Torrent Pharmaceuticals has sought shareholder nod for enhancing its borrowing limit to R5,000 crore from R3,000 crore. “Considering the company’s future growth plans, both organic and inorganic, including the proposed acquisition of identified Indian branded formulation business of Elder Pharmaceuticals, it is proposed to raise the above borrowing limits,” the company said.
Tata Housing acquires 20 acres in B’lore for R120 cr
Tata Housing has bought 20 acres in Bangalore from Alstom T&D India for R120 crore to develop a luxury housing project at the site. Tata Housing is a subsidiary of Tata Sons, which holds a 99.86% stake in the realty firm. Tata Housing spokesperson said the company is looking at expanding presence in Bangalore as part of a long-term strategy.
AI invites tenders for sale & lease-back of Dreamliners
Air India has invited international tenders for sale and lease back of seven Boeing 787-8 ‘Dreamliner’ aircraft, three of which will be delivered by February 2014. Air India, which has ordered 27 Dreamliners in total, expects to raise up to $840 million through the transaction.
Tata Power wins nod to delay solar target to 2016
Tata Power won approval from Maharashtra electricity regulator to postpone fulfillment of annual solar-power procurement targets by as many as five years to 2016. The utility unit has been unable since 2010 to source enough solar power to meet government renewable mandates because of a shortage of sun-based generation in the country, the Maharashtra Electricity Regulatory Commission said.
LIC sells 2.06% stake in Tech Mahindra
LIC has sold a 2.06% stake or 47,70,045 shares in Tech Mahindra, according to a filing on the BSE. The stake was sold in the open market for over R757.3 crore. LIC share in the company now stands at 3.3%. Before the deal, LIC held a 5.4% stake in the information technology and telecom service provider.
Great Eastern seeks to raise investment cap
The Great Eastern Shipping has sought consent from shareholders to raise the FII investment limit up to 33% of the total paid-up equity capital of the company. Members are expected to respond before or on January 17, 2014, the company said.
S&P lowers long-term corp rating for Aegis BPO
Standard & Poor’s (S&P) Ratings Services lowered its long-term corporate credit rating on BPO company Aegis to “B+” from “BB-” with a stable outlook. The agency said it removed the rating from CreditWatch, where it was placed with negative implications on November 26 but then withdrew this