TOP CORPORATE NEWS - 23 MAR 2016

Kotak Bank gets RBI approval to raise FII limit

Reserve Bank of India has allowed the Bank to raise foreign institutional investment (FII) limit to 55%.

The Reserve Bank of India, vide its letter dated March 22, 2016 has intimated that pursuant to the approval from the Foreign Investment Promotion Board, they are taking the foreign investment limit in Kotak Mahindra Bank to 55 per cent on their record, the Bank said in a filing to the Bombay Stock Exchange.

Indiabulls Housing to raise Rs250 crore via NCDs

Indiabulls Housing Finance said that it will raise Rs250 crore through private placement of non-convertible debentures (NCDs).

The issue of secured non-convertible redeemable debentures will open on March 29, which has also been fixed as the allotment date.

The NCDs would be of four-year tenor and would have an annual coupon rate of 9.25%.

M&M to launch compact sports vehicle NuvoSport on April 4

Mahindra & Mahindra to launch compact sports vehicle NuvoSport on April 4 M&M plans to broaden its compact utility vehicle portfolio with the launch of the “ NuvoSport” that will come as a replacement to the Quanto. The company revealed the new vehicle’s pictures and confirmed to roll it out on April 4, 2016.

Siemens gets shareholders’ approval for sale of Healthcare arm

Siemens India has sought an approval of its shareholders through postal ballots to sale its Healthcare arm to parent Siemens AG, Germany. 
The transaction will fetch Siemens India a lump-sum consideration of Rs3,050 crore and will be in effect from 1st July 2016. The results of postal ballot will be out on 29th April 2016.

Glenmark Pharma gets USFDA approval for gEvista

Glenmark Pharma gets USFDA approval for gEvista – Positive for Glenmar receives final approval from USFDA for gEvista i.e. Raloxifene Hydrochloride tables used to treat osteoporosis in women after menopause. Glenmark currently consists of 109 product approvals for US market and 60 ANDA’s pending approval with the USFDA.

                             

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