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Mumbai, 21st april, 2003. According to the information available here, leading brands Move and Krack are up for sale. The brands belong to Paras Pharmaceuticals which company is likely to be acquired through negotiated deals. Pfizer and Marico industries Limited are said to have joined hands to acquire the company. There are other suitors too. the value of the Brands and the Company is not lnown.
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Gesco and Mahindra Realty & Infrastructure Development likely to merger very soon . The board of Directors of GESCO are scheduled to meet on May 18 to consider the restructuring of the company, including its merger with Mahindra Realty, the unlisted property company of the Mahindra & Mahindra Group. The Mahindras acquired a 45 per cent of Gesco’s equity for about Rs 70 crore through a counter open offer.
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Despite the RBI probe into price volatality of Global Trust Bank shares, the GTB officials are quite confident that the merger between the GTB and UTI Bank would sail through as the central bank may approve the merger latest by March 24. This is expected to enable both the banks to put out a consolidated balance sheet by March 31. “Both the banks will put out a consolidated balance sheet by March 31, for the allegations on GTB price manupulations will not hold good. The swap ratio was arrived at based on several parameters and not just on the share price alone,” they said. Another factor contributing the bank officials’ confidence is the fact that the RBI will have to take into account the CLR and SLR status among a host of other parametres once every fortnight, which they expect will have to be on a consolidated basis at the next ‘reporting Friday’, which should be the 23rd of March. Generally important issues, like the impending merