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Business Briefs

Lupin owners sell 4%

Mumbai, Nov. 4: The promoters of Lupin Ltd, Deshbandhu Gupta and associates, have sold nearly 4 per cent of the company’s total equity for Rs 90 crore. Enam Securities were the brokers in the deal. As announced on 11 October, 2003, the promoter group had entered into a share purchase agreement with CVC International to sell 12.55 per cent. The promoters’ shareholding in the company, consequent upon these divestments, would stand at 50 per cent.

CMC stake sale

New Delhi, Nov. 4: The government today invited initial bids for appointment of coordinator-cum-advisor for disinvestment of its residual stake of 26.25 per cent in CMC Ltd through offer for sale in the domestic market.

Telecom licence

Mumbai, Nov. 4: Rating agency Crisil said that the unified telecom licence regulation provides “a level playing field” to both GSM and WiLL-CDMA operators. However, it cautioned that cellular companies’ margins will come under pressure due to intense competition.

Ranbaxy move

New York, Nov. 4: Ranbaxy Pharmaceuticals Inc, a wholly-owned subsidiary of Ranbaxy Laboratories Limited, has started distributing Dispermox - Amoxicillin tablets for oral suspension in 200 mg and 400 mg strengths-in the US.

IDBI loan

New Delhi, Nov. 4: The finance ministry will shortly give IDBI the go-ahead to raise $500 million through external commercial borrowings for the restructuring of steel and textile companies, a senior ministry official said.


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