Corporate Highlights

• Essar Oil has tied up $920 million to fund the expansion of its Vadinar refinery in Gujarat to 16 million tones.
• Capital is planning to unlock value by selling part of its stake in its life insurance business. This would be done either through strategic sale or initial public offering (IPO). Reliance Capital is also planning to enter the investment banking business.
• Suzlon has raised $108.04 million through the issue of Global Depository Receipts (GDRs) and remaining $93.87 million through Foreign Currency Convertible Bonds (FCCBs),
• Infosys Technologies bags order for eBiz project from Commerce Ministry for 10 yrs
• Navin Fluorine gets 1.1 million Certified Emission Reuction or carbon credits worth Rs 112 Cr
• Reliance Infra buys 51% of Reliance Cementation from RNRL; Reliance Cementation becomes Reliance Infra arm post stake buy

• Reliance Infra currently has cash of Rs 10000 crore. The company is debt free at net level. It is also preferred bidder in projects worth Rs 15000 crore. The company has recd board & shareholder approval to raise capital through QIP route. Anil Ambani says he is committed to take promoter holding in all group company's to over 50%.

• Indiabulls Financial Services has mobilised $200 million through a qualified institutional placement (QIP). The issue, priced at Rs 171 per share, has resulted in an equity dilution of 12%. The issue, which was completed in just 45 minutes, was oversubscribed 3.5 times.

• Punj Lloyd is planning to raise $125-150 million by placing fresh equity with institutional buyers to retire part of its high-cost debt and infuse liquidity. At current prices, a $150-million issue can lead to up to 10% dilution of equity.