Sun Pharmaceutical Industries (Sun Pharma) announced that as part of its manufacturing consolidation in the US, one of its wholly owned subsidiaries has entered into an agreement with Nostrum Laboratories Inc. (Nostrum) for the divestment of the Bryan (Ohio) unit in the US. The announcement was made after market hours yesterday, 14 December 2015. As part of the agreement, Sun Pharma's subsidiary has divested this unit as a going concern along with the employees and related products to Nostrum. The financial impact of this development on Sun Pharma is negligible, the company said in a statement.
Tech Mahindra and Mahindra & Mahindra (M&M) have jointly entered into an agreement with Pincar S.r.l., to purchase a controlling stake in Pininfarina S.p.A., an iconic Italian brand in automotive and industrial design. Tech Mahindra and M&M separately made the announcements after market hours yesterday, 14 December 2015. Pininfarina S.p.A. is an independent Italian car design company, founded and run by the Pininfarina family since 1930.
Pininfarina's legendary brand status will allow Tech Mahindra powerful access to relationships the iconic designer has nurtured with the best in the world over its 85-year history, including with Ferrari, Alfa Romeo, Maserati and Peugeot. This will mean an opportunity for Tech Mahindra to influence product conceptualization and design & styling through Europe's best-in-class design house.
As part of the agreement, Tech Mahindra and M&M shall purchase 76.06% of Pininfarina shares from the current controlling shareholder Pincar S.r.l. at a price of Euro 1.1 per share. This investment by Tech Mahindra and M&M shall be done via a joint venture company (JVCo), whose ownership shall be held 60% by Tech Mahindra and 40% by M&M. This will be followed by an open offer for all the remaining ordinary shares of Pininfarina, at the same purchase price paid for the shares held by Pincar. A rights issue to infuse funds into the design & styling major will also be executed before the end of 2016. Pininfarina will continue to remain an independent company, listed on the Milan Stock Exchange, with Mr Paolo Pininfarina continuing as the Chairman of its board.
NHPC announced that Parbati-III power station (4X130 MW) in Himachal Pradesh will be completely shutdown with effect from 15 December 2015 to 15 February 2016 to carry out repair of pressure shaft, sealing of surge shaft gate & MIV seals and annual maintenance of units. The announcement was made after market hours yesterday, 14 December 2015.
Jet Airways (India) announced the launch of daily non-stop services between India and Amsterdam, its new European gateway which is ideally located for convenient onward connections. With effect from 27 March 2016, Jet Airways will operate two daily non-stop flights to Amsterdam Airport Schiphol, one each from its home hubs in Mumbai and New Delhi. Jet Airways will also operate a daily flight from Toronto to Amsterdam. Schedules of all three flights have been planned to allow quick and convenient connections between India and Toronto over Amsterdam, Jet Airways (India) said in a statement. These flights will be available for sale across all booking channels from 15 December 2015. Jet Airways will deploy its modern Airbus A330-300 aircraft with 34 seats in Premiere and 259 seats in Economy class on these routes. The announcement was made after market hours yesterday, 14 December 2015.
National Buildings Construction Corporation (NBCC) announced that the Ministry of Water Resources, River Development & Ganga Rejuvenation, Government of India has awarded the work to NBCC to carry out work on condition assessment & feasibility study and entry level activities under National Mission for Clean Ganga (NMCG) for all towns and cities of Bihar on the bank of river Ganga. The announcement was made after market hours yesterday, 14 December 2015.
Shriram EPC announced that its board of directors will meet on 18 December 2015, to consider and approve conversion of the working capital term loan of the corporate debt restructuring (CDR) lenders into equity shares of the company. The Board will also consider infusion of equity capital by the promoters through preferential allotment.
Speciality Restaurants announced that it has closed the Cafe Mezzuna restaurant in Pune with effect from 14 December 2015. Post closure of this restaurant, the company now has a total of 103 restaurants (including 19 franchise restaurants) and 19 confectionaries. The announcement was made after market hours yesterday, 14 December 2015.
Marathon Nextgen Realty announced that it has fixed 22 December 2015 as record date for the purpose of issue of one bonus share for every two shares held as on record date. The announcement was made after market hours yesterday, 14 December 2015.
Hotel Leelaventure announced that the sale of the entire undertaking of the company in "The Leela, Goa", Mobor, Goa, hotel on a slump sale basis, for a lump sum consideration of Rs 725 crore to Ceres Hotels has been completed yesterday, 14 December 2015. The shareholding of the company shall remain unaffected pursuant to the aforesaid sale. The announcement was made after market hours yesterday, 14 December 2015.
Sundaram Clayton announced that activities of all the three plants in and around Chennai, located at Padi, Oragadam and Mahindra World City (SEZ) have been fully restored after temporarily suspending operation of the plants due to the torrential rains and floods for three or four days (depending on locations). The announcement was made after market hours yesterday, 14 December 2015. With timely efforts and active co-operation of the employees, the company has been able to restore normalcy within a very short time and maintain supplies by leveraging both internal capacity and the capacities in the supply chain. Chennai had experienced unprecedented torrential rainfall in November and December 2015, which flooded several parts of the city.
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