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News headlines: Corporate
‰ Tata Steel plans to raise US$800m via issue of 57m shares (6%
dilution) through a follow-on offering (FPO). (FE)
‰ Orrisa High Court has asked Ministry of Environment to justify
denial of permission to Vedanta’s expansion plan. (ET)
‰ Department of Telecom has rejected RCom’s request to grant
them additional 2G spectrum. (ET)
‰ Jet Airways plans to raise salaries of employees back to the levels
in 2008. (ET)
‰ IDFC plans to raise Rs29bn through its second issue of retail
infrastructure bonds. (ET)
‰ Apollo Tyres plans to increase its investment in the Tamil Nadu
project to Rs21bn from Rs17bn. (ET)
News headlines: Economic and political
‰ Some state governments may face issues in discharging dues of
pension liabilities towards civil servants. (ET)
‰ The finance ministry has asked public sector companies to pay
special dividend during FY11. (ET)
‰ In Dec-10, India’s car sales grew 31% YoY to 0.17m units. (BS)
News headlines: Corporate
‰ iGate has made an open offer to acquire 21% stake in Patni
Computer Systems by paying US$301m @Rs504/share. (BS)
‰ Edelweiss Tokio Life has received initial approval from IRDA to
start the business of life insurance. (ET)
‰ Aurobindo Pharma plans to divest majority stake in Chinese arm
to China National Pharmaceutical Group. (ET)
‰ Hexaware Technologies has announced a 1:1 bonus issue and
50% interim dividend. (ET)
‰ Parsvnath Developers has raised Rs1bn through sale of stake in
a real estate project. (ET)
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