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Saturday, April 18, 1998
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Ceat, Goodyear part ways
Ceat Ltd, belonging to the RPG group, and Goodyear Tire & Rubber of the United States, the world's third largest tyre company, have decided to part ways. Ceat will sell its entire 50 per cent stake in South Asia Tyres -- the joint venture between the two firms in India -- to its partner Goodyear for a consideration of Rs 85 crore.
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Sibar Finance plans open offer
In these days of hostile takeovers and lucrative open offers, here is one with a difference. Promoters of Vijayawada based Sibar Finance Ltd have been forced to come out with an open offer to buy out 20% of its own stock from the public on Friday. A routine application to the SEBI for a rights issue has resulted in the watchdog body pressing them to go in for the open offer to buy the company shares, as one of the directors had picked up some company stock from the market triggering the takeover code.
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SEBI action against Guj Rodrel, Gangotri
The Securities and Exchange Board of India (SEBI) has initiated tough action against the top officials of the Gujarat Rodrel group and Gangotri Cements for violation of various norms. The regulator has debarred Manish Upadhyay and M J Trivedi MD of Gujarat Rodrel and Gujarat Rodrel group of companies from approaching the securities market by way of public issue for a period of five year with effect from April 17, 1998.
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NPPA hikes prices of 21 formulations
The National Pharmaceutical Pricing Authority (NPPA) has raised the retail prices of 21 formulation packs in percentage value, ranging between 6.77% to 41.71%. It has reduced retail price of only Mythyl Dopa tablet of 250 mg of IDPL by about 30% based on import price of the bulk drug under suo-moto case.
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