Union Bank of India in focus after completing stake acquisition in two joint ventures

Union Bank of India said that it has completed the acquisition of 49% shareholding of Union KBC Asset Management Company and Union KBC Trustee Company from KBC Participations Renta S.A. and its affiliates (KBC Asset Management NV) on 20 September 2016. Accordingly, Union KBC Asset Management Company and Union KBC Trustee Company have become wholly owned subsidiaries of Union Bank of India. The announcement was made after market hours yesterday, 21 September 2016.

Last year, the board of Union Bank of India approved purchase of 49% stake in Union KBC Asset Management and Union KBC Trustee Company from KBC Participations Renta. KBC Participations Renta is a group company of Luxembourg-based KBC Asset Management NV.

Union Bank of India and KBC Asset Management NV had formed two joint ventures - Union KBC Asset Management Company and Union KBC Trustee Company - in 2009 with 51% and 49% holding, respectively.

HDFC announced that the company intends to raise Rs 1340 crore from issue of non-convertible debentures on private placement basis. The debentures will carry a coupon rate of 7.67% per annum and will have a tenor of 1 year 2 months. The announcement was made after market hours yesterday, 21 September 2016.

Mahindra & Mahindra (M&M) announced the proactive inspection of a fluid hose on all New Generation Scorpio & NuvoSport vehicles, manufactured till June 2016, respectively. This is in keeping with the company's customer centric approach, the company said. The inspection and subsequent rectification will be carried out free of cost for all New Generation Scorpio & NuvoSport customers, who will be individually contacted by the company. As an endeavor to ensure a hassle free experience for its customers, the company is proactively carrying out this activity, it said. This action is also in compliance with SIAM's voluntary code on vehicle recall, M&M said. The announcement was made after market hours yesterday, 21 September 2016.

Syngene International, Asia's leading Contract Research Organization, and Strand Life Sciences, announced that they have completed a deal through which Syngene has purchased assets of Strand Life Sciences related to systems biology, Heptox and pharma bioinformatics services. This includes target dossier business and rights to NGS data analytics and Sarchitect platforms, supported by a strong scientific team. Financial details of the deal were not disclosed.

This deal gives Syngene access to Strand's patented Virtual Liver model and the NGS analytics platform. The Virtual Liver model is able to predict the toxic effect of different drugs or chemicals on the liver (both rat and human) using information from laboratory based experiments prior to actual testing on live animals or humans. Strand NGS is an integrated platform that provides analysis, management and visualization tools for next-generation sequencing data. The announcement was made after market hours yesterday, 21 September 2016.

Godrej Properties announced that it has acquired a land parcel measuring approximately 12 acres off Sarjapur Road in South Bangalore. Godrej Properties plans to develop a residential housing project of approximately 92,900 square meters (approximately one million square feet). This project will be developed in partnership with Godrej Residential Investment Program II. The announcement was made after market hours yesterday, 21 September 2016.

IDBI bank has sold 6.75 lakh shares constituting 1.5% of the paid up capital of National Stock Exchange of India (NSE) to TIMF Holdings on 21 September 2016. The announcement was made after market hours yesterday, 21 September 2016.

Raymond said that Ring Plus Aqua (RPAL), an unlisted subsidiary of Raymond, has entered into a share purchase agreement with Neel Metals Products to transfer by way of sale its entire equity share holding of 1.04 crore equity shares in its 50:50 joint venture company namely, Rose Engineered Products India (ROSE). Consequent to said transaction ROSE ceases to be an Associate of RPAL and Raymond. The enterprise value of ROSE was arrived at Rs. 20.19 crore. The announcement was made after market hours yesterday, 21 September 2016.

Gujarat Narmada Valley Fertilisers and Chemicals (GNFC) entered into a joint venture with Santosh Agrochem LLP to set up about 345 MTPD purified wet lime project in a phased manner at Bharuch to be implemented through a joint venture company in the name of 'Calciwell Chemtech at an estimated cost of Rs 50 crore. The announcement was made after market hours yesterday, 21 September 2016.

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