Corporate | JSW Steel to raise $1 bn via QIP, FCCB issue

Corporate | JSW Steel to raise $1 bn via QIP, FCCB issue
PTI
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First Published: Thu, May 28 2009. 10 06 PM IST
Updated: Thu, May 28 2009. 10 06 PM IST
Mumbai:JSW Steel Ltd on Thursday said it will raise $1 billion (about Rs4,780 crore) through qualified institutional placement and issue of securities in the international markets for part-financing its capital expenditures and for meeting general corporate purposes.
The board has approved the raising of long-term funds aggregating $1 billion or its Indian rupee equivalent to part-finance its capex and for other general corporate purposes.
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Suzlon resets loan cover for REpower purchase
Mumbai: Suzlon Energy Ltd on Thursday said it has reset the covenants on the loan it took to buy German wind power firm REpower Systems AG.
In 2007, Suzlon had tied up for €1,575 million (Rs10,395 crore) debt facilities from a consortium of 24 international banks in order to fund the acquisition of REpower and Hansen Transmissions International NV.
PTI
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Bharat Electronics employees halt work
New Delhi: Employees of Bharat Electronics Ltd, the country’s largest defence electronics maker and listed on the Bombay Stock Exchange, went on strike on Wednesday over stalemate in wage revision talks.
About 7,000 workers employed at its nine plants across the country, including Ghaziabad, Bangalore and Navi Mumbai, stayed away from work.
The one-day strike call came after negotiations between trade union members and the management broke down in April. Workers are demanding non-withdrawal of the special increment allowance the company paid two years ago while calculating the new wage hike, which will retrospectively come into effect from January 2007.
Staff Writer
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Life insurance premium income declines 7%
New Delhi: The life insurance industry registered a 7% fall in premium income in April compared with a year earlier.
The latest data released by Insurance Regulatory and Development Authority (Irda) show that life insurers collected a combined Rs3,601 crore in premium income in the period.
The data is based on premium collections from individuals and didn’t include single-premium insurance plans. Total new business premium collection of the industry, however, increased by 30% in April.
The premium income of Life Insurance Corp. of India, or LIC, jumped by 16% from a year ago. Last financial year, however, premium income of LIC declined by 11%.
Teena Jain
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Udayan Bose quits Thomas Cook
Mumbai:Udayan Bose has stepped down as non-executive chairman of travel firm Thomas Cook India Ltd. Heinrich-Ludger Heuberg, CEO—group operations, Thomas Cook Group, will replace Bose. “With Thomas Cook Group Plc owning close to 80% of the Indian company’s stock, it is only correct that one of the shareholder’s representatives should more closely manage the destiny of this very successful Indian subsidiary,” Bose said.
P.R. Sanjai
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First Published: Thu, May 28 2009. 10 06 PM IST