TOP CORPORATE NEWS - 28 SEP 2015

· RBI revises norms for Borrowing Entities outside SDR

RBI has decided to allow banks to upgrade the credit facilities extended to borrowing entities whose ownership has been changed outside SDR (strategic debt restructuring), to ‘Standard’ category upon such change in ownership, subject to certain conditions (eg the change in ownership is by way of sale by lenders to new promoters, the new promoters must have 51% stake and should not have any relation with exiting company etc).

                                                                                                                                                                                                                                                        

· Dr Reddy's surges on launch of Esomeprazole Magnesium

Shares of Dr Reddy’s Laboratories rallied 6% to Rs4222 on the NSE in an otherwise subdued market after the drug maker announced the launch of Esomeprazole Magnesium Delayed-release capsules, which is the generic version of AstraZeneca's Nexium®, in the US market.

· Government’s holding in IDBI Bank to be reduced to 49%

Government’s holding in IDBI Bank to be reduced to 49% -- sentimentally positive for IDBI bank. As per media reports, the government has firmed up plans to bring down its holding in IDBI Bank 49%, marking a big bang start to its commitment to reform state-run banks.

· IndusInd Bank grants options to new Joinees

IndusInd Bank Ltd has informed BSE that the Bank has, on September 21, 2015, granted 193,000 Options to 8 new joinees, as a part of pre-hiring negotiations. The  Grant of Options is on the basis of receipt of necessary approvals, in accordance with the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 and the ESOP Scheme 2007 of the Bank.

                                                                                                                                                                                                                                                    

· SPARC, Sun Pharma drop as USFDA cancels Seizure drug over compliance issues

FDA cancels  Sun Pharma Advance Research Company Ltd’s (SPARC)  Seizure drug over compliance issues – Negative for  Sun Pharma and SPARC. Shares of  Sun Pharmaceutical Industries and  Sun Pharma Advanced Research Company (SPARC) fell 3% each after the US Food and Drugs Administration ( USFDA) withdrew an approval granted in March to SPARC’s anti-epileptic drug due to regulatory compliance issues at  Sun Pharma's Halol plant.

                                           

·Col-Pal increases paid-up capital to Rs27,19,85,634

Colgate Palmolive (India) Outcome of  Stakeholders’ Relationship Committee Meeting - Increase in the paid-up Capital of the Company on account of Bonus Issue. Colgate Palmolive (India) Ltd has informed BSE that on July 30, 2015, the Board of Directors of the Company approved the Issue of Bonus Equity Shares. On September 11, 2015, the shareholders, through the Postal Ballot approved the resolution of issue of bonus shares in the ratio of 1:1 to the eligible shareholders of the Company.

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