Asian Paints said it is exploring the possibilities of setting up of a paint manufacturing plant in the southern states of the country. To meet the demand in the southern and eastern parts of the country, the company is exploring the possibility of setting up integrated paint manufacturing plants in the states of Karnataka and Andhra Pradesh. The company is in the advanced stage of negotiations with the respective state governments. Based on the availability of land, other factors and regulatory approvals, the company will decide the location of the plant. The approximate investment at current prices for setting up a plant with a capacity of 6 lakh KL (kilo litre of paints) per annum would be Rs 2300 crore over a period of 5 to 7 years. The company will make necessary disclosures on any material developments in this regard, the company said in a statement.
Jubilant Life Sciences said it received Abbreviated New Drug Application (ANDA) final approval from the US Food and Drug Administration (US FDA) for Irbesartan Tablets and Cetirizine Hydrochloride Tablets (Chewable).
Irbesartan Tablets USP, 75 mg, 150 mg, and 300 mg is the generic version of Avapro (of Sanofi-Aventis), which is used for treating hypertension and nephropathy in type II diabetic patients. The total market size for Irbesartan Tablets as per IMS is approximately $50 Million per annum.
Cetirizine Hydrochloride Tablets (Chewable), 5 mg and 10 mg is the generic version of Zyrtec Chewable Tablets (of Mcneil), used as an anti-histamine for the treatment of allergies.
As on 31 December 2014, Jubilant Life Sciences had a total of 781 filings for formulations of which 333 have been approved in various regions globally. This includes 72 ANDAs filed in the US, of which 35 have been approved and 46 Dossier filings in Europe. So far, the company has received 9 ANDA approvals during FY 2015.
Godrej Consumer Products said after market hours yesterday, 24 February 2015, that the company has entered into an agreement with the Darling Group for increasing its shareholding in Darling South Africa and Mozambique businesses to 90% in line with its intent of gradually scaling up its ownership of the Darling businesses.
Mangalore Refinery and Petrochemicals (MRPL) said that ONGC Mangalore Petrochemicals (OMPL) offered 101.99 crore equity shares on rights basis at Rs 14.20 per share to all its existing shareholders in proportion to their respective shareholding. Accordingly, MRPL was offered 45.89 crore rights shares at Rs 14.20 per share. MRPL said its board approved subscribing the entire rights offer made by OMPL, including MRPL's portion of rights shares at Rs 14.20 per share. Hence, consequent upon the allotment of rights shares, MRPL will be holding controlling stake in OMPL.
On 9 February 2015, MRPL announced that its board approved raising its stake in OMPL from 3% to 46%, by purchasing fully paid up equity shares from individual shareholders.
The Reserve Bank of India after market hours yesterday, 24 February 2015, notified that the aggregate share holdings in The South Indian Bank by Non-Resident Indians (NRI) /Persons of Indian Origin (PIO)/Foreign Institutional Investors (FII)/Registered Foreign Portfolios Investors (RFPIs) and through Global Depository Receipts (GDR)/American Depository Receipts (ADR)/Foreign Direct Investment (FDI) in the primary/secondary markets have gone below the prescribed threshold ban limit stipulated under the extant FDI policy. Hence the restrictions placed on the purchase of shares of the above bank are withdrawn with immediate effect. The foreign investment limits are subject to Regulation of FEMA Notification No.20/2000-RB dated 3 May 2000 (as amended from time to time) and other terms and conditions stipulated by the Reserve Bank.
Emco said that its board approved the private placement offer of 24.39 lakh equity shares of Rs 2 each at Rs 41 per share to be made to EMCO Investments (a promoter group company) on a preferential basis, in accordance with the approval given by the shareholders at the extraordinary general meeting held on 22 January 2015.
Lyka Labs said its board allotted 2.30 lakh warrants of Rs 28 each to N. I. Gandhi (HUF) and Enai Trading and Investment of promoter group, aggregating 4.60 lakh warrants under Series - I on preferential basis with a conversion into equity within a period of 18 months from the date of allotment.
Future Lifestyle Fashions said after market hours yesterday, 24 February 2015, that the company has made further investment in Indus Tree Crafts Private (ITCPL) to increase its total stake from 63.34% to 72.16% of the paid-up capital of ITCPL. ITCPL is engaged in the business of designing, creating, exporting, domestic retailing and distribution of a wide range of environmentally and socially sustainable products under brand name "Mother Earth".
Polygenta Technologies said after market hours yesterday, 24 February 2015, that the Board of Directors of the company at its meeting held on 24 February 2015, has allotted 1.01 crore Compulsory Convertible Preference Shares (CCPS) to PerPETual Global Technologies (Promoter of the company) on a preferential basis of the face value of Rs 10 each at a premium of Rs 37 per CCPS. The said allotment is in pursuance of the in principle approval dated 29 September 2014 granted by BSE for allotment of upto 1.3 crore CCPS. The said CCPS have been allotted within 15 days of receipt of the listing approval dated 10 February 2015 from BSE for the pre-existing 2.2 crore shares held by the allottee.
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