Unitech, Ranbaxy Laboratories, Jaiprakash Associates may see actionITC, hotel chain Accor, and some high net worth individuals are in the race to acquire six hotel properties owned by realtor Unitech. However, the report suggested that Unitech's managing director denied any direct talks with ITC.
Meanwhile, Unitech has reportedly finalised a deal for the sale of its budget hotel in Gurgaon for Rs 270 crore to a high net worth individual.
Ranbaxy Laboratories is reportedly planning to sell three of its manufacturing units in China, Vietnam and Malaysia as part of a strategy to rationalise its business portfolio and cut costs.
The board of Jaiprakash Associates will meet today, 22 December 2008 to consider scheme of amalgamation.
State Bank of India will slash its lending rate by 75 basis points, with effect from 1 January 2008. The prime lending rate, or the rate that it charges its top customers now stands at 12.25%, the bank said.
Housing Development Finance Corporation has cut its retail lending rates by 50 basis points, effective today, 22 December 2008. Rates on new home loans up to Rs 20 lakh will drop to 10.25%, while those on bigger loans will attract a rate of 11.25%, it said in a statement.
The government is reportedly considering reimposing 10% countervailing duty on steel bars and structurals to safeguard domestic companies in the wake of rising imports.
The founders of Subex have decided not to exercise the warrants allotted to them last year. They had been issued 22.3 lakh warrants at the purchase price of Rs 630.31 a share and were to be exercised by 18 December 2008, Subex said in a statement to the stock exchange.
Fortis Healthcare is reported to be in advanced stages of finalising the pricing and other technicalities for an Rs 1800 crore - Rs 2000 crore rights and warrants issue to fund expansion.
Delhi International Airport, a GMR Infrastructure-led consortium that operates New Delhi's Indira Gandhi International Airport, has reportedly told the civil aviation ministry that work on the modernisation of the airport may come to a halt in the next 45 days if the consortium is unable to raise funds.
The Indian government is reportedly planning to provide infrastructure companies with subordinated debt with a maturity of around 10 years through state-run India Infrastructure Finance Company in a bid to provide long-term capital to these cash-strapped firms. Source: Capital Market--
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