Local search engine Just Dial debuts on the secondary equity market today, 5 June 2013. The company had priced the initial public offer (IPO) at Rs 530 per share. It offered a discount of Rs 47 on the issue price to retail investors. The IPO price band was set at Rs 470 to Rs 543 per share.
Pharmaceutical major Sun Pharmaceutical Industries announced after market hours on Tuesday, 4 June 2013, that it has received final approval from the United States Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for generic version of an injection which is indicated for replacement therapy in the male in conditions associated with symptoms of deficiency or absence of endogenous testosterone. It is a generic version of Pfizer's Depo-Testosterone Injection. As per April-2013 IMS MAT data, the product had annual revenue of approximately $130 million in the US.
GlaxoSmithKline Pharmaceuticals clarified to the bourses that news reports of its foreign promoter mulling to hike its stake in the company were speculative in nature. On Tuesday, 4 June 2013, media reports suggested that GlaxoSmithKline Plc was in the process to increase its stake in GlaxoSmithKline Pharmaceuticals to 75% from 50.67% through open offer. GlaxoSmithKline Pharmaceuticals stated that the report is speculative in nature and it does not comment on market speculation.
Mauritius-based fund Cartica will pick up a 5.6% stake in TTK Prestige, maker of pressure cookers and kitchen appliances, for Rs 106.5 crore. TTK Prestige informed stock exchanges that the acquisition will be through a preferential allotment of 3 lakh equity shares. The transaction is subject to shareholder approval and regulatory clearance. TTK will issue shares with a face value of Rs 10 each to Cartica at a premium of Rs 3,540 per share. The invested funds will be used for general corporate purposes, including retiring of debt, the company said. The increased capital base will enable TTK Prestige to pursue opportunities for further growth, both organic and inorganic, with minimum leverage, said the release. Together with 3.5 lakh shares acquired from promoters at the same price, Cartica will own a 5.6% stake, while the promoters will hold 70% in TTK.
Sundaram Brake Linings informed that credit ratings firm, ICRA, has reaffirmed the [ICRA] A - (pronounced ICRA A minus) rating on the outstanding Rs 40 crore fund based facilities of the company and has stated that the outlook on the long-term is stable. ICRA has downgraded the short-term rating to [ICRA] A2+ (pronounced ICRA A two plus) rating, from the existing [ICRA] A1 (pronounced A one) for the Rs 35 crore fund based export packing credit facilities and the Rs 3 crore non-fund based facilities of the company.
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