Essar Oil on Wednesday said its promoter is seeking to convert FCCBs aggregating $262 million into equity shares. The company said it has received a notice from promoter company, Essar Energy Holdings seeking conversion of FCCBs aggregating $262 million into equity shares. Essar Oil said it will allot 3.88 crore equity shares at R138 per share on conversion of 1,150 foreign currency convertible bonds (FCCBs) of $100,000 each aggregating to $115 million which were issued on June 15, 2010 to Essar Energy Holdings. The company will also allot 4.50 crore equity shares at R153 per share on conversion of 1,470 FCCBs of $100,000 each aggregating to $147 million which were issued on July 9, 2010 to Essar Energy Holdings.
Jyothy Labs raises R263 cr via preferential allotment
Jyothy Laboratories (JLL) on Wednesday said it has raised R263 crore via preferential allotment of shares to a promoter group firm. The company has allotted 1.5 crore equity shares of R1 each at a price of R175.15 per equity share to Sahayadri Agencies. Post allotment, the paid up equity share capital of Jyothy Labs has increased to R18.10 crore from R16.60 crore. With this the promoter holding in JLL has gone up from 63.69% to 66.7%, a release said. "Post successful integration with Henkel India it was the right time to invest in existing brands and also expand JLL's portfolio, Jyothy Labs joint managing director Ullas Kamath said.
Godrej buys Red Forts stake in Kolkata project
Godrej Properties informed BSE on Wednesday that the company has given exit to Red Fort India Real Estate Babur (Red Fort) from its project Godrej Genesis at Kolkata, by purchasing its 49% stake in the equity share capital of its subsidiary Godrej Developers (GDPL). Pursuant to the above, GDPL has become wholly-owned subsidiary of the Company with effect from December 04, 2013, company said in a filing.
Honda Cars to hike prices of entire range from Jan
Honda Cars India (HCIL) is looking to hike prices of its entire product range in the country from the first week of January as it aims to partially offset the effects of adverse exchange rate and inflation. We are looking to hike prices from the beginning of January. The price hike will be across our entire model range comprising Amaze, Brio, CR-V and Accord, HCIL senior vice-president Jnaneshwar Sen said. When asked about the quantum of increase in prices, Sen said the company is still working on the details.
Persistent Systems launches investment fund
Technology provider Persistent Systems has launched an early-stage investment fund Persistent Venture Fund, focused on supporting innovation in social, mobile, analytics and cloud computing technologies. The fund is focused on providing early-stage companies from around the globe with seed capital for promising technology ventures. The initial investment recipient is ustyme, a free, video-call app for iPad that creates shared experiences through quality content, like books and games.
ACCs Kuldip Kaura gets one-year extension
Cement maker ACCs CEO and managing director Kuldip Kaura has received a one-year extension in his current position till December-end next year. We wish to inform you that the board of directors has at its meeting held on December 4, re-appointed Kuldip Kaura as the chief executive officer and managing director for a period of one year with effect from January 1, 2014, ACC said in a communication to BSE. He has served in senior capacities with various reputable companies including as Vedanta Resources CEO and ABBs MD.
P Madhusudan to take over as RINL CMD from Jan
After securing clearance from anti-corruption body CVC, Rashtriya Ispat Nigams current finance director P Madhusudan is set to become the state-run steel makers chairman and managing director from January 1. Chief Vigilance Commission granted Madhusudan the clearance earlier this week, nearly six months after the Public Enterprises Selection Board had recommended his name for the top post in Rashtriya Ispat Nigam (RINL) in June this year. The top post of RINL will fall vacant following incumbent AP Choudharys superannuation on December 31.
GMR Hyderabad bags CAPA marketing award
GMR Hyderabad International Airport (GHIAL) has bagged the Center for Asia Pacific Aviations (CAPA) Airport Marketing Award 2013, for airports under 15 million passengers per annum across the world. The CAPA Airport Marketing Awards are conferred upon airports that have conducted innovative marketing programmes instrumental in attracting new airlines. We are delighted to be recognised by CAPA. Winning this award demonstrates our commitment in building more connections and attracting airlines to Hyderabad, benefiting passengers in this region, GHIAL CEO SGK Kishore said.