Axis Bank may gain on plans to raise funds

Axis Bank announced that the bank proposes to raise funds by issuing unsecured subordinated, perpetual, additional Tier I, Basel III compliant non-convertible debentures (Series - 26) of the face value of Rs 10 lakh each for cash at par aggregating to Rs 3500 crore. The board of directors of the bank will consider the proposal to issue and allot the above Securities through circular resolution. The announcement was made after market hours yesterday, 12 December 2016.

Sun Pharmaceutical Industries and Israel-based Moebius Medical have entered into an exclusive worldwide licensing deal to further develop MM-II, a novel pharmaceutical candidate for the treatment of pain in osteoarthritis. MM-II is a novel non-opioid product that leverages the physical properties of proprietary liposomes to lubricate arthritic knee joints, thereby reducing friction and wear, consequently leading to joint pain reduction.

MM-II is an intra-articular biolubricant injection which is being developed to provide symptomatic relief of mild-to-moderate osteoarthritis pain. The product is based on patent-protected technology licensed by Moebius Medical from the Hebrew University of Jerusalem, Technion Israel Institute of Technology and Hadassah Medical Centre.

According to the agreement, Sun Pharma will fund further development of Moebius Medical's lead product, MM-II, and undertake its global commercialization. To date, Moebius Medical has completed a first-in-man clinical study at Hadassah Medical Center, demonstrating the product's fast onset of action and its potentially better efficacy and comparable safety for alleviating osteoarthritis pain as compared to Hyaluronic Acid injection.

Moebius Medical will conduct requisite pre-clinical studies, and will assume responsibility for product development and manufacturing through the end of Phase-II studies. Sun Pharma will assume responsibility for further clinical studies, regulatory submissions and product commercialization. Moebius Medical will receive an upfront payment, development-based and sales-based milestone payments, and tiered royalties on sales from Sun Pharma. The announcement was made after market hours yesterday, 12 December 2016.

NIIT announced that the company has entered into a share purchase agreement dated 12 December 2016, with National Skill Development Corporation (NSDC), in terms of which company has agreed to acquire 23.13 lakh equity shares of NIIT Yuva Jyoti (NYJL) having face value of Rs 10 each constituting 10% of the aggregate issued and paid-up share capital of NYJL from NSDC for an aggregate cash consideration of Rs 2.85 crore. The announcement was made after market hours yesterday, 12 December 2016.

Aarey Drugs & Pharmaceuticals announced that the meeting of the board of directors of the company is to be held on 19 December 2016, to review current business and raising funds from the banks. The board will also consider the issue of equity shares and/or warrants on preferential basis to the promoters/ non-promoters of the company. The announcement was made after market hours yesterday, 12 December 2016.

Sunteck Realty reported consolidated net profit including other comprehensive income of Rs 96 crore in Q2 September 2016 compared with loss of Rs 8 crore in Q2 September 2015. Income from operations jumped 582% to Rs 206 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 12 December 2016.

Sunteck Realty announced that the board of directors of the company at a meeting held on 12 December 2016, approved the transfer of its step-down subsidiary - Denise Realties Private to Thaler Developers.

Glenmark Pharmaceuticals Inc., USA announced the availability of ezetimibe, the first and only generic version of ZETIA (Merck) in the United States for the treatment of high cholesterol. The availability of ezetimibe is the result of a licensing partnership with Par Pharmaceutical, an Endo International plc operating company, with whom Glenmark will share profits. Glenmark and its partner, Endo will be entitled to 180 days of generic drug exclusivity for ezetimibe as provided for under section 505(j)(5)(B)(iv) of the FD&C Act.

Ezetimibe is indicated as adjunctive therapy to diet for the reduction of elevated total cholesterol (total-C), low-density lipoprotein cholesterol (LDL-C), and apolipoprotein B (Apo B) in patients with primary (heterozygous familial and non-familial) hyperlipidemia. According to IMS Health data for the 12-month period ending October 2016, annual US sales of Zetia 10 mg1 were approximately $2.3 billion. The announcement was made after market hours yesterday, 12 December 2016.

APL Apollo Tubes received patents for 4 hollow section designs. The announcement was made after market hours yesterday, 12 December 2016.

IRB Infrastructure Developers announced that Udaipur Tollway Private Limited -wholly-owned subsidiary of the company, has now executed concession agreement with NHAI for the project of six laning from Udaipur to Rajasthan/ Gujarat Border section of NH-8 in the states of Rajasthan & Gujarat on DBFOT (Toll) under NHDP Phase V (package-V).

The company added that CG Tollway Private, wholly-owned subsidiary of the company, has now executed concession agreement with NHAI for the project of six laning of Kishangarh Udaipur Ahmedabad section of NH - 79 in the state of Rajasthan Package 2 under NHDP Phase - V on BOT (Toll) mode. The announcement was made after market hours yesterday, 12 December 2016.

Powered by Capital Market - Live News