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TOP CORPORATE NEWS- 05 APR 2019

corporate news (2)

JSW Steel gains 2% on fund raising plan
Shares of JSW Steel were trading 2% higher on Friday after the board of directors approved raising of long term funds. Accordingly, the company will raise funds through the issuance of non-convertible foreign currency/rupee denominated senior unsecured fixed rate bonds upto $1bn (the Notes), in one or more tranches, in the international market(s) either by the company or by any of its overseas subsidiaries backed by corporate guarantee of the company, JSW Steel said in a press note to the exchanges on Friday.

Alembic Pharma gains ~1% on receiving EIR for Panelav plant
Shares of Alembic Pharma gained ~1% in intraday trade on Friday after the company received Establishment Inspection Report (EIR) from US Food & Drug Administration (USFDA) for Formulation Facility at Panelav. The EIR issued is for the inspection carried out by the USFDA at the company’s facility during the period from October 22, 2018, to October 26, 2018, the company said in a press note after markets hours to the exchanges on Thursday.

Bharti Airtel denies on reports of biding for Zee Stake
Bharti Airtel denied a report that it was considering a bid for a stake in Zee Entertainment.As per the report, the spokesperson of the company clarified that Airtel is not in a race to acquire stakes in the Zee Entertainment Enterprises.Bharti Airtel and Reliance Jio are in the race to buy stakes in Zee. As per the report, Bharti Airtel had already initiated the efforts and all set to make a formal proposal soon, while Reliance Jio Infocomm is also considering a bid. This comes after reports that the Japanese media major Sony Corporation’s bid to acquire Zee Entertainment Enterprises has been put off due to differences of valuation. This has helped US cable company Comcast-Atairos become the frontrunner in the acquisition talks.

Cipla gets EIR from USFDA closing inspection at Goa facility; stock rises 3%
Cipla said it has received an establishment inspection report (EIR) from the US health regulator after inspection of its Goa facility, the company said in the filing aftermarket hours on Thursday. The USFDA had inspected the Goa manufacturing facility from January 21-28, 2019, the company said in a filing. Thereafter, the company received an EIR, indicating closure of the inspection, the company added.

Godrej Properties raises stake in Wonder Space to 96.03%
Godrej Properties, in its filing to the exchanges, informed that the company has increased its equity stake in Wonder Space Properties Private Ltd from 25.1% to 96.03% by acquiring equity shares from Shubh Properties Cooperatief U.A. Consequent to the above acquisition, Wonder Space Properties Private Limited has become a subsidiary of the Company with effect from April 4, 2019. Wonder Space Properties Private Limited is engaged in the construction and development of land situated in NCR.

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