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ICICI Bank has issued foreign currency notes with a face value of $1 billion or about Rs 4,500 crore. This has been sold through the bank’s Dubai branch. The five and a half year tenure bonds will carry a coupon rate of 4.75%. They were issued at a price of 99.665% of the face value, which translates to a spread of 251.5 basis points over the London Inter-bank Offered Rate (Libor).
Continue ReadingAshok Leyland, which makes trucks and buses, reported a 30% increase in sales to Rs 3,829 crore in the March 2011 quarter. The company sold 15% more vehicles during the quarter, compared to the March 2010 quarter.
The difference between volume and value sales could be explained either by a change in its product mix (selling higher value vehicles) or by an increase in prices.
Larsen & Toubro will build an offshore platform -process and living quarters- for Gujarat State Petroleum Corporation. The platform will be commissioned at KG6 at the Deen Dayal Field from where GSPC intends to start gas production from July 2013. Earlier, L&T had got the contract to construct the wellhead platform for the development of this field. The gas field will be able to generate 6 million standard cubic metres of gas per day.
Continue Reading3i Infotech has decided to sell its US-based transaction services business to private equity firm Cerebrus Capital Management L.P for $137 million or about Rs 620 crore. The company will sell its US billings and payments unit, consisting of Regulus Group and J&B Software to an affiliate of Cerebrus.
State-owned banking giant State Bank of India yesterday announced a sharp hike in lending and fixed deposit rates effective May 12. Last week, the Reserve Bank of India acted to contain inflation, which stubbornly remained higher than its targeted range (even after being revised repeatedly). The central bank hiked the repo and reverse repo rates by 50 basis points and hiked the interest rates on savings bank balances to 4% from 3.5%.
Continue ReadingTata Motors is raising £1 billion pounds or about Rs 7,300 crore by issuing bonds denominated in dollar and pound sterling, through its overseas subsidiaries under the Jaguar Land Rover umbrella. The money will be used to refinance existing debt and for general corporate purposes. The move comes at a time when JLR’s performance has steadily improved, with rising cash flows allowing it to service debt on its own.
Continue ReadingGlobal restructuring by multinationals can often result in surprises for shareholders of their Indian subsidiaries of multinational corporations. Engineering company Alstom Projects India announced that its parent company Alstom is forming an equal joint venture with China’s Shanghai Electric Group, to be called Alstom-Shanghai Electric Boilers Co.
Continue ReadingPunj Lloyd, an engineering and construction company, said it has acquired a stake in an Indonesian coal mining company, through a subsidiary. Sembawang Engineers and Constructors, a Singapore-based subsidiary of Punj Lloyd, has taken a 50% stake in a thermal coal mining company in Central Kalimantan, Indonesia.
Continue ReadingSatyam Computer Services and the US Securities and Exchange Commission have decided to settle a civil litigation, pertaining to a massive fraud perpetrated by its promoters. Mahindra Satyam, the brand name by which the company now calls itself, will pay $10 million or Rs 45 crore to the SEC.
Omega TC Holdings Pte Ltd, a Singapore-based company, plans to acquire a minority stake in Roots Corporation, a 100% subsidiary of Indian Hotels Company. Indian Hotels is India’s most well known hotel brand, with its flagship Taj group of hotels and also runs hotel chains under other brands –Gateway and Vivanta- to name a few. About 7 years ago, it had started a budget hotel chain under the Ginger brand, which is run by Roots Corporation.
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