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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.
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.
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.
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.
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.
Sundaram Brake Linings will increase its capacity to manufacture friction material, the only product it makes which is used in brake linings of automobiles, by 3,000 metric tonne a year from the current 20,024 metric tonne.
Though the company describes its installed capacity in metric tonne in its annual report, it lists its production in sets of finished goods. In 2008-09, its installed capacity had gone up 0.6%, it had produced 18% fewer sets at 14.2 million sets.
B K Birla group company Century Enka will issue 1.8 million warrants to promoter companies in a preferential allotment. The funds are being raised to meet its capex requirements and increase its long term financial resources.
The promoters own 25.23% in Century Enka, which would make it low among Indian companies.
Century Textiles and Industries, a B K Birla group company, which owns 1.83% at present, will see buy 0.9 million warrants and see its stake rise to 5.8%.
Tata Power has come out with a $250 million Foreign Currency Convertible Bond (FCCB) issue with an option to add $50 million more. The tenure of the bond is 5 years and 1 day and will be subject to fulfillment of certain conditions to the closing of the Issue.
The bonds are convertible at 10% premium over the closing price of the company’s shares on NSE on November 5, 2009 (Rs 1323.75 per share). The yield to maturity on the bond is 3.5% a year on a semi-annual basis and will be listed in Singapore.
The USFDA has granted an approval for Sun Pharma to start selling the generic version of Acular, ketorolac tromethamine ophthalmic solution, 0.5%.
Ketorolac tromethamine ophthalmic solution is prescribed to provide temporary relief of ocular itching due to seasonal allergic conjunctivitis, and also in treating post-operative inflammation in patients who have undergone cataract extraction.
Acular, a licensed medication of US-based Allergan, has annual sales of $40 million a year in the US.
The power sector is keeping up a steady stream of orders for a starved engineering industry. Siemens, the Indian subsidiary of German engineering major Siemens AG, has got an Rs 360 crore order from Power Grid Corporation of India. The orders are to supply two 765kva substation packages to be set up at Gaya in Bihar and Ranchi in Jharkhand.