According to Dr Reddy, the loan is being used predominantly for refinancing of short-term debt and partly for working capital requirements
Pharma company Dr Reddy's Laboratories has raised Rs1,077 crore debt in the current quarter to meet working capital requirements and also refinancing old loans.
In a filing to the Securities Exchange Commission, DRL informed that one of the Company's subsidiaries in Switzerland entered into a loan agreement with a consortium of International banks to borrow the sum of Rs1,077.50 crore (USD 220 million).
"On October 20, 2011, the company, through its Swiss Subsidiary, drew down an amount of Rs1077.50 crore (USD220) under its loan agreement dated September 28, 2011 with Citigroup Global Markets Asia Ltd and the other Swiss Subsidiary Lenders," the DRL statement said.
When contacted a DRL spokesperson said, "the loan is being used predominantly for refinancing of short-term debt and partly for working capital requirements". The term of the loan is for 60 months starting from September 30, 2011.
In the late afternoon, Dr Reddy's Laboratories was trading at around Rs1613.70 per share on the Bombay Stock Exchange, 1.73% up from the previous close.
The policy has a minimum sum assured of Rs2,50,000 with no limit on maximum sum assured
Edelweiss Tokio Life Insurance has launched a customer centric Education Plan. Some of the benefits of the plan include: Lump sum amount on premature death of the life assured providing a readjustment cushion to the family. Unique in-built income replacement benefit (monthly amount of 1% of sum assured) ensuring that the family has continuity of regular income in case of premature death of the life assured. Unique in-built premium waiver benefit on death of life assured ensuring the company waives off all the remaining premiums and the maturity benefit is paid to the child to meet the education needs.
Maturity benefit includes: Guaranteed payout on maturity as per the child’s need, additional guaranteed payouts with flexibility to avail the same in the year when there could be extra requirements and flexibility to change the plan in case the requirements undergo a change in the future The plan offers the customer a choice of 5 different types of maturity benefit plans where the payouts can be planned according to the education and marriage needs of one’s child viz. Graduation Plan, Post-Graduation Plan, Doctor or Integrated 5 year’s degree plan, Dual Degree Plan, Marriage Funding plan. The payout structure has been arrived based on the consumer research conducted by the company. The maturity benefits are payable in two parts. The first part is the fixed benefit payable in different installments of pre-defined percentages of the chosen sum assured. The second part of the maturity benefit is an additional guaranteed payout to be paid along with any of the chosen fixed benefit plans.
Here again one has the flexibility to withdraw the amount at any year during the payout year. This additional guaranteed benefit amount varies with policy term chosen and increases by a simple rate of 5% per annum during the maturity payout period.
The policy has a minimum sum assured of Rs2,50,000 with no limit on maximum sum assured. The policy allows an entry age for a child from 0 to 17 years and with maximum maturity age of 30 years. While for the life assured it comes with an entry age from 21 to 65 years and maximum maturity age of 75 years of age.
Earlier this year, Veritas Asia released two India-related reports: one covering RIL and RCom, and another on UB Holdings and Kingfisher Airlines
Canada-based Veritas Investment Research Corp said it would start covering Indian stocks from the new year, as part of its global expansion plans.
In a statement issued from Toronto, the investment research firm said it would launch coverage from January 2012 to mark the next phase of its growth in its 12th year of operations. It will focus on large-cap firms and initially cover the BSE-100 index constituents for its research reports.
Veritas said it was a company 100% owned-and-operated by employees and its clients were global pension funds, institutional money managers, regulatory bodies and law enforcement agencies.
The company claimed its reports provide "unbiased advice with no brokerage or investment banking conflicts of interest."
Veritas' head of research, Neeraj Monga, said the firm would "write in-depth reports (on Indian companies) covering governance and accounting policy... Valuations on firms will be benchmarked to relevant global peers." Earlier this year, Veritas Asia released two India-related reports: one covering RIL and RCom, and another on UB Holdings and Kingfisher Airlines.