Glenmark Pharmaceuticals on Thursday said it will sell a 75 per cent stake in its subsidiary Glenmark Life Sciences to Nirma Ltd for Rs 5,651.5 crore.
Nirma Ltd, facing opposition from local farmers for its upcoming cement plant in Mahuva taluka of Bhanvanagar, has proposed before the Gujarat High Court that it was ready to release 46 hectares of land to reach an amicable solution to the ongoing conflict.
Nirma has roped in BCG and KPMG to advise it on the fundraising options for the acquisition. The company had earlier informed banks that it would raise Rs 5,000 crore to Rs 7,000 crore in the current financial year for the acquisition. Bankers said the company will rely on its funds and future GLS dividend to repay its debt for acquisition.
The farmers opposing cement plant of Nirma Limited in Mahuva taluka of Bhavnagar on Thursday rejected the company's offer to release 46 hectares of land in order to reach an amicable solution to the ongoing conflict.
Nirma Ltd informed the Bombay Stock Exchange that it would purchase Searles Valley Minerals Operations and Searles Valley Minerals Inc (collectively known as SVM) from US-based private investment firm Sun Capital Partners Inc and other minority shareholders. HSBC Securities and Capital Markets (India) Pvt Ltd advised Nirma on the acquisition of the natural soda ash manufacturer, while J P Morgan Securities Inc was advisor to SVM.
The Gujarat government has given its green signal to Nirma Ltd's controversial cement plant in Mahuva.
Nirma Ltd has posted a net profit of Rs 643.10 million for the quarter ended December 31, 2002 as compared to a net profit of Rs 531.70 million in the quarter ended December 31,2001.
Now with 13-14 million-tonne capacity, Nirma will emerge as a serious player in India's cement landscape.
Reach out-of-court settlement on trademark violation.
The National Pharmaceutical Pricing Authority has revised prices of 440 medicines. Around 300 medicines have seen price cuts, while the others have seen a hike, sources said. The extent of the revisions is not known as yet.
The buzz in the IPO market continues with four companies launching their initial share sales this week to raise over Rs 14,628 crore collectively. This comes after four companies -- Devyani International, Krsnaa Diagnostics, Windlas Biotech and Exxaro Tiles-- launched their initial share-sales last week to mobilise Rs 3,614 crore. So far in the current fiscal, 16 companies have raised Rs 30,666 crore through IPOs against Rs 31,277 crore by 30 firms in the entire 2020-21. Going forward, market analysts expect the IPO environment to remain buzzing during the entire 2021-22.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
Top 100 billionaires see their wealth rise 10%; top 20 account for half of total wealth of top 100.
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