Shares of Wyeth and Pfizer may drop as they turn ex-dividend today, 5 December 2013. Pfizer had declared an interim dividend of Rs 360 per share to its shareholders and Wyeth had declared an interim dividend of Rs 145 per share. The record date for the dividend payment has been set at 6 December 2013 by both the companies.
The liberal dividend was announced by both the companies following a merger scheme, in which shareholders of Wyeth will get seven Pfizer shares for every 10 shares held. The appointed date of the merger scheme would be 1 April 2013. The merged entity will create a single brand of Pfizer.
Bharti Airtel after trading hours on Wednesday, 4 December 2013, said that its wholly-owned subsidiary -- Bharti Airtel International (Netherlands) B.V. (Bharti) -- has priced euro 750 million 4% Guaranteed Senior Notes due 2018 (the Notes). The Notes will be fully and unconditionally guaranteed by Bharti Airtel. The Notes attracted huge investor interest with an order-book aggregating over euro 3.8 billion from high quality investor accounts, Bharti Airtel said in a statement. The Notes have been priced at 300 basis points over the 5-year EUR Mid Swap with a fixed coupon of 4% per annum to yield 4.055%. Bharti will apply the net proceeds to refinance its existing debt.
Commenting on the development, Mr. Harjeet Kohli, Group Treasurer of Bharti, said: "It is heartening to be the first Indian corporate to access the European IG credit market. The overwhelming response from investors across Europe for this inaugural issue highlights the strength of our credit. This transaction helps us continue to diversify sources of funding and the EUR financing also acts as a natural hedge to many of our African businesses where local currency is pegged to Euros".
Cairn India after market hours on Wednesday, 4 December 2013, announced the appointment of Mr. Mike Yeager, former CEO of the global petroleum business at BHP Billiton as Chairman, Operations Review Board, Cairn India. Mike will work closely with the Cairn management team to deploy the best global technology and practices to unlock the full potential of the world class Rajasthan block and other existing assets and steer their efficient development, Cairn India said in a statement. Mike brings in more than 38 years of rich and diverse experience in reputed organisations like Exxon Mobil, BHP Billiton and the United States Marine Corps. In his last assignment, he was the CEO of the Petroleum business at BHP Billiton,which he joined after a 25 year stint with Exxon Mobil, the company said in a statement.
Mr. P. Elango, Whole Time Director, Cairn India, said: "I am excited with Mike Yeager joining us as Chairman, Operations Review Board at Cairn India. Mike's leadership and guidance will further enhance the quality of overall strategic and operational planning for optimal business results. His rich global experience will help Cairn to build a stronger E&P portfolio and attract top global talent. Mike's on-boarding will enhance the global outlook, strategic and operational leadership capacity at Cairn and prepare it for pursuing and fulfilling its aggressive growth agenda".
Wipro after market hours on Wednesday, 4 December 2013 said that it would discontinue sagging manufacturing of desktops, laptops and servers, and shift some of the employees in the division to other roles.
United Spirits has reportedly started the process of appointing investment bankers for the sale of Whyte & Mackay brands. The move comes soon after Britain's anti-trust authority expressed competition concerns in the blended whiskey market in that country. The board of United Spirits, controlled by Diageo, is expected to meet shortly to finalise the investment bankers, reports added. Whyte & Mackay was purchased by United Spirits in 2007.
Alstom T & D India said that the offering of 1.69 crore shares by way of an Institutional Placement Programme (IPP) to Qualified Institutional Buyers, the Board of Directors of the company has on 4 December 2013 approved the allotment of 1.69 crore shares on a proportionate basis to the successful applicants at an issue price of Rs 165 per share. Upon issue and allotment of equity shares under the issue as aforesaid, the promoter's shareholding in the company stands reduced from 80.314% as hitherto to 74.999998% and public shareholding has increased from 19.686% to 25.000002%. Further the subscribed and paid up share capital stands increased from Rs 47.82 crore to Rs 51.20 crore.
Strides Arcolab today, 5 December 2013 announced that it has completed sale of its Agila Specialties Division to Mylan for a total consideration of up to $1.75 billion.
Commenting on the transaction, Arun Kumar, Founder and Group CEO said "We are delighted with the conclusion of this transaction and are confident that Agila will play a significant role in Mylan's growth strategy to become a global injectable leader."
Meanwhile, Strides Arcolab said that a meeting of the board of directors of the company will be held on 10 December 2013, to consider, declaration of special dividend.
Persistent Systems unveiled the Persistent Venture Fund, an early-stage investment fund focused on supporting innovation in social, mobile, analytics and cloud computing (SMAC) technologies. The announcement was made after market hours on Wednesday, 4 December 2013.
The company said that the fund is focused on providing early stage companies from around the globe with seed capital for promising technology ventures. The initial investment recipient is ustyme, a free, video-call app for 1Pad that creates shared experiences through quality content, like books and games. ustyme creates the context for spending time together and allows family and friends to read classic tales, such as "Goldilocks and the Three Bears" and "Henny Penny," and play well known games, like Checkers, Chess and Go Fish, while seeing and interacting with each other through a video-screen.
As a leading global player in the software product development and technology services space, Persistent Systems said it intends to be a value-added partner to early stage entrepreneurs in its core sectors, investing in companies that have an advantaged solution and by enabling its investee companies to leverage Persistent's domain expertise and customer reach to benefit the start-up.
"The Persistent Venture Fund enables innovative companies like ustyme to not only gain from our capital investment but to tap our seasoned engineers who are working with next-generation technologies," said Dr. Sridhar Jagannathan, Chief Innovation Officer, Persistent Systems, Inc. and Head of the Persistent Innovation Venture Fund. "For Persistent Systems, investing in entrepreneurs who are pioneering development in the areas of our core competency brings benefits to the start-up and to Persistent. We look forward to actively working with our investee companies to enable their success."
"We are delighted to have Persistent Systems as an invaluable investment partner and a trusted advisor," said Linda Salesky, CEO, ustyme. "With the support from Persistent we will be able to augment our resources, expand our capacity and support our strategic international expansion."
Mirc Electronics' board of directors at its meeting held on 4 December 2013, have considered and approved raising of funds of upto Rs 33 crore by way of issue of equity shares to the existing shareholders of the company on a rights basis. The terms and conditions of the rights issue including the rights entitlement ratio, the issue price, issue size, record date, timing of the issue and other matters shall be decided by the committee constituted for the said purpose in consultation with the Lead Managers to the rights issue.
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