Dr Reddy's Laboratories on Friday said it expects to launch a public offer in December to acquire all outstanding shares of Netherlands-based OctoPlus. "It is currently expected that the offer will be launched mid December. If launched, the offer period will run for at least eight weeks and no more than ten weeks," Dr Reddy's Laboratories (DRL) said. Closing of the transaction is expected to occur in first quarter of 2013, it said. It may be recalled that last month, in a statement, the company had said: "Dr Reddy's currently holds an irrevocable commitment from shareholders representing over 50% of OctoPlus's issued and outstanding shares. Further the executive board and the supervisory board of OctoPlus have unanimously recommended the offer to the remaining shareholders.
Pantaloon Retail to decide on rejig plan on Dec 6
Pantaloon Retail (India) said on Friday that its shareholders will meet on December 6 to decide on the companys restructuring plan which entails the demerger of its fashion business. On November 10, Pantaloon Retail and Future Ventures India announced that they will demerge their fashion business into a new listed unit that will simplify the business. As part of the arrangement, all fashion brands of Pantaloon Retail and group company Future Ventures will be transferred to Future Fashion along with a debt of R1,226 crore.
Arvind Remedies Q2 net up 99% to R6.97 crore
Arvind Remedies, a listed entity and a producer of branded and generic pharmaceutical products, has reported a 99% growth in its net profit for the quarter ended September 30 to R6.97 crore compared to R3.49 crore during the same quarter last fiscal. The net sales grew 48% to R169.67 crore during the quarter under review compared to R115.09 crore in the corresponding period last fiscal.
Omaxe Q2 sales booking up 3% at R472 crore
Realty firm Omaxe sold properties worth R472 crore during the second quarter of this fiscal, marginally higher than the year-ago period. The company sold 2.56 million sq ft during July-September quarter for R472 crore. In the corresponding period last year, it had sold 2.25 million sq ft area for R458 crore, according to presentation by investors. In the first half of this fiscal, however, Omaxe's sales booking fell in both volume and value terms. During April-September period of the 2012-13 fiscal, the company sold 4.58 million sq ft for R908 crore. In the corresponding period year ago, it had sold 4.87 million sq ft for R976 crore.
Bharti flagship initiative wins Qatar award
Bharti Foundations flagship initiative, the Satya Bharti School Programme, has won the Qatar Foundations 2012 World Innovation Summit for Education (WISE) Award for its transformative impact and innovative approach to improve the quality and delivery of education to underprivileged children in rural India. The Satya Bharti School Programme provides free quality education to over 38,000 children across rural India through its network of 254 primary and secondary schools. Bharti Foundation is the philanthropic arm of Bharti Enterprises.