Piramal Healthcare to acquire BioSyntech assets for C$3.9 million

Piramal Healthcare Ltd said it signed a definitive agreement to acquire Canada-based medical devices company BioSyntech's assets for about C$3.9 million.

BioSyntech is a medical device company specialising in the development, manufacturing and commercialisation of advanced biotherapeutic thermogels for regenerative medicine (tissue repair) and therapeutic delivery.

On Tuesday, Piramal Healthcare shares ended 0.4% up at Rs491 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.7% down at 17,749 points.
 

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L&T gets Rs827 crore orders for thermal power plant construction

Larsen & Toubro Ltd (L&T) said its thermal power plant construction (TPPC) business unit has secured two orders of about Rs827 crore.

The first order from GVK Power, worth Rs602 crore, is for the total construction of plant items for the Gautami stage II combined cycle power plant (CCPP) in Andhra Pradesh. L&T is in consortium with Hyundai for this work. The second order from SEPCO-I, valued at Rs225 crore, is for the civil works for the Talwandi Sabo power plant in Punjab.

On Tuesday, L&T shares ended 0.8% down at Rs1,821 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.7% down at 17,749 points.
 

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BoR seeks legal advice on validity of shareholders' vote

Bank of Rajasthan’s CEO G Padmanabhan said the shareholders have so far not communicated anything about the outcome of the voting held yesterday, but the bank is in touch with the RBI about the developments

Amid uncertainty about the validity of voting conducted by Bank of Rajasthan (BoR) shareholders on Monday, the bank today said it has sought the legal opinion on the matter, reports PTI.

"We have sought legal advice on that aspect and our legal advisers are currently examining that," BoR managing director and CEO G Padmanabhan told PTI, when asked whether the shareholders vote was valid after the bank's management distanced itself from the EGM proceedings yesterday following a stay from a Kolkata civil court.

High drama marked the shareholders' vote on BoR's merger with ICICI Bank, with a local court in Kolkata staying the extraordinary general meeting (EGM) only for it to be vacated by the high court.

The meeting to approve the merger of Udaipur-based BoR with the country's largest private sector lender ICICI Bank got off to a chaotic start, when the BoR management said it was cancelling the meet following a stay obtained by an investor from a civil court.

Mr Padmanabhan said the shareholders have so far not communicated anything about the outcome of the voting held yesterday but the bank is in touch with the Reserve Bank of India (RBI) about the developments.

"We have not heard anything from them so far. Nothing has been communicated ... we are always in touch with the RBI, especially about sensitive developments like this," Mr Padmanabhan, who was appointed by RBI as BoR Chief to steer the troubled bank, said.

Meanwhile, ICICI Bank today said its shareholders have approved the merger of Bank of Rajasthan with itself.

The shareholders of the bank approved the amalgamation of Bank of Rajasthan with ICICI Bank at the extraordinary general meeting held at Vadodara yesterday, it said.

ICICI Bank last month agreed to take over Bank of Rajasthan in a share-swap deal that valued the Udaipur-based bank at over Rs3,000 crore.

The share swap ratio was fixed at one ICICI Bank share for every 4.72 shares of BoR. Both banks can proceed with the merger only if the shareholders approve the swap ratio.

Mr Padmanabhan today said the bank has sought legal opinion on the matter. The shareholders have so far not communicated the outcome of the voting held yesterday, he said.

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