TOP CORPORATE NEWS : 24 March, 2017

corporate-news

Indian Bank eyeis retailing sector for growth
Indian Bank today opened a branch in Kovaipudur in the city, taking the number to 88 in Coimbatore zone, comprising four districts.
The bank is cashing in on its brand name to further retail business in the area despite the presence of large number of banks.
The Zone has Rs.3, 000 crore worth retail portfolio in the districts of Coimbatore, Erode, Tirupur and Nilgiris, with major contribution from textile industry.
The branch, the 2655th in the country, was inaugurated by Chairperson and Managing Trustee of Sri Krishna Institutions, S Malarvizhi.
On agriculture, Ganesaraman said since agricultural activities were limited in and around Erode and Tirupur, business was about Rs.700 crore.

BOI, Union Bank surge on selling entire stake in TransUnion CIBIL
Bank of India and Union Bank of India have sold their entire stake (5% each) in TransUnion CIBIL to TransUnion International for Rs381.24 crore – Positive read thru for Bank of India and Union Bank of India

Bharti Airtel to acquire Tikona’s 4G biz
Bharti Airtel announced that it has entered into a definitive agreement with Tikona Digital Networks ( Tikona) to acquire Tikona’s 4G business including broadband wireless access (BWA) spectrum and 350 sites, in five telecom circles for about Rs 1600 crore. The acquisition will be funded in the way of cash and debt.
The indicative time period for the completion of the acquisition is up to 60 days. Airtel plans to roll-out high speed 4G services on the newly acquired spectrum in the five circles immediately after the closure of the transaction.

YES Bank launches a $650 mm QIP
Yes Bank on Thursday announced the launch of a USD 650 million Qualified Insitutional Placement (QIP) issue with an option to upsize to USD 750 million.
The country’s fourth largest private lender set the floor price at Rs1498.95 per share based on Securities and Exchange Board of India (SEBI)-calculated average, with an indicative price band of Rs1455 – 1500.00 per share.

Lupin gets USFDA nod for gTOBI
Lupin has received approval from the US health regulator to market a generic version of Novartis’ inhalation product Tobi, which is used to treat cystic fibrosis, in the American market.
The company has received final approval from the US Food and Drug Administration (USFDA) for its Tobramycin Inhalation Solution, the Mumbai-based company said in a statement.
The drug is indicated for management of cystic fibrosis patients.

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