Mumbai:Tata Steel Ltd, aiming to cut funding costs, received 56% acceptance for a bond exchange on debt raised to fund its purchase of Corus Group Ltd.

India’s biggest steel producer sold $546.9 million (around Rs2,550 crore) of new 2014 convertible bonds to repay investors who agreed to take $493 million of the $875 million of 1% convertible alternative reference securities due 2012, according to a statement to the Singapore stock exchange on Friday. Around $382 million of bonds remain outstanding, the Mumbai-based company said.

— Bloomberg

Emaar India unit to sell shares in coming weeks

Dubai:Emaar Properties PJSC, the developer building the world’s tallest skyscraper in Dubai, plans an initial share offering in India in a few weeks, chairman Mohammed Alabbar said.

“India has done extremely well for us, and that’s why we are going public in India, probably in a few weeks,” he said in an interview at the World Economic Forum in Dubai. “The banking system is solid and India is still a conservative environment that suits us well.”

New Delhi-based Emaar MGF Land Ltd plans to raise Rs3,850 crore in the offering.

— Bloomberg

Galleon sells its entire stake in Edelweiss

Mumbai:Galleon Group Llc, the US hedge fund whose founder Raj Rajaratnam has been charged with insider trading, sold its stake in Edelweiss Capital Ltd, fetching Rs260 crore. New York-based Galleon sold 5.27 million Edelweiss shares at Rs485, according to the Bombay Stock Exchange.

— Bloomberg