TOP CORPORATE NEWS - 27 JUN 2016

HDFC to raise funds via bonds on private placement

Housing finance major, HDFC said that it will raise Rs1,035 crore through issuance of debentures on a private placement basis to augment its long-term capital resources.

The object of the issue is to augment long-term resources of the corporation. The proceeds of the present issue would be utilized for financing/refinancing the housing finance business requirements of the corporation.

The bonds in the form of secured redeemable non- convertible debentures will carry a coupon rate of 8.5% per annum.

Glenmark receives tentative approval for Olmesartan Medoxomil

Glenmark Pharmaceuticals has received tentative ANDA approval for Olmesartan Medoxomil Tablets, used to treat high blood pressure.

Also it has received ANDA approval for Nystatin & Triamcinolone Acetonide Ointment, an anti-fungal ointment – Positive for Glenmark.

Bajaj Finserv gains on plans to buy Allianz’s stake in insurance JV

Bajaj Finserv Ltd is likely to buy out its partner Allianz SE’s stakes in two insurance units, Bajaj Allianz Life Insurance (BAL) and Bajaj Allianz General Insurance (BAGIF), in a deal estimated at as much as Rs10,000 crore, Bajaj Finserv Ltd, owns 74% and Allianz SE holds 26% in both the ventures.

Earlier, Allianz had been in discussions to increase its stake in the two insurance firms to 49% after the government raised the foreign investment limit in Indian insurers to 49% from 26% in March 2015. To increase the stake by 23% in the two firms,

Aban Offshore surges on LOA from ONGC for ‘Aban Abraham’

Shares of Aban Offshore gained over 3% to Rs205.25 on NSE in an otherwise volatile markets on reports that the company has received a Letter of Award from ONGC for the deployment of the Drillship ‘Aban Abraham’ for a period of 2 years.

The expected revenue from this deployment is estimated at around to Rs592 Crore. The deployment is expected to commence during the fourth quarter of calendar year 2016 - Positive for Aban Offshore.

J B Chemical spurts on completing successful USFDA audit

Shares of J B Chemicals surged over 8% to Rs254.15 on NSE in an otherwise volatile markets after media reports suggested that J B Chemicals' tablet manufacturing facility at Panoli completed successful USFDA audit, without any 483 observations – Positive for J B Chemical.

                                        

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