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Realty major Housing Development Infrastructure said it will sell its 113-acre land parcel in Gujarat to pare debt. The land parcel is located adjacent to Ranoli railway station on the Ahmedabad-Vadodara corridor, and falls under the jurisdiction of the Vadodara Urban Development Authority, the company said. Over the last year, HDIL has reduced its debt by nearly ₹685 crore to ₹3,142.4 crore. Investors will keep an eye on the development.
Govt stake-buy may boost Indian Bank
Indian Bank has decided to allot 1.54 crore shares at ₹181.31 each to the government on preferential basis, the bank informed the exchanges after market hours.
The allotment follows the government’s decision to infuse ₹280 crore into the bank in 2014-15 (April-March) towards fresh capital. Shares of the public sector bank are expected to remain active on the bourses as the government’s stake in it climbs a notch to 82.10 per cent from 81.51 per cent now.
CMC shareholders meet for merger with TCS
Shareholders of CMC will meet on Thursday to consider the company’s merger with Tata Consultancy Services (TCS). Post-amalgamation, the assets and liabilities of CMC will be transferred to TCS. According to the terms of the deal, CMC shareholders will get 79 equity shares of ₹1 each of TCS for every 100 equity shares of ₹10 each of CMC. The company said the appointed date for the merger is April 1, 2015. About 29,370 retail investors hold 8.59 per cent stake in CMC.
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