FMCG company Dabur India on Friday announced that its board has approved to increase the investment limit for foreign institutional investors (FIIs) from 24% to 30% of the total paid up capital of the company. According to PD Narang, group director of Dabur India, currently, FIIs hold around 21% shares of the company, which is likely to exceed 24% very shortly. “With increased participation by FIIs in the Indian capital market, we have decided to increase the FII investment limit to 30% for investment in company’s capital under the Portfolio Investment Scheme (PIS). The board of directors, through a postal ballot, on Friday approved the proposal,” he added.
Detained Essar vessel released by Singapore
Essar Shipping on Friday said its vessel, detained by Singapore authorities, will sail out on Saturday following settlement of a dispute. “Dispute settled. The vessel will sail out on Saturday,” a Essar spokesperson said when contacted about the arrest of the vessel. However, he refused to provide any further details. Essar Shipping’s bulk carrier MV Kishore was detained at Singapore following an alleged dispute with a fuel supplier while it was on way to China from Brazil, sources said. As per Singapore Supreme Court website, the vessel was detained on November 17 at 4.49 pm (local time). Sources said the ship had loaded iron ore at Itaguai port of Brazil in October and was heading to China.
Torrent Pharma plans bid for Elder Pharma units
Gujarat-based Torrent Pharmaceuticals said on Friday that it has submitted a non-exclusive bid for certain business of Mumbai-based Elder Pharmaceuticals, but added that at the stage, there was no crystalised proposal in place and the matter was premature. Torrent’s bid for acquiring Elder Pharma’s business comes close on the heels of reports that
French pharmaceutical company Sanofi is also keen in acquiring the company.
CNG versions of Tata Indigo, Indica launched
Tata Motors on Friday launched CNG versions of mid-sized sedan Tata Indigo and compact car Tata Indica under its emax series priced up to R5.27 lakh (ex-showroom Delhi). The new Tata Indigo emax price starts at R4.99 lakh and goes up