The L&T Group's financial services subsidiary L&T Finance Holdings that controls five separate entities, today announced its plans to hit the capital markets to mobilise up to Rs 1,245 crore from the primary markets by diluting up to 17% of its stake.
"The issue, which opens on July 27 and closes on 29, will be priced in the range of Rs 51 to 59. This is the first public issue from the house of L&T since the parent's listing way back in 1950," L&T Finance Holdings chairman and group chief financial officer Y M Deosthalee told reporters here today.
The five subsidiaries of L&T Finance Holdings, which is a fully-owned subsidiary of the engineering major L&T, are L&T Infrastructure Company, L&T Finance, India Infrastructure Developers, L&T Investment Management and L&T Mutual Fund Trustees.
The combined asset base of these group companies as of FY 11 stood at Rs 18,800 crore, up from Rs 1,2000 in FY10, Sivaraman said, adding the company had a PAT of Rs 392 crore last fiscal, up from 262 crore in the previous fiscal.
The total issue size is of Rs 1,575 crore, but the net issue size to the public will be only Rs 1075 crore, as the company has already raised Rs 330 crore through a pre-IPO placement to Capital International which has picked up a four percent stake in the company through this.
Source:www.moneycontrol.com
Thursday 21 July 2011
Express Scripts to buy Medco for $29 billion
Express Scripts Inc will buy rival Medco Health Solutions Inc for $29.1 billion in cash and stock to create a powerhouse in managing prescription drug benefits in the United States.
Express Scripts will pay $71.36 per Medco share, a 28 percent premium to its adjusted closing price on Wednesday. Medco shareholders will receive $28.80 in cash and 0.81 shares for each Medco share they own, according to the terms of the deal.
The deal between two of the "Big 3" pharmacy benefit managers would create a clear industry leader and could encounter antitrust hurdles. It also comes as Medco has lost two key accounts and said on Thursday that a third -- with insurer UnitedHealth Group Inc -- would not be renewed.
"Given the attrition risk Medco faces over the next few years, in regard to the UnitedHealth contract going away in 2013, and other publicized losses, it's a good deal for Medco and their shareholders.
Source: www.reuters.com
Express Scripts will pay $71.36 per Medco share, a 28 percent premium to its adjusted closing price on Wednesday. Medco shareholders will receive $28.80 in cash and 0.81 shares for each Medco share they own, according to the terms of the deal.
The deal between two of the "Big 3" pharmacy benefit managers would create a clear industry leader and could encounter antitrust hurdles. It also comes as Medco has lost two key accounts and said on Thursday that a third -- with insurer UnitedHealth Group Inc -- would not be renewed.
"Given the attrition risk Medco faces over the next few years, in regard to the UnitedHealth contract going away in 2013, and other publicized losses, it's a good deal for Medco and their shareholders.
Source: www.reuters.com
What makes Apple's market value more than 30% of India's GDP
Triple-digit growth is normally associated with start-ups and not a 36-year-old company whose market value is more than 30% of India's GDP.
Yet Apple produced such astonishing results, largely on the back of its two red-hot sellers-iPad and iPhone. Reason? The storied Apple is the only large company that keeps innovating and re-inventing itself like a start-up.
Revenues: $28.7 billion/ UP 82%
Net profit: $7.61 billion/ UP 125%
In the past month alone, Apple's market capitalization has risen by $66 billion to $357.8 billion, fueled by optimism of a monstrous second half that could include the iPhone 5 and the new online music and data storage service called iCloud.
Source: www.economictimes.com
Yet Apple produced such astonishing results, largely on the back of its two red-hot sellers-iPad and iPhone. Reason? The storied Apple is the only large company that keeps innovating and re-inventing itself like a start-up.
Revenues: $28.7 billion/ UP 82%
Net profit: $7.61 billion/ UP 125%
In the past month alone, Apple's market capitalization has risen by $66 billion to $357.8 billion, fueled by optimism of a monstrous second half that could include the iPhone 5 and the new online music and data storage service called iCloud.
Source: www.economictimes.com
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