Wockhardt shares up 20% on debt recast buzz
Shares of Wockhardt surged higher on market buzz that the company may be headed for corporate debt restructuring settlement. Shares of the company were up 20% Thursday to close at Rs 223.95 on the Bombay Stock Exchange. The scrip has surged nearly 50% in the past five days on the back of rumours of debt settlement. The company may replace existing FCCBs with new the ones. It may issue FCCBs worth $75.08 million and increase authorised capital from Rs 925 crore to Rs 1,125 crore,reports said.
Aban bags Cairn contract for rig
Aban Offshore has signed a contract with Cairn Energy India for deployment of jack-up rig Aban-II in Ravva block for a 5 firm well plus two optional well programme. Cairn Energy India,in a joint venture with ONGC,Videocon and Ravva Oil operates the Ravva block. The estimated revenues from the firm period of the contract (with an estimated duration of 150 days) is $15 million (around Rs 69.75 crore). The deployment is likely to commence during the fourth quarter of calendar year 2010,according to an Aban filing to exchanges.
USFDA gives nod to Sun Pharma ANDA
Sun Pharma said the USFDA has granted an approval for an abbreviated new drug application to market a generic version of venlafaxine hydrochloride extended release tablets. These generic extended release Venlafaxine tablets are therapeutically equivalent to Osmoticas venlafaxine hydrochloride extended release tablets and include three strengths: 37.5 mg (base),75 mg (base),150 mg (base).
Primex Health raises funds from VC firm
Venture Capital firm Kalpathi Investments has picked up a 45% stake in diagnostics company Primex Healthcare for an undisclosed amount. The funds would be primarily utilised for setting up 50 diagnostic centres across Tamil Nadu and later the company would expand throughout the country. With the Indian diagnostic services industry projected to grow at a CAGR of over 20% in three years,Primex Healthcare has decided to exploit the huge potential at affordable cost for the services,said Anand Mahadevan,CEO,Primex.
India Venture picks stake in Gensol
India Venture Partners,one of the leading venture capital firms and managed by India Venture Partnership Management,has picked up close to 20% stake in Gensol Consultants Pvt Ltd,a carbon consultancy firm. The deal is based on an enterprise value of less than $6 million. Since its inception,Gensol has been rapidly growing its client base.
Alok Industries mulls sale of property to retire debt
Alok Industries is exploring the option of selling its property being developed at Worli in Mumbai to lower debt,Chief financial officer Sunil Khandelwal said on Thursday. The company has completed development of 60,000 square feet at the site. Another 640,000 sq ft currently under development will be completed by December,he said.
Usha Martin forays into head hunting
The Usha Martin group on Thursday announced its foray into talent search with the launch of Usha Martin People Search (UMPS) as a division of Usha Martin Education & Solutions. CEO of UMPS Arvind Mukker said the division is in dialogue with 40 companies across the country for a tie-up for their head hunting exercise. UMPS would also give placement assistance to students passing out from Usha Martin Academy
Royal Orchid to raise up to Rs 150 crore
Bangalore-based Royal Orchid Hotels on Thursday said it will raise up to Rs 150 crore to fund its new projects. A company official said the funds will be raised through a mix of debt and equity. The money will be used to double Royal Orchid Hotels total room capacity to 2,000 by the end of the next fiscal.
LKP Finance sells entire stake in Thomas Cook
LKP Finance,an Indian financial services company,sold its entire stake in Thomas Cook (India) Ltd,raising about Rs 80 crore ($17.2 million) to expand,LKP Chairman Mahendra V Doshi said. We have been holding for quite a while and we wanted to deploy that fund for expansion, Doshi said.