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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.
Continue ReadingBorosil 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.
Continue ReadingMahindra & Mahindra announced that it has signed a memorandum of understanding with South Korea’s Ssangyong Motor Company, to acquire a majority stake in the aot-maker. Earlier, it had announced its selection as a preferred bidder for the loss-making company which sells sports utility vehicles under brands such as Rexton, New Kyron and Actyon.
The US Food and Drug Administration (FDA) has approved Aurobindo Pharma Ltd’s application to market generic ampicillin sodium in the US market. The regulator has approved the pharmaceutical company’s application to market the drug in injection form, in six dosage strengths of 10g, 1g, 2g, 125mg, 250mg and 500mg.
Continue ReadingPharmaceutical 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 ReadingGodrej 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.
Continue ReadingSouth 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 ReadingABG 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 ReadingTelecom services operator, Bharti Airtel has tied up financing of $8.3bn for its $10.7bn or about Rs 49,000 crore bid to acquire Zain’s African operations. After the failure of its proposed acquisition of MTN, which attracted a lot of media coverage, Airtel has been keeping a low profile over the Zain Africa acquisition, with deal news coming out only at specific times.
Continue ReadingHSIL Ltd, formerly Hindustan Sanitaryware & Industries, which has a 40% share in the sanitaryware products market, has acquired the faucet business of Havells India. HSIL had entered the faucets business in 2008-09, as part of its effort to be seen as a complete wellness solutions provider. So it diversified into bathroom solutions and kitchen solutions, providing designs, financing, delivery and installation of the products.
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