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Need To Know | Bharat Forge plans to issue debentures to LIC

Need To Know | Bharat Forge plans to issue debentures to LIC
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First Published: Tue, Dec 30 2008. 12 27 AM IST
Updated: Tue, Dec 30 2008. 12 27 AM IST
Mumbai: Auto component maker Bharat Forge Ltd on Monday said it will raise Rs250 crore through issue of debentures to state-run Life Insurance Corporation of India (LIC) for meeting its capital requirement.
The board has approved the issuance of redeemable non-convertible debentures aggregating to Rs250 crore on private placement basis to LIC, Bharat Forge said in a filing to the Bombay Stock Exchange (BSE).
The company would utilize the funds to meet its normal capital expenditure, for general corporate purposes and long-term working capital requirements.
The debentures would be listed on BSE and the National Stock Exchange.
Shares of Bharat Forge closed at Rs80.60, up 2.28% on BSE on Monday.
—PTI
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Jet Airways cuts fare by up?to?40% on local routes
New Delhi: The country’s largest private ailrline company Jet Airways India Ltd has announced up to 40% reduction basic fares on economy class on all its domestic flights from Monday.
A Mumbai-Delhi economy class basic fare will now be Rs2,000; for Mumbai-Kolkata, it will be Rs4,065; and for Bengaluru-Mumbai, it will come to around Rs1,220, a company statement said. The fares would be applicable on the airline’s domestic network of 45 destinations. The usual taxes and surcharge would be applicable.
—PTI
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L&T to raise Rs200 crore via 10-year bonds sale
Mumbai: India’s top engineering and construction firm Larsen and Toubro Ltd (L&T) plans to raise at least Rs200 crore through sale of 10-year bonds, two sources, including the arranger, said on Monday. “The book-building range will be 9-9.25%, payable annually,” the arranger said, adding that the opening and closing dates are yet to be decided.
The issue has an unspecified greenshoe option to retain oversubscription. Standard Chartered has been appointed the sole arranger.
—REUTERS
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Electrotherm India spins off its engineering unit
Mumbai: Electrotherm India Ltd said its board has approved spinning off its engineering business into a new entity—Electrotherm Engineering and Projects Ltd. Its shareholders will get one share in the unit for three held in the parent, the company said in a statement.
—REUTERS
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Court clears the way for Bajaj family settlement
Mumbai: The Bombay high court on Monday permitted Rahul Bajaj to transfer control of sugar company Bajaj Hindusthan to Shishir Bajaj. Minority shareholders of Bachhraj and Co., a Bajaj group investment firm, had moved the court seeking a stay on the transfer of shares between Rahul Bajaj and Shishir Bajaj as part of their family settlement package.
Last week, signalling that an agreement between the Bajaj factions has been reached, elder brother Rahul Bajaj had agreed to purchase shares in Bajaj Hindusthan Ltd held by other Bajaj family members and group companies—Bachhraj and Co. and Jamnalal Sons—which would be transferred in favour of Shishir Bajaj.
According to the deal, Rahul will acquire at least 41 million shares, amounting to a 29.2% stake in the sugar major by way of inter se transfer of shares among the promoters through market transactions at the market price as on 30 December. The acquired shares, along with 0.21% already held by Rahul Bajaj as well as the holdings of six other family members amounting to 29.62%, will then be transferred in favour of Shishir Bajaj.
“The acquisition price per share is nil, in terms of the family arrangement cum settlement and on account of distribution of the estate of the late Kamalnayan Bajaj,” a Bajaj Hindusthan notification to the NSE said.
—PTI
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Consulting firm PwC acquires ECS
Mumbai: Consultancy firm PricewaterhouseCoopers (PwC) on Monday said it has acquired all shares of ECS Ltd, providers of human resource (HR) consulting services, from the erstwhile owners Eicher Goodearth. The financial details were not immediately known.
“The acquisition will enhance PwCs expertise in the consulting space and supplement its client focused advisory services in the manufacturing and financial services sectors, which are ECS strengths,” PwC said.
Commenting on the acquisition, PwC chairman Ramesh Rajan said, “...With ECS operations and HR skills and capabilities, PwC can enhance its offering to clients and continue to distinguish our consulting services.”
—PTI
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Rolta India acquires US’ Piocon Technologies
Mumbai: Software services firm Rolta India Ltd has acquired US-based Piocon Technologies Inc., the company said on Monday. Chicago-based Piocon provides solutions to oil and gas refineries, Rolta said. The financial details of the transaction were not immediately available.
—REUTERS
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Engineering schools get AICTE nod for 2nd shift
New Delhi: In an innovative move to facilitate more students getting technical education, the All India Council of Technical Education (AICTE) has allowed engineering institutes to start second shifts from the 2009-10 session.
AICTE, the apex body which regulates technical education in the country, has invited applications from institutions interested in launching the second shifts.
