TOP CORPORATE NEWS-8 May 2015

RBI allows ARCs resolutions period beyond 8 years

Asset reconstruction Companies can now take more than eight years to recover loans that are under a restructuring. This easing is valid for assets that are seeking some form of restructuring through corporate debt restructuring (CDR), the Board for Institutional and Financial Reconstruction (BIFR) or joint lenders’s forum (JLF).

Tata Motors rallies after Rights issue subscribed 1.21 times

Shares of Tata Motors gained 4% at Rs 506 on the NSE in early morning trades as its rights issue, which closed on May 2, was oversubscribed by 1.21 times. Tata Motors has announced closure of its Rs7,500 crore Rights issue. The issue received a positive response and the ordinary shares were subscribed 1.17 times while the DVR shares were subscribed 1.51 times.

Biocon, Mylan drug discovery programme to treat cancer

Biocon said two molecules for treating cancer and arthritis under the drug discovery programme with Mylan have entered global Phase 3 of clinical trials. The molecules are Pegfilgrastim (PEG-G-CSF) and Adalimumab. While the PEG-G-CSF trial is well underway the Adali mumab trial has been recently initiated. In addition, the phase 3 global clinical trial for Trastuzumab, aimed at treating breast cancer, is progressing in more than 100 sites around the world.

SPARC board to consider rights issue; stk gains

Sun Pharma Advanced Research Company ( SPARC) rose over 4%, touching to Rs392.05, after the company said its board will meet on May 12, 2015 to consider rights issue of equity shares.

RInfra–Pipavav Defence deal gets CCI nod

The competition commission of India has approved Reliance Infrastructure’s proposed acquisition of controlling stake in Pipavav Defence and Offshore engineering in a Rs2000 crore deal.

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