Nod for UBI issue

Mumbai, Nov. 16: The Centre has okayed Union Bank of India's plans to launch a second public offer comprising 4.5 crore equity shares of Rs 10 each at a premium to be decided by the bank. The bank will now have to obtain shareholders' approval by conveying an extraordinary general meeting. The bank would also require Sebi's clearance before finalising the issue date, Union Bank said today. Post issue, the government's share in the bank is expected to come down to 55.45 per cent from 60.85 per cent.

Pidilite buy

Mumbai, Nov. 16: Pidilite Industries has acquired Dubai-based firm UCC, manufacturer of construction chemical brand Probuild, for an undisclosed amount.

Tata Power

Mumbai, Nov. 16: Tata Power today said it has signed a deal with GVK Hydel Pvt Ltd for divesting its entire stake in Alaknanda Hydro Power Co Ltd in favour of GVK Hydel for Rs 3.12 crore.

Sical move

Mumbai, Nov. 16: Logistics service provider South India Corporation (Agencies) Ltd (Sical) today announced plans to double its share capital to Rs 200 crore in order to raise funds for expanding its bulk logistics division.

Exports up

New Delhi, Nov. 16: India's exports crossed $50 billion in the first seven months of this fiscal. Imports also increased, widening the trade deficit during the period to $23.51 billion.