ICICI Venture Funds and Citigroup Venture Capital are likely to pull out their investment in Dr. Reddys Laboratories drug research company, Perlecan Pharma, on concerns over the commercial viability of its experimental drugs. The two investors have reportedly begun talks with Dr Reddys to sell their stake for their initial investment of $26 million plus interest.
Power Grid Corporation of India is reportedly planning a foray into the entertainment space and is in talks with Zee Network for a possible joint venture.
Rashtriya Chemicals and Fertilisers (RCF), which owns about 800 acres in and around Mumbai, is reportedly planning to develop a commercial complex over about 2 lakh square feet that will be used partially for in-house purposes while the rest will be sold commercially.
The finance ministry has reportedly opposed the power ministrys proposal to extend fiscal concessions to power projects with a capacity of 1,000 megawatt (MW) for fossil fuel-fired plants and 500 MW for hydel units suggested among the draft modifications in the mega power policy. This will hurt major non-power corporates who have, or want to set up, such plants for captive use but sell surplus electricity to the grid, the reports suggested.
HCL Technologies announced that it inked a multi-year, multi service agreement with Merck & Co., Inc on 18 December 2007. Under the terms of the new deal, the company will provide strategic support to Merck`s key IT initiatives. The company made the announcement after market hours yesterday, 18 December 2007.
Reliance Energy (REL) is reportedly planning to foray into Africa. The company is believed to be in talks with the governments of Botswana, Tanzania and Zambia for setting up generation capacities of over 1,000 megawatt (MW). The companys African Safari will be followed by a bid for a 1,200 MW greenfield project at Yanbu in Saudi Arabia, the reports added.
The promoters and Clearwater Capital Partners of Cyprus, who together hold 44% equity in Kopran, are believed to be in talks with another Mumbai-based unlisted pharma company Maneesh Pharmaceuticals, to sell their stake. Promoters hold 29% stake, Clearwater holds around 14.64%. IDBI and Axis Bank (formerly UTI Bank) hold around 3% and 4% respectively in Kopran.
Indian Oil Corporation may reprotedly spend as much as $3 billion to buy an overseas oil producer to meet rising demand in the country. The acquisition may be made jointly with Oil India, the reports added.
Jyothy Laboratories will list on stock exchanges on Wednesday, 19 December 2007. The stock will be placed in the B1 group of securities on BSE. The company had priced the IPO at the top end of the Rs 620-690 price band. At the IPO price of Rs 690, the PE multiple works out to 20.80, based on the EPS of Rs 33.20 for the year ended June 2007. The IPO of Jyothy Laboratories was subscribed 45.83 times. The issue received bids for 20.30 crore shares as against the issue size of 44.30 lakh shares. The IPO closed on Tuesday, 27 November 2007.
The qualified institutional buyers (QIBs) category was subscribed 66.41 times, the non-institutional investors category was subscribed 49.89 times and the retail investors segment was subscribed 14.67 times.
State-run lender IFCI said on Tuesday, 18 December 2007, its board has approved issuing 123.7 million shares at Rs 107 each to public sector banks and financial institutions. The shares are being issued on conversion of zero coupon optionally convertible debentures held by the banks and institutions, it said in a statement.
Royal Orchid Hotels said on Tuesday it has acquired a 30-acre property in Dar-es-Salaam, Tanzania, through a buyout of its holding company Multi Hotels. It did not give any financial details. Royal Orchid said it plans to invest $25 million in developing the property.
Powered byCapital Market - Live News