Friday, August 28, 2015
TOP CORPORATE NEWS-28 Aug 2015
Govt to infuse Rs 2455 cr in Bank of India
Bank of India has announced that the Government of India ( GOI) in its letter dated August 19, 2015 has informed the bank about its decision to infuse capital funds to the tune of Rs2455 crore in the Bank by way of preferential allotment of equity shares. In this regard, the Board of Directors have decided to convene an Extra-Ordinary General Meeting (EGM) of the shareholders of the Bank on September 28, 2015. In the meeting the bank will seek to get the shareholders' approval for the proposed preferential Issue of equity shares to Government of India, by way of Special Resolution.
Hindalco seeks shareholders nod to raise up to Rs 6,000 cr
Aluminium maker Hindalco Industries said that it will seek shareholders' approval to raise up to Rs6,000 crore through issuance of non convertible debentures (NCDs) on private placement basis.
Consent is sought to offer or invite subscription to non convertible debentures up to an amount not exceeding Rs6,000 crore on private placement basis from time to time until September 15, 2016,' Hindalco said.Hindalco said its Board will consider raising funds in one or more series/ tranches. The company's AGM will be held on September 16.
Bharti plans to sell Bangladesh and Srilankan operations
Bharti Airtel is looking to exit operations of the Bangladesh and Srilanka market. It is further learnt that it would separately sell the tower business and the services business.
This move is aimed at focusing operations and consolidating the balance sheet and hence serves positive for the company.
Vodafone India to launch 4G services
Vodafone India Ltd, India’s second largest telco, will launch 4G services by the end of the year, the company announced on Friday. 'Important data markets including Mumbai, Delhi, Kolkata, Bengaluru and Kochi will be part of the first wave of the roll-out,” the company said in a statement. 'In addition, Vodafone India will also roll out its own 3G networks in seven circles—Assam, North East, UP West, Rajasthan, Karnataka, Kerala and Odisha—to expand its overall 3G footprint to 16 circles across the country.'
Lupin gets FDA Approval for Generic Prilosec® Capsules
Lupin received USFDA approval for Omeprazole delayed release capsules which is generic version of Astrazeneca Pharma Prilosec. It is used for short term treatement of Duoden Ulcer, Gastric Ulcer, treatment of Gastro Esophageal Reflux Disease etc. Total annual US sales of the drug is around Rs1200 crore ($185 million) as per IMS MAT June 2015.
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