ICICI Bank's board of directors at its meeting held yesterday, 16 November 2015, approved the sale of 6% out of ICICI Bank's shareholding in ICICI Prudential Life Insurance Company, comprising the sale of 4% to Premji Invest & its affiliates and 2% to Compassvale Investments Pte Ltd, an indirectly wholly-owned subsidiary of the Singapore-based investment company, Temasek. The proposed transaction values ICICI Prudential Life Insurance Company at Rs 32500 crore. Upon completion of the transaction, ICICI Bank will hold approximately 68% share of ICICI Prudential Life Insurance Company while Prudential Plc, ICICI Bank's joint venture partner, will maintain its current share of approximately 26%, ICICI Bank said in a statement. The announcement was made after market hours yesterday, 16 November 2015.
Reliance Infrastructure announced after market hours yesterday, 16 November 2015, that all requisite approvals including the approval of the Competition Commission of India (CCI) and the Gujarat Maritime Board (GMB) have been received for the acquisition together with management control of Pipavav Defence and Offshore Engineering Company (Pipavav Defence).
Reliance Infrastructure together with its wholly owned subsidiary Reliance Defence Systems is accordingly proceeding to complete the acquisition of Pipavav Defence. The mandatory open offer to acquire up to 26% shares from the public shareholders of the company, at a price of Rs 66 per share, in terms of applicable SEBI Takeover Regulations shall open on 2 December 2015 and shall close on 15 December 2015.
As per the agreement with the promoters of Pipavav Defence, Reliance will acquire from them 13 crore equity shares representing approx. 18% shareholding in the company at a price of Rs 63 per share, aggregating Rs 819 crore. Reliance will also acquire from the promoters of Pipavav Defence such number of additional equity shares of the company, at the same price of Rs 63 per share, as is required to ensure that Reliance's shareholding is not less than 25.1% of the Target Company, after taking into account the acquisitions made under the open offer.
Subex said it has allotted 43.11 lakh equity shares pursuant to the conversion of $1 million out of the company's $48.43 million bonds that are outstanding under the $127,721,000, 5.7% secured convertible bonds due 2017 on 16 November 2015. Post the conversion, foreign currency convertible bonds (FCCBs) aggregating to $47.43 million are outstanding under the aforesaid bonds.The announcement was made after market hours yesterday, 16 November 2015.
Nestle India issued clarification before market hours with respect to news reports that FSSAI is moving the Supreme Court against Nestle India and others. It has been brought to company's attention that the Supreme Court website has posted that the Food Safety and Standards Authority of India (FSSAI) has filed a case against Nestle India and Others. The company has not been served a notice about this and are not yet aware of its content. However, the company would like to reiterate that Nestle India is confident of the quality and safety of MAGGI Noodles and so we will defend ourselves vigorously.
It said in full compliance with the orders of the Bombay High Court on 13 August 2015, Nestle India re-launched MAGGI Noodles on Dhanteras day, 9 November 2015. The efforts to restart and bring MAGGI Noodles back to the market involved many thousands of people working across factories, suppliers, agencies, distributors, and numerous small and large business entities. These entities and individuals had been adversely impacted during the last over 5 months that Maggi was not being produced. The return of MAGGI Noodles, already available in over 100 towns and sold by about 100,000 small and large shopkeepers, has delighted consumers. Nestle India, reiterated that quality and food safety are non-negotiable and that MAGGI Noodles has always been safe for consumption.
Ajanta Pharma said that its US subsidiary Ajanta Pharma USA Inc. announced the launch of Montelukast Sodium Oral Granules (4mg), a bioequivalent generic version of SINGULAIR Granules, in the US market. Ajanta Pharma offers Montelukast Granules in cartons containing 30 individual sachets. The approval and launch of the Montelukast Granules is part of an ever-growing portfolio that Ajanta Pharma has developed for the US market, the company said. To date, the United States Food and Drug Administration (USFDA) has granted five abbreviated new drug applications (ANDA) final approvals and two ANDA tentative approvals, Ajanta Pharma said. An additional 19 ANDAs are pending approval from the USFDA, the company added. The announcement was made after market hours yesterday, 16 November 2015.
Sagar Cements' total cement production rose 11% to 1.04 lakh MTs in October 2015 over October 2014. Sales rose 23% to 1.14 lakh MTs in October 2015 over October 2014. The company announced the cement production and sales volume data after market hours yesterday, 16 November 2015.
Karnataka Bank said that as a major customer acquisition initiative and with an intention to take the banking to the door steps of the general public, the bank has launched a nationwide special current account and savings bank account campaign for a period of three and half months from 16 November 2015 to 29 February 2016. Under this all India campaign, Karnataka Bank intends to open more than 5 lakhs current & savings accounts by undertaking door to door canvassing by its entire work force. The announcement was made after market hours yesterday, 16 November 2015.
Shares of P I Industries turn ex-dividend today, 17 November 2015, for interim dividend of Rs 1.20 per share for the year ending 31 March 2016.
Shares of India Motor Parts Accessories turn ex-dividend today, 17 November 2015, for interim dividend of Rs 2.50 per share for the year ending 31 March 2016.
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