Tata Sons move

Mumbai, Sept. 26: Tata Sons today picked up a 14.68 per cent stake in Praj Industries — a firm engaged in bio-processing and engineering — from promoters for Rs 338.24 crore in open market deals. Tata Sons bought 1.34 crore equity shares in Praj at Rs 252 apiece in a bulk deal on the Bombay Stock Exchange.

ICICI bonds

Mumbai, Sept. 26: ICICI Bank will launch a bond issue in the US late tonight to raise funds for meeting its expansion requirements. The sale of the dollar-denominated bonds is expected to be done during the trading hours in New York today. The pricing is to be done by tomorrow morning.

Emaar issue

Mumbai, Sept. 26: Emaar MGF, a joint venture of Dubai-based real estate company Emaar Properties and India’s MGF Development, today filed a draft prospectus with Sebi for its public issue of 117 million shares.

Gas price

New Delhi, Sept. 26: The petroleum ministry has proposed a 12.5 per cent increase in the price of natural gas sold by the Oil and Natural Gas Corporation to power and fertiliser units. The ministry has prepared a cabinet note to raise the price of gas produced by the ONGC to Rs 3.6 per cubic metres from Rs 3.2 per cubic metres.

Mittal deal

New Delhi, Sept. 26: ArcelorMittal and China’s Valin Group will fund a 4.4-million-tonne strip mill and a 2mt cold rolled steel mill of Lianyuan Steel.

M&A value

New Delhi, Sept. 26: The value of mergers and acquisitions of corporate India has crossed $48 billion for the first eight months of this year with outbound acquisitions surpassing the inbound deals in terms of both value and number.

Power bill

New Delhi, Sept. 26: The government is exploring the possibility of providing Rs 6,000 in cash to each farmer across the country for paying their power bills instead of supplying them free electricity.