JSW Steel quits funds plan

Mumbai, Aug. 28: JSW Steel has dropped plans to raise up to $275 million through overseas borrowings as it did not get necessary regulatory clearances. “Since the necessary approval from relevant regulatory authority for the proposed transaction has not been received, the company has decided not to go ahead and the proposed transaction is withdrawn,” it said.

Tata shares

New Delhi, Aug. 28: Tata Steel has raised its stake in Tata Sponge Iron to 51 per cent following the purchase of an 11.26 per cent stake through a voluntary open offer. Tata Steel had launched a voluntary open offer on July 27 at a price of Rs 375 per share.

Hudco loan

Mumbai, Aug. 28: State-run Housing and Urban Development Corporation (Hudco) has restarted lending for home purchases by launching a competitively priced product. The corporation will offer home loans at a floating rate of 10.20 per cent for loans up to Rs 25 lakh.

Bond exchange

New Delhi, Aug. 28: Market regulator Sebi is considering setting up a dedicated exchange for corporate bonds and fixed income derivatives, which will exclusively cater to large institutional investors.

Wockhardt

New Delhi, Aug. 28: Drug maker Wockhardt has received an approval from the US health regulator to sell generic ropinirole hydrochloride, which is used in the treatment of Parkinson’s.