Essar Oil Ltd's board of directors on July 11 decided to seek revalidation of earlier approval of shareholders for passing an enabling resolution for the issue of further equity shares and/or convertible debentures and/or GDSs/ADRs/ FCCBs by way of public and/or private offering in domestic / international market(s) and/or qualified institutional placement for an amount not exceeding $2 billion.
Glenmark Pharmaceuticals Ltd has said that the GBR-500 deal signed by Glenmark in May, has received the second and final upfront payment of $25 million. With this payment, Glenmark has received the entire upfront payment of $ 50 million from Sanofi pertaining to the GBR- 500 deal._
Soma Textiles & Industries Ltd has said that the sharp and sudden decline in cotton yarn prices and shrinkage in export market, impacted partly by the withdrawal of export incentives coupled with other relevant factors, has led to piling up inventory of finished goods for majority of cotton and cotton yarn manufacturing units in India, creating a reverse business scenario in yarn market. The company has been working on single shift basis at its Baramati unit with effect from May 15 amidst such reverse operative environment and business situation.
Sun Pharma Advanced Research Company Ltd's committee of the board of directors shall, on July 14, consider in principle rights issue for raising funds. However, the committee will not decide at the meeting the ratio of rights share entitlements, the issue price and the record date which will be decided in due course.
Velan Hotels Ltd's board of directors will, on July 18, consider the rights issue ratio and price.