Companies Archives - Page 17 of 31

Dish TV raises Rs 460 crore through a GDR issue

November 23, 2009August 20, 2014Editor

Dish TV, one of the key players in the direct-to-home broadcasting industry has issued 117 mn shares of Re 1 face value in the form of a GDR (global depository) issue.

The issue price works out to Rs 39.80 per share. The Dish TV share closed at Rs 40.65 on the BSE on November 23.

The new funds of Rs 460 crore or $100 mn will help the company accelerate its growth path. Dish TV has over 6 million subscribers and the DTH market is growing rapidly.

Hindalco fixes floor price at Rs 130.90 per share for QIP issue

November 23, 2009August 20, 2014Editor

Aditya Birla-group metal firm Hindalco will raise Rs 2,900 crore through a qualified institutional placement route.

The company has determined the floor price for the share (face value: Re 1) at Rs 130.90 as prescribed by the SEBI formula.

The stock closed on the BSE at Rs 133.80 on November 23.

Earlier, Hindalco had increased the FII investment limit from 24% to 40%, and also raised the target amount from the QIP issue from Rs 2,400 crore to Rs 2,900 crore.

ICICI Bank raises $750mn through overseas bond offering

November 21, 2009August 20, 2014Editor

ICICI Bank has raised funds from its Bahrain branch, picking up about $750mn or about Rs 3,490 crore through a fixed rate note issue. The notes will carry a fixed rate of 5.5% which is 293 basis points over the London Inter-Bank Offered Rate (Libor). According to the bank, the issue got a good acceptance with bids of over $3bn. The bank has not mentioned any specific reason for raising these funds.

Techno Electric acquires Simran Wind Project

November 21, 2009August 20, 2014Editor

Techno Electric & Engineering Company, a listed company with Rs 486 crore of revenues in 2008-09, is acquiring Simran Wind Project. Simran is listed in Suzlon Energy 2008-09 Annual Report as a company which is a promoter group entity. Techno Electric is an engineering, procurement and construction company with a focus on the power sector. During the half year ended September 2009, its revenues rose by 11% to Rs 272 crore and its net profit increased by about 60% to Rs 58 crore.

Network18 downsizes business news operations

November 20, 2009August 20, 2014Editor

Network18 is recasting its broadcasting business to lower its cost base. The company will merge the logistics, backend and broadcasting operations of its two business channels, the flagship CNBC TV18 and the Hindi business news channel CNBC Awaaz. Both channels are 10 years and 5 years old respectively.

Strike called off at Sirpur Paper Mills

November 19, 2009August 20, 2014Editor

The contract workers at Sirpur Paper Mills’ integrated paper plant at Kaghaznagar in Andhra Pradesh were on strike from October 31, 2009 and had disrupted production.

These contract workers have called off the strike and have resumed work from November 18, 2009.

Exide stock falls 5% after equity dilution news

November 18, 2009August 20, 2014Editor

The stock price of battery manufacturer Exide Industries was holding up well on November 18, pretty close to its 52-week high of Rs 124.

But in the afternoon at around 1:30pm IST the Exide stock started sliding and closed the day 5% lower than its Tuesday’s close.

The reason? The market didn’t seem pleased with the news that the company would raise Rs 500-600 crore, by way of equity or convertibles, through a qualified institutional placement (QIP) to qualified institutional buyers.

Shopper’s Stop to raise Rs 140-Rs 150 crore through a QIP issue

November 14, 2009August 20, 2014Editor

Shopper’s Stop announced its plants to issue 40 lakh shares through a preferential issue to qualified institutional buyers. The Qualified Institutional Placement route has become a preferred means of raising funds for companies, as it is fast and there seem enough investor appetite for Indian equities. The company has not spelled out why it is raising this money, but it could be used for working capital purposes, reducing debt and funding its ongoing investment programme.

Torrent Pharma’s new insulin plant to make 26mn vials a year

November 14, 2009August 20, 2014Editor

Ahmedabad-based Torrent Pharma commissioned a new facility to manufacture 26 mn vials a year of human insulin.

Global major Novo Nordisk will send insulin crystals to Torrent Pharma, which will then process it into Novo Nordisk Insulin. Torrent Pharma has been the sole manufacturer of insulin for Novo Nordisk since the early nineties.

Infosys acquires McCamish; gives a boost to BPO biz

November 12, 2009August 20, 2014Editor

Infosys Technologies is acquiring an America business process outsourcing (BPO) company, McCamish Systems LLC. Infosys will pay $38mn with an additional earn-out of $20mn to acquire the company, which had a turnover of $38.2mn in calendar 2008. The additional consideration will be paid depending on the company achieving certain financial targets.