Mumbai: Tata Power Ltd has increased its stake in telecom firm Tata Communications Ltd to 2.48% through off-market transaction.
In a disclosure to the Bombay Stock Exchange, Tata Communications said that Tata Power has now purchased 4.5 million shares of the company, totalling seven million shares representing 2.48% stake in the Tata Communications.
Shares of Tata Communications ended the day at Rs 389.70, down 0.13% on the Bombay Stock Exchange.
GMR buys 33.5% stake in Canadian firm
New Delhi: GMR group, the Indian company with stakes in power plants, airports and roads, said it has bought 33.5% of Homeland Energy group, a Canadian coal and uranium explorer.
GMR Energy Ltd, a unit of Bangalore-based GMR, purchased 7.6 million shares in Homeland, the company said in a statement to the Bombay Stock Exchange on Tuesday, without giving the price. GMR Group had acquired 5% of Homeland Energy Group’s coal mining company in South Africa for $15 million (Rs74.85 crore) in April.
Jubilant buys back $48.3 mn of FCCBs
Mumbai: Chemicals and pharmaceuticals maker Jubilant Organosys Ltd said on Tuesday it had bought back foreign currency convertible bonds (FCCBs) worth $48.3 million (Rs241 crore). With this purchase, the company had cancelled liability worth $58.92 million, Jubilant said in a statement to the stock exchange.
After the acquisition, about $49.7 million worth of bonds due 2010 and bonds worth $143.6 million that are due in 2011 remain outstanding, it added. The promoters of HT Media Ltd, which publishes Mint, and promoters of Jubilant Organosys Ltd are closely related. The companies have no promoter cross-holdings.
Reliance Infra’s offer of buy-back to start today
New Delhi: The country’s third largest utility, Reliance Infrastructure Ltd, will start buying back shares Wednesday, a day later than originally planned.
Approval for the buy-back plan from the Securities and Exchange Board of India, the stock market regulator, was received on Tuesday, Reliance Infrastructure said in a statement to the Bombay Stock Exchange.