State Bank of India is planning to mop up Rs 10000 crore in various tranches in the remaining period of the current fiscal year that ends in March 2011 and the next fiscal year that will end in March 2012 through public issue of subordinated bonds (lower tier-II bonds).
The first tranche of the new public issue of bonds will have a core issue size of Rs 1000 crore with an option to retain oversubscription up to Rs 1000 crore. Besides, the bank will also have the option to retain any amount of oversubscription under the retail category beyond Rs 2000 crore but up to the rated amount of Rs 10000 crore.
The Reliance Anil Dhirubhai Ambani Group is reportedly rebranding all its businesses as 'Reliance' rather than maintaining individual identities for each service. As a result, the group will lose the small ADAG tagline in several of its current logos. All of these will now be branded as just the Reliance group.
Citigroup Global and Goldman Sachs reportedly plan to buy about 5% stake in Reliance Broadcast Network, formerly Reliance Media World, for Rs 35 crore. The deal needs Foreign Investment Promotion Board approval which will consider the deal in its meeting today, 31 December 2010. As part of the investment plan Citigroup will buy 2.8% in the company and Goldman will buy 2.1%.
Mobile operators like Reliance Communications and Tata Teleservices can reportedly restart providing video calls as part of their 3G services, after they gave an undertaking to Indian security agencies to provide real-time interception of video calls within next six months.
Patni Computer Systems is reportedly likely to call for a board meeting on 3 January 2011 to decide on the promoters' stake sale to iGate. IT services and solutions firm iGate, along with private equity player Apax International, had emerged as successful bidders to buy over 60% stake in the company.
JSW Energy has commissioned the second 300 megawatt (MW) unit of a 1200 MW power project at Jaigad in Ratnagiri, Maharashtra. The firm also expects to commission the remaining two units of 300 MW each in the current financial year.
Cummins India will reportedly raise prices of its 7.5 kilo volt-ampere (kVA)-3000 kVA generator sets by 3-5%. The price increase will come into effect during the first quarter of 2011. Cummins' generator sets are used for continuous, prime and standby power in commercial and industrial applications.
State-run Hindustan Copper's follow-on offer may reportedly be priced at less than a third of its current market value, the biggest discount ever, to reflect its true value. According to reports, the shares may be priced at around Rs 100 a piece, compared with Thursday's closing price of Rs 355 on BSE.
Sun Pharmaceutical Industries has received a tentative approval from the US food and drug administration (FDA) for an abbreviated new drug application (ANDA), a generic version of Roche's Boniva. This generic drug, Ibandronate Sodium Injection has an annual sale of approximately $70 million in the US. The drug is used in treating osteoporosis in postmenopausal women.
Jyoti Structures' board will meet on 5 January 2011 to approve the terms of issue of non convertible debentures (NCDs) with detachable warrants on rights basis. The board will also decide the record date for the rights issue.
Dwarikesh Sugar Industries has divested 60% stake in its wholly-owned subsidiary, Faridpur Sugars. Dwarikesh Sugar Industries had incorporated Faridpur Sugars in February 2010. After the divestment, Faridpur Sugars is no longer a subsidiary of the company and hence Dwarikesh Sugar will furnish the standalone results as against consolidated results hitherto provided by the company.
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