25 Feb 2008
Opto Circuits India has signed a definitive agreement to buy US-based Criticare Systems.
According to a release issued by Opto to the BSE today, the deal is valued at Rs 280 crore ($70 million).
Criticare Systems is in the business of manufacturing vital sign monitors, anesthesia monitors and pulse oximeters, the release added.
Monday, February 25, 2008
HDFC to maintain stake in merged entity
Mumbai, Feb. 25
Housing Development Finance Corporation (HDFC), the promoter company of HDFC Bank, will have to raise Rs 3,900 crore in order to maintain its stake at 23.28 per cent post the merger of the bank with the Centurion Bank of Punjab, said Mr Deepak Parekh, Chairman, HDFC.
HDFC’s stake will come down to 19 per cent post the merger.
“We will decide on the mode of raising the money in the next fortnight or within a month’s time,” said Mr Parekh. HDFC Bank would also consider making a preferential offer to HDFC to enable it to maintain its percentage shareholding in the merged entity.
Housing Development Finance Corporation (HDFC), the promoter company of HDFC Bank, will have to raise Rs 3,900 crore in order to maintain its stake at 23.28 per cent post the merger of the bank with the Centurion Bank of Punjab, said Mr Deepak Parekh, Chairman, HDFC.
HDFC’s stake will come down to 19 per cent post the merger.
“We will decide on the mode of raising the money in the next fortnight or within a month’s time,” said Mr Parekh. HDFC Bank would also consider making a preferential offer to HDFC to enable it to maintain its percentage shareholding in the merged entity.
HDFC Bank, Centurion boards approve 1:29 share swap ratio
Mumbai, Feb. 25
Shareholders of Centurion Bank of Punjab would be eligible to exchange 29 shares into one share of HDFC Bank. This follows the board of directors of the two banks approving on Monday a share-swap ratio of 1:29.
HDFC Bank’s share closed at Rs 1,422.70, down by 3.5 per cent while Centurion Bank ended the day at Rs 48.25, lower by 14.45 per cent on the BSE on Monday.
The entire process of the merger would take about four months for completion. The merged entity will be known as HDFC Bank. Mr Rana Talwar, Chairman of Centurion Bank, has been offered a seat on the Board as non-executive director and Mr Shailendra Bhandari, Managing Director, Centurion Bank, has been invited to join as the Executive Director on the board post merger.
Mr Aditya Puri, Managing Director, HDFC Bank, said that the merger will create a larger entity and bring together the strengths of both banks in terms of technology, products, distribution, manpower and experience.
Talking about the impact of the merger on the bank’s margin, Mr Puri said that the merger would not have any negative impact on the margin or the growth rate of HDFC Bank in the medium or long term.
Merger to be complete in 4 months; will leverage strengths in technology, products
Shareholders of Centurion Bank of Punjab would be eligible to exchange 29 shares into one share of HDFC Bank. This follows the board of directors of the two banks approving on Monday a share-swap ratio of 1:29.
HDFC Bank’s share closed at Rs 1,422.70, down by 3.5 per cent while Centurion Bank ended the day at Rs 48.25, lower by 14.45 per cent on the BSE on Monday.
The entire process of the merger would take about four months for completion. The merged entity will be known as HDFC Bank. Mr Rana Talwar, Chairman of Centurion Bank, has been offered a seat on the Board as non-executive director and Mr Shailendra Bhandari, Managing Director, Centurion Bank, has been invited to join as the Executive Director on the board post merger.
Mr Aditya Puri, Managing Director, HDFC Bank, said that the merger will create a larger entity and bring together the strengths of both banks in terms of technology, products, distribution, manpower and experience.
Talking about the impact of the merger on the bank’s margin, Mr Puri said that the merger would not have any negative impact on the margin or the growth rate of HDFC Bank in the medium or long term.
Merger to be complete in 4 months; will leverage strengths in technology, products
Saturday, February 23, 2008
Blackstone - Gokaldas
Blackstone stake in Gokaldas at 67.88%
February 21, 2008
The Blackstone group has increased its stake in Bangalore-based Gokaldas Exports to 67.88% after the open offer at Rs 275 per share.
