Mahindra Lifespace Developers said it launched its new business vertical focused on making quality housing at affordable prices accessible to a wider cross-section of people. The project named "Happinest" is aimed at families having a current, combined monthly income of Rs 20000 to Rs 40000 per month. The first two projects will be launched soon in Chennai and Mumbai Metropolitan Region, the company said.
In a separate announcement, Mahindra Lifespace Developers said it has an overall borrowing limit of Rs 1500 crore approved by shareholders at the 12 annual general meeting (AGM) held on 21 July 2011. As per MCA circular validity of said approval is upto 31 March 2015 and the said will therefore be re-confirmed by shareholders at the ensuing AGM scheduled on 7 August 2014 in terms of the Companies Act, 2013.
Further the company has informed that, within the aforesaid borrowing limit of Rs 1500 crore, the board of directors of the company at its meeting held on 16 June 2014, considered and recommended for the approval of the shareholders at the ensuing AGM of the company to be held on 7 August 2014, an amount not exceeding Rs 750 crore, towards private placement of non-convertible debentures/other debt securities, Mahindra Lifespace Developers said.
Shares of non-banking financial companies (NBFC) will be in focus after R Gandhi, deputy governor, Reserve Bank of India (RBI) was quoted by media as saying that RBI was in the process of reviewing the regulatory framework for NBFCs in the context of recent developments, including the Nachiket Mor committee report.
Hindustan Zinc will be watched on report that the government is likely to sell its residual stake in Hindustan Zinc for an estimated Rs 20000 crore through an offer for sale, and is in final stages of discussion with market regulator Sebi for changes in the OFS norms. The government holds 29.54% stake in HZL and has already initiated the process of fresh valuation of the erstwhile PSU to push through the long pending stake sale in the current financial year, the report suggested.
Shares of telecom tower companies will be watched on report that the Department of Economic Affairs (DEA) will shortly come up with a general formula to incentivise telecom tower firms, leveraging their infrastructure status. The Department of Telecommunications had recently urged the DEA to clear a slew of pending incentives, which would help telecom tower companies such as Bharti Infratel, GTL, Viom Networks, Indus Towers and Reliance Infratel, report added.
Arvind Remedies said it signed Memorandum of Understanding with Adesh University, Punjab, to transfer the patent right to the company for manufacturing and marketing of formulation products from botanical source for treatment of Type 2 diabetes, coronary heart disease, neuro and anti-depression. These drugs will be manufactured in the form of tablets and will be launched in the domestic market by 2017 followed by the global market, the company said.
More From This Section
Tree House Education & Accessories (Tree House) has opened a Global Champs Pre-School center spreading over 3,000 square feet (sq ft) (carpet area) at Dharavi in Mumbai, stated to be Asia's largest slum. Under the Global Champs brand, Tree House now has 6 schools in slum areas of Kandivali, Chembur, Vikhroli, Kharghar, Malad and Dharavi.
Coromandel International said that its shareholders have approved the scheme of amalgamation of Sabero Organics Gujarat with Coromandel International by a requisite majority and the unsecured creditors have approved the scheme unanimously.
Hanung Toys & Textiles said that its board approved allotment of equity shares to promoters, promoters group by way of preferential issue.
Powered by Capital Market - Live News