

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