As per its guidelines, co-educational institutions having four years of standing and women institutes having three years of standing can start second shifts. Co-educational institutions in the states where the number of seats available in engineering institutions per lakh population is less than the all India average have also been permitted to run second shifts. These states include Assam, Bihar, Orissa, Delhi, Rajasthan, Gujarat, Madhya Pradesh, Uttar Pradesh and West Bengal.
—PTI
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PFC shortlists firms for Tilaiya power project
New Delhi:Power Finance Corp. Ltd, or PFC, the nodal agency for the award of United Progressive Alliance (UPA) government’s ambitious ultra mega power projects (UMPP), on Monday completed the technical qualification selection for the developer of the 4,000MW Tilaiya power project in Jharkhand.
PFC shortlisted five companies under the request for proposal or RFQ stage for the award process.
These companies include Jindal Steel and Power Ltd, Sterlite Industries India Ltd, Lanco Infratech Ltd, Reliance Anil Dhirubhai Ambani Group or R-Adag led Reliance Power Ltd and India’s largest power generation firm, NTPC Ltd. “The financial evaluation will be completed within a fortnight,” a senior PFCL executive who did not want to be identified said.
The Tilaiya project was to have been awarded by 23 June. This was deferred but the government had said it would award the project by December.
—Utpal Bhaskar
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KEC International gets order worth Rs636 crore
Mumbai: Power transmission equipment maker KEC International Ltd said on Monday it has received an order worth Rs636 crore from the Egyptian Electricity Transmission Co.
The project, for the design supply and construction of circuit lines in Egypt, will be funded by the European Investment Bank and the Egyptian National Bank, KEC said in a statement. With this order, KEC’s total order book stands at Rs5,000 crore, Ramesh Chandak, managing director, said.
—REUTERS
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Dabur enters health drink category
New Delhi: Consumer goods firm Dabur India Ltd on Monday announced its entry into the malted food drink market with the launch of its new health drink Dabur Chyawan Junior across the country. Dabur said it hopes to capture about 10% share of the Rs1,900-crore market within the next two years.
—PTI
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Great Eastern Energy files prospectus for IPO
Mumbai:Great Eastern Energy Corp. Ltd on Monday said it has filed a draft red herring prospectus with capital markets regulator Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) of up to 91 million shares of Re1 each.
The price will be determined through the book building process, Great Eastern Energy said in a statement.
The Gurgaon-based company’s global depository receipts are listed on the Alternative Investment Market of the London Stock Exchange.
The company plans to list its shares on the Bombay Stock Exchange and National Stock Exchange.
—PTI
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IDBI director Sakthivel is new president of Fieo
New Delhi:A. Sakthivel, director with IDBI Bank Ltd, has been elected president of the Federation of Indian Export Organisations (Fieo) for a period of two years. S.K. Saraf, chairman of Technocraft Industries (India) Ltd, has been elected vice-president.
—PTI
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Tata Metaliks to raise Rs100 crore
Tata Metaliks Ltd on Monday said it will raise Rs100 crore through private placement by issue of debentures.
In a filing to the Bombay Stock Exchange, Tata Metaliks said the board has decided to issue privately placed non-convertible redeemable debentures amounting to Rs100 crore.
—PTI
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Chiranjeevi seeks single symbol for Praja Rajyam
New Delhi: Telugu actor Chiranjeevi on Monday approached the Election Commission (EC) seeking a common symbol for his political party Praja Rajyam to contest the ensuing assembly elections in Andhra Pradesh.
Chiranjeevi, along with former Union minister P. Shivshanker, met Chief Election Commissioner N.Gopalaswamy and put forth this request. Sources at EC said the commission would look into his request.
—PTI
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Yeddyurappa files suit against Kumaraswamy
Bangalore: Karnataka chief minister B.S. Yeddyurappa has filed a criminal and civil suit against former chief minister and Janata Dal (Secular) state president H.D. Kumaraswamy for levelling bribery charges against him.
The petition by Yeddyurappa said that on 1 October, Kumaraswamy had alleged that a Rs50 crore kickback was involved in awarding the contract for construction of residential quarters for economically weaker sections in Ejipura, to a private construction firm Maverick Holdings.
The case will will come up for hearing on Tuesday.
—PTI & staff writer
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Service tax: now third party info under scanner
New Delhi: The Central Board of Excise and Customs (CBEC) is looking at third-party information on possible evasion of service tax by companies.
“Third party information is an ongoing exercise. We have now started it in service tax also. Right now we have included two things, commercial renting of immovable property and telephones,” CBEC chairman P.C. Jha said.
Third party information relates to assessing sources other than service tax to see if there is any evasion of tax.
—PTI
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Unitech gets telecom spectrum in four circles
Mumbai: Real estate firm Unitech Ltd said on Monday its telecom subsidiaries had got wireless radio waves in four more service areas, taking the total to 20 where it holds spectrum.
Unitech, which has agreed to sell a 60% stake in the telecom business to Norway’s Telenor, said in a notice to the stock exchange the allotment had been made for Assam, Rajasthan, the North-East and Jammu and Kashmir service areas.
—REUTERS
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First Published: Tue, Dec 30 2008. 12 27 AM IST