According to a release issued by Gokaldas to the BSE today, Blackstone had offered to acquire 6.875 million shares (20% of the equity share) in the open offer.
Blackstone has been able to acquire 6.113 million shares (17.78%). Post-offer, the shareholding of the group is 23.334 million shares (67.88%).
The board of directors of Gokaldas, which met today, approved the appointment of Akhil Gupta, Richard Saldanha and Mathew Cyriac as additional directors.
Madanlal J Hinduja has resigned as managing director from February 21, but will continue as non-executive chairman. Rajendra J Hinduja has been appointed managing director for one year from February 21, according to the release.
February 21, 2008
The Blackstone group has increased its stake in Bangalore-based Gokaldas Exports to 67.88% after the open offer at Rs 275 per share.
According to a release issued by Gokaldas to the BSE today, Blackstone had offered to acquire 6.875 million shares (20% of the equity share) in the open offer.
Blackstone has been able to acquire 6.113 million shares (17.78%). Post-offer, the shareholding of the group is 23.334 million shares (67.88%).
The board of directors of Gokaldas, which met today, approved the appointment of Akhil Gupta, Richard Saldanha and Mathew Cyriac as additional directors.
Madanlal J Hinduja has resigned as managing director from February 21, but will continue as non-executive chairman. Rajendra J Hinduja has been appointed managing director for one year from February 21, according to the release.
Boards approve HDFC Bank and Centurion Bank of Punjab Merger
Mumbai, Feb. 23 The boards of HDFC Bank and Centurion Bank of Punjab have approved in principle a merger between the two banks.
In a joint statement, the banks said the merger will be subject to “satisfactory due diligence, a fair share-swap ratio, requisite statutory, regulatory and corporate approvals, including those from the Reserve Bank of India, the stock exchanges and shareholders of both banks.”
In a joint statement, the banks said the merger will be subject to “satisfactory due diligence, a fair share-swap ratio, requisite statutory, regulatory and corporate approvals, including those from the Reserve Bank of India, the stock exchanges and shareholders of both banks.”
Friday, February 22, 2008
Ranbaxy Laboratories Ltd - Demerger
New Delhi, Feb. 19
Pharmaceutical major Ranbaxy Laboratories Ltd on Tuesday said its board has approved the hiving off of its research and development unit New Drug Discovery Research (NDDR) into a new subsidiary called Ranbaxy Life Science Research Ltd (RLSRL).
As per the de-merger scheme shareholders will get one share of the new entity for every four shares held by them at present. The company said that the spin off will result in cost savings of about $25 million in the current year.
http://www.thehindubusinessline.com/2008/02/20/stories/2008022051360200.htm
Pharmaceutical major Ranbaxy Laboratories Ltd on Tuesday said its board has approved the hiving off of its research and development unit New Drug Discovery Research (NDDR) into a new subsidiary called Ranbaxy Life Science Research Ltd (RLSRL).
As per the de-merger scheme shareholders will get one share of the new entity for every four shares held by them at present. The company said that the spin off will result in cost savings of about $25 million in the current year.
http://www.thehindubusinessline.com/2008/02/20/stories/2008022051360200.htm
HCL Tech buys US-based CapitalStream for $40 m
HCL Tech buys US-based CapitalStream for $40 m
All-cash deal to help company to enhance role in financial services
20 Feb 2008
HCL Technologies Ltd, India’s fifth largest IT services company, on Wednesday acquired US-based CapitalStream Inc, in an all-cash deal of about $40 million, to enhance its presence in financial services sector.
http://www.thehindubusinessline.com/2008/02/21/stories/2008022151220400.htm
All-cash deal to help company to enhance role in financial services
20 Feb 2008
HCL Technologies Ltd, India’s fifth largest IT services company, on Wednesday acquired US-based CapitalStream Inc, in an all-cash deal of about $40 million, to enhance its presence in financial services sector.
http://www.thehindubusinessline.com/2008/02/21/stories/2008022151220400.htm
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