Jaiprakash Associates will be in focus after Jaypee Cement Corporation (JCCL), a wholly-owned subsidiary of the company, executed an agreement to sell its cement plant in Gujarat to UltraTech Cement at an enterprise value of Rs 3800 crore. JCCL's cement project in Gujarat consists of an integrated 2.4 million tons per annum (MTPA) cement plant at Kutch and a 2.4 MTPA cement grinding unit at Wanakbori.
The proposed transaction is subject to the approval of shareholders and creditors, sanction of the Scheme of Arrangement by the High Courts, approval of the Competition Commission of India and all other statutory approvals. Jaiprakash Associates said it anticipates the transaction to close in 7 to 9 months.
Godrej Properties (GPL) said it closed subscription to its rights issue on 11 September 2013. The company received full subscription to its rights issue. The final confirmation and allotment process will be carried out over the next few days, the company said in a statement.
GPL offered 2.15 crore equity shares of face value of Rs 10 each at a price of Rs 325 per equity share for an amount aggregating to Rs 700 crore on a rights basis to the existing shareholders.
This was the third capital market fund raising exercise by Godrej Properties. GPL had its Initial Public Offer (IPO) in December 2009 and successfully conducted India's first ever Institutional Placement Program (IPP) in March 2012.
Mr. Pirojsha Godrej, managing director and CEO, Godrej Properties said, "We are very happy to successfully close the subscription to our rights issue. I'd like to thank all our shareholders for demonstrating such tremendous confidence and faith in the growth prospects of our company. We believe that the funds generated will strengthen our financial position and our ability to continue to add projects across India."
Jindal Steel and Power (JSPL) reportedly plans to set up two units of coal-based power plant of 150 megawatts (MW) each in Liberia. It intends to invest around Rs 3500 crore in 3 years. JSPL on Wednesday, 11 September 2013, signed an memorandum of understanding (MoU) with the Republic of Liberia for setting up the power plant, the report added.
Mahindra Holidays & Resorts India said that its board of directors will meet on 17 September 2013, to consider a proposal for amalgamation of Bell Tower Resorts, a wholly owned subsidiary, with the company.
Shoppers Stop said that it has opened Shoppers Stop store at Inorbit Mall, Vadodara. With the opening of this store, the company has now 62 Shoppers Stop stores (including three airport stores) under its operations.
Oil India turns ex-dividend today, 12 September 2013, for final dividend of Rs 7 per share for the year ended 31 March 2013.
Sun TV Network turns ex-dividend today, 12 September 2013, for final dividend of Rs 2 per share for the year ended 31 March 2013.
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