Power Grid Corporation of India has filed the red herring prospectus for a follow on public offer (FPO) of 78.70 crore equity shares of Rs 10 each, constituting 17% of the company's existing paid up capital. The FPO consists of a fresh issue of 60.18 crore equity shares, or 13% of existing paid up capital, and a disinvestment of 18.51 crore equity shares, or 4% of existing paid up capital, by the Government of India.
NHPC said after market hours on Monday, 18 November 2013 that the third unit (Unit No 2) of Uri-II HE Project has been successfully commissioned with effect from 16 November 2013.
Shares of Jet Airways (India) will be watched after Tail Winds, a promoter entity of the private air carrier, on Monday, 18 November 2013, offloaded 7.89% stake for over Rs 211 crore in the open market, as the carrier gears up to complete the 24% stake sale to Etihad.
According to information available with the bourses, Tail Winds sold a total of 68.15 lakh shares -- amounting to 7.89% stake -- at an average price of Rs 310.15 per share on BSE and NSE, pegging the transaction value at Rs 211.41 crore.
In another open market transaction on Monday, 18 November 2013, Merrill Lynch Capital Markets Espana picked up 29 lakh shares (or 3.35% stake) of Jet Airways for around Rs 90 crore. Besides, Deutsche Securities Mauritius purchased 12.60 lakh shares (or 1.39% stake) of the carrier for Rs 39 crore. These two foreign entities bought these scrips at a price of Rs 310 per share.
As on 30 September 2013, Tail Winds held 68.15 lakh shares, or 7.89% holding, of Jet Airways.
ICICI Bank, acting through its Dubai branch, priced an issuance of 5.5 year fixed rate notes of an aggregate principal amount of $750 million. The notes were sold under the Rule 144A/Reg S format. The notes carry a coupon of 4.80% and were offered at an issue price of 99.609, the bank said. The announcement was made after market hours on Monday, 18 November 2013.
IPCA Laboratories has entered into an agreement with Avik Pharmaceutical (Avik) to acquire 50% of its paid-up equity share capital, partly through purchase of equity shares from its existing shareholders and partly through subscription to its fresh equity share capital on a preferential allotment basis, both aggregating to approximately Rs 6.51 crore. Avik is an unlisted privately held company which was incorporated in the year 1979 and is currently engaged in the development, manufacturing and marketing of Active Pharmaceutical Ingredients (APIs) being Steroids and male & female hormones from its manufacturing facilities situated at Vapi in the State of Gujarat.
Power Finance Corporation (PFC) said that PFC Consulting, a wholly-owned subsidiary of PFC, has transferred on 13 November 2013, its wholly owned subsidiary namely Patran Transmission Company, incorporated for development of independent transmission system for Patran 400 kV to Techno Electric and Engineering Company. The company said that Techno Electric was a successful bidder selected through tariff-based competitive bidding guidelines for transmission services issued by Ministry of Power, Government of India.
Mindtree announced after market hours on Monday, 18 November 2013 that Ramesh Pillai will join the company as Senior Vice President and Global Head of Hi-tech vertical. In this capacity, Pillai will be responsible for continuing the strategy of delivering differentiated solutions for clients in the High-Tech vertical. He will report to Krishnakumar Natarajan, CEO & MD, Mindtree.
Pillai comes to Mindtree after a 13-year tenure at HCL where he last served as the Vice President & Global Head of core manufacturing market segments (aerospace & defense, automotive and medical devices). With 20+ years of industry experience, Ramesh is well known for his tenacious business development skills, building high-performance teams and strong customer relationships.
Mark Wilsdon has joined as Vice President and Head of Sales for UK & EU. He will lead Mindtree's continued growth across Europe, reporting to Scott Staples, co-founder and Head, Global Sales. Wilsdon brings 30+ years of experience in the global IT services market. He has held sales leadership positions at Capgemini, Unisys and EDS. Most recently, he led sales and strategic engagements for UK and Ireland at Cognizant.
"Ramesh and Mark will play a crucial role in the implementation of our strategy to expand globally by delivering expertise-driven solutions with a deep understanding of both technology and industry-specific business models, said Krishnakumar Natarajan, CEO & MD, Mindtree. The additions of Ramesh and Mark will help accelerate our journey." Ramesh and Mark will be part of Mindtree's management council, Mindtree added.
Punj Lloyd said that Michael Heerdt has been appointed as President and CEO of the company's subsidiary, Sembawang Engineers and Constructors, in Singapore. Kiriti Bhattacharya has resigned from the position of Executive Director of the said subsidiary and Chua Sey Kok, who was holding the position of CEO of the said subsidiary for an interim period, is due for retirement in March 2014 and would now focus on project management and deliverables.
Sabero Organics Gujarat has received a letter dated 15 November 2013, from the Environmental Engineer, Gujarat Pollution Control Board (GPCB), Gandhi Nagar, advising the company to close its production process at its Sarigam Unit in Gujarat, within 15 days of the letter, stating that there were certain non-compliances of the environmental parameters. The company said it has been making significant investments in the last two years for improving the environmental infrastructure and has been adhering to the environmental standards. The company added that it is taking necessary steps to address the concerns expressed by GPCB and to seek their permission to continue the operations.
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