Indiabulls Financial Services announced the closure of its qualified institutional placement issue on August 27. Contrary to news reports which pegged the amount raised at Rs 1,280 crore, the company raised an aggregate of Rs 650 crore through the issue of non-convertible debentures and Rs 13.8 crore as margin money on allotment of warrants, linked to the debenture issue.
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Borosil Glass Works sells Mumbai property for Rs 830 crore
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Borosil Glass Works has announced to the Bombay Stock Exchange that it has sold its property in Andheri to Neepa Real Estate Pvt Ltd for Rs 830 crore. The company has shut production at the plant located on this land. Till its new unit to make borosilicate glass at Bharuch, Gujarat, gets gets ready, the company is sourcing its products from alternate sources.
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Filed under: Companies, Real Estate, Top News, Borosil Glass Works
Wockhardt to issue additional preference shares
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Pharmaceutical company Wockhardt Ltd is seeking shareholder approval through a postal ballot process to continue to restructure its debt, in according with a corporate debt restructuring package. The company had suffered sizeable derivative-related losses when the global financial crisis hit companies. It also had substantial debt taken for overseas acquisitions. Continue Reading →
Filed under: Companies, Top News, Debt restructuring, FCCB, Markets Debt & Forex Markets, Preferential Allotment, Wockhardt
Godrej uses LLP structure for real estate SPV
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Godrej Industries is seeking shareholder approval to form a special purpose vehicle to implement a real estate project along with its subsidiary Godrej Properties. Godrej Industries is the listed holding company of the Godrej group, with subsidiaries in varied businesses such as foods, consumer products, chemicals and real estate projects.
Filed under: Companies, Real Estate, Top News, Godrej & Boyce, Godrej Industries, Limited Liability Partnership
Mahindra is the preferred bidder for Ssangyong
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South Korea’s Ssangyong Motor Company announced that Mahindra & Mahindra (M&M) was the preferred bidder in its quest to find a strategic investor. It was one among six bidders for the failing auto company, whose prime attraction for bidders would be its product line-up, mainly sports-utility vehicles, and global sales network. M&M will now enter into a memorandum of understanding with Ssangyong, undertake due diligence followed by the final agreements. Continue Reading →
Filed under: Companies, Top News, Companies International, M&A, Mahindra & Mahindra, Ssangyong Motor Company
ABG Shipyard makes big investment plans
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ABG Shipyard is asking its shareholders to approve Rs 800 crore of investments and Rs 1,750 crore of corporate guarantees. That is a sizeable investment for the company which had a net worth of about Rs 1,080 crore as of March 31 2010. The company’s debt position as of March 31 2009 was Rs 1,771 crore. It has not indicated how it proposes to fund the investments but is taking shareholder approval because they exceed the limits approved under corporate law. Continue Reading →
Filed under: Companies, Shipping & Logistics, Top News, ABG Shipyard, Companies Funding
RBI lowers liquidity but leaves rates unchanged
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The Reserve Bank of India announced its quarterly monetary policy today. It left benchmark rates unchanged, like the repo rate (the rate at which banks borrow from the RBI) and the reverse repo rate (the rate at which banks park their surpluses with the RBI. What it did was to hike the cash reserve ratio by a good 75 basis points, taking out Rs 36,000 crore from the banking system. Cash reserve ratio is the proportion of deposits that banks must set aside as a reserve. Apart from this, the RBI has not made any changes and the Annual Policy will be announced on April 20. Continue Reading →
Filed under: Economy+Policy, Top News, Credit Policy, Inflation, Interest Rates, Monetary Stimulus, RBI
Britannia Industries net profit falls by 37% on higher costs
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Biscuits maker Britannia Industries Ltd reported a 37% drop in standalone operating profit and net profit as higher prices of commodities like sugar, wheat and milk have led to higher costs. Edible oil prices, which were ruling softer compared to a year ago period, too are seeing an increase. Inflation seems to have hit demand for its products too, as overall revenues (including other operating income) grew by just 8% during the quarter. Continue Reading →
Filed under: Companies, Food products, Top News, Britannia Industries, December 2009, Results
Reliance Industries’ higher output offset by lower margins in the December 2009 quarter
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Reliance Industries results were largely in line with expectations. The petroleum major’s sales rose by 93% to Rs 58,848 crore in the December quarter, compared to the same period last year. Its net profit, however, rose by a more modest 16% to Rs 4,008 crore. There were a few reasons for the significantly higher growth in sales. The December 2008 quarter was a relatively bad one and RIL’s sales had fallen by 9%. Its refinery at Jamnagar had been commissioned in December 2008 and would have operated at much lower capacity, than in the current fiscal. Continue Reading →
Filed under: Companies, Oil & Gas, Top News, December 2009, Petroleum, Reliance Industries, Results
Telenor hikes stake in Unitech Wireless to 60.1%
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Norwegian telecom company Telenor Asia Pte Ltd. pumped in Rs 1,493 crore into its Indian telecom joint venture with Unitech, Unitech Wireless. The money is through the fresh equity into a bunch of subsidiaries that operate in the various circles. With this infusion, Telenor owns a 60.1% stake in the company, against 49% earlier, making it the majority shareholder. Telenor’s total investment in the telecom business is Rs 4,113 crore so far, and will increase to Rs 5,606 crore after this investment.
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