Novartis AG has offered Novartis India’s shareholders Rs 99 more per share to make its open offer more attractive. The promoter holding in Novartis will increase to 89.93%, if the offer succeeds, just below the 90% cap on promoter holding in a listed company. The current share price is Rs 444 and it remains to be seen how many shareholders tender, even at the revised price of Rs 450. The price had touched a high of Rs 467 indicating investors were expecting the revised price to be higher. Continue Reading →
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Hindustan Construction Company seeks equity funding
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Hindustan Construction Company will seek its board’s approval to raise long term funds to meet its capital expenditure and growth plans. The agenda for the April 24 board meet was to approve its financial results. It has been expanded now, and the board will also consider the company’s plan to raise funds through an equity issue, including a rights issue.
Filed under: Companies, Quick News, Ajit Gulabchand, Equity, Funding, HCC, Issue, Markets Stock Markets
Satyam Computer proposes buyback, will have limited impact
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Satyam Computers has entered into damage control mode, proposing a buyback to return cash to shareholders. The IT services major recently proposed a buyout of two group firms –Maytas Properties and Maytas Infra- in the construction and infrastructure business. The move angered shareholders who went on a selling spree, from which its shares are yet to recover.
Filed under: Companies, Quick News, Buyback, Markets Stock Markets, Satyam, Satyam Scam
IPOs: retail investors earn on float + promoters get more flexibility
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This Sebi circular was issued on August 29.
Filed under: Finance+Markets, Quick News, IPO, Markets Stock Markets, Stock markets
Reliance Power’s proposed bonus issue tries to mend fences with hurt investors
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Reliance Power is attempting to win over dejected investors, who suffered losses after investing in the company’s public offer IPO, one which attracted unprecedented subscriptions. The company’s Board will meet next Sunday to decide on a proposal to issue bonus shares or otherwise compensate shareholders who applied in the IPO.
Filed under: Companies, News Analysis, Bonus, Companies Disclosures, IPO, Markets Stock Markets, Reliance Power
Indian stock markets: round one to the Fed. But is the illness cured?
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Indian stock markets will open today, sharply up. That’s no startling prediction, Asian markets that have already opened have gained and India will be no different. Monday and Tuesday saw India re-coupling with global markets, with the Sensex closing at 16730, down 17% from a week ago.