Max Financial, HDFC board approve to consider merger
Max Financial Services (MFS) and Housing Development Finance Ltd. (HDFC) Board has agreed to evaluate a potential merger of Max Life Insurance Company Limited and MFS into HDFC Standard Life Insurance Company Limited.
The agreement provides for a mutually agreed exclusivity period for due diligence and discussions between the parties in relation to the proposed transaction.
IOC is likely to take largest stake in AAI joint venture
Indian Oil (IOC) is likely to take the largest (37.5%) stake in the proposed joint venture to manage fueling facilities at all airports controlled by the Airports Authority of India (AAI), as per media reports.
Airports Authority of India is likely to have a quarter stake while BPCL and HPCL will have 18.75% each in the joint venture.
SEBI to consider proposals to relax REIT
Sebi's board will consider proposals, tomorrow, for relaxed norms for REITs and an easier set of compliance rules for foreign fund managers keen to relocate to India. REITs may be allowed to have a larger number of sponsors.
Further, regulations regarding the minimum public offer size and related party transactions would also be considered.
Sebi will contemplate on a proposal to rationalize the requirements in the related party transactions, under which approval of 60 per cent unit holders apart from related parties, is required for passing a related party transaction.
Government levies 20% export duty on raw, refined and white sugar
Sugar - Government levies 20% export duty on raw, refined and white sugar; one of the methods to control rising sugar prices (currently stands at Rs40 per kg).
This is negative for sugar companies (including Balrampur Chini, Dhampur Sugar and others).
Piditlite acquire 100% stake in Kenya: Positive for the company
Pidilite Industries Ltd it have acquired shares of Nebula East Africa Private Limited (NEAPL) in Kenya. With this acquisition, the wholly owned subsidiaries of the Company jointly hold 100% of the paid up share capital equivalent to approximately $1000 in NEAPL.
NEAPL is proposed to be engaged in the business as manufacturers, importers, exporters, buyers, sellers, etc in adhesives, sealants, and all other products used for making or producing adhesives and sealants.
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