The company is proposing to make changes at a number of steel finishing and processing sites in the UK that would improve its product and service offering for customers. These changes would concentrate services at six distribution and processing hubs, which would benefit from 22 million pounds of new investment and new employment, but would also lead to the closure of 12 sites, including Tafarnaubach and Cross Keys in South Wales. In addition, shift levels at the company's Rotherham and Hartlepool operations will be reduced to match production to lower demand for bar products and pipelines.
However, Tata Steel also said it would go ahead with a 250 million pounds investment to rebuild a second blast furnace at Port Talbot, which is expected to be in production in early 2013. The additional capacity will see the company restart a hot-strip rolling mill at its Llanwern site in Newport, South Wales.
GlaxoSmithKline Consumer Healthcare's foreign parent has announced a voluntary open offer for acquisition of 1.33 crore shares, representing 31.84% of the total voting share capital from the public shareholders of the Indian firm, at Rs 3,900 per share. At present GlaxoSmithKline Group holds 1.81 crore shares, or 43.16% of the voting share capital of GlaxoSmithKline Consumer Healthcare (as on 30 September 2012).
Ranbaxy Laboratories, on 23 November 2012, issued 5,000 secured 9.20% redeemable non-convertible debentures of face value of Rs 10 lakh each, for cash at par, aggregating Rs 500 crore, on a private placement basis, for general corporate purposes. These debentures have been rated AA+ by CARE and are proposed to be listed on National Stock Exchange of India (NSE).
Gujarat NRE Coke has issued foreign currency convertible bond (FCCB) aggregating $20 million with an initial conversion price of Rs 22.50 per equity share, having a fixed rate of exchange of Rs 53.7350 to $1. The FCCBs are listed at Singapore Stock Exchange.
Hindustan Copper (HCL) will be watched after a total bid for 5.16 crore shares were received for government's stake sale in HCL through the Offer for Sale through Stock Exchange mechanism. The government has decided to accept the entire number of shares bid for at or above the floor price. Thus, approximately 5.58% of the total paid up share capital of HCL stands divested through this issue. The approximate gross receipts from the issue is Rs 800 crore.
The issue was held on 23 November 2012. A minimum of 4% of the paid up equity shares (3.7 crore shares) was offered for sale with an option to sell an additional 5.59% (5.17 crore shares) paid up equity shares of the company. The floor price was fixed by the Empowered Group of Ministers (EGoM) at Rs.155 per share.
The Cabinet Committee on Economic Affairs (CCEA), in its meeting held on 14 September 2012, had approved disinvestment of 9.59% paid up equity capital of HCL through the Offer for Sale through Stock Exchange mechanism.
