TOP CORPORATE NEWS:- 22 Nov 2017

top corporate news
TOP Headlines Of The Day:- 22 Nov 2017

Dabur to pass on GST benefit to customers, cuts prices by up to 9%
Bank of Baroda to raise up to Rs 6,000 Cr
Magma Fincorp’s Board approves merger of Magma ITL Finance Ltd with the company
Muthoot Capital raises Rs165 Cr via QIP, dilutes 12.5% stake
Reliance Capital raises Rs 2,500 Cr to refinance debt
Glenmark gets USFDA nod for Loestrin generic tablets

Dabur to pass on GST benefit to customers, cuts prices by up to 9%
The management of FMCG major Dabur Ltd made a statement yesterday informing that the company had reduced prices by 9% in order to pass through the benefits of GST tax rate reductions.
Other FMCG companies like HUL, ITC, and Marico have also lowered prices to allow customers to benefit from the reduction in GST tax rates. The FMCG industry is one of the major industries to benefit after the GST council revised tax rates lower for a wide range of categories.

Bank of Baroda to raise up to Rs 6,000 Cr
State-owned lender Bank of Baroda proposes to raise up to Rs 6,000 Cr through a rights issue or private placement. The finance committee of the bank’s board has approved the proposal, the lender said in a regulatory filing.
The finance committee of the board approved the proposal of raising additional equity capital aggregating up to Rs 6,000 Cr by way of a rights issue or qualified institutions placements (QIP) the bank informed stock exchanges.

Magma Fincorp’s Board approves merger of Magma ITL Finance Ltd with the company
The company, through its filing on BSE, has informed that Board of Directors has approved the scheme of merger of Magma ITL Finance Ltd with the company on November 21, 2017.
Magma ITL Finance Ltd (Transferor Company) is a wholly-owned subsidiary of Magma Fincorp Ltd (Transferee Company). Both the companies are registered with the Reserve Bank of India as non-deposit taking Non-Banking Finance Company under section 45-IA of the Reserve Bank of India Act, 1934.

Muthoot Capital raises Rs165 Cr via QIP, dilutes 12.5% stake
Muthoot Capital Services raises Rs 165 Cr through a qualified institutional placement (QIP) to improve its Tier I capital base, as a result of this promoters stake has been diluted by 12.43%.
After the issue, promoter’s stake has come down to 62.5% from 74.93%. The QIP was snapped by institutions like Birla, DSP Blackrock, IDBI, SBI, Sundaram and in addition other investors like Morgan Stanley, Aurigin Master Fund Singapore and Goldman Sachs have also subscribed to the issue.
This capital raising is positive for Muthoot Capital as it enhances capital adequacy ratio of the company to 26.7% from 15.4% as of September 30, 2017.

Reliance Capital raises Rs 2,500 Cr to refinance debt
Reliance Capital has raised Rs 2,500 Cr from banks and financial institutions for refinancing its debt. The money has been raised through term loan and non-convertible debentures (NCDs) with maturity period ranging from 5-7 years.
This would lower its cost of funds and hence would improve its net interest margins (NIMs). We expect it to report NIM’s in the region of 3.4-3.5% over FY17-19E. In addition, its cost/income ratio is expected to decline going ahead. Reliance Capital will be utilizing funds to clean the balance sheet.

Glenmark gets USFDA nod for Loestrin generic tablets
Glenmark Pharmaceuticals Inc., USA has received final approval by the USFDA for HAILEYTM Fe 1/20, the generic version of Loestrin Fe 1/20 Tablets, of Allergan Pharmaceuticals International Limited.
According to IQVIATM sales data for the 12 month period ending September 2017, the Loestrin Fe 1/20 Tablets market achieved annual sales of approximately $116.8 million.

The company’s current portfolio consists of 129 products authorized for distribution in the U.S. marketplace and 58 ANDA’s pending approval with the USFDA.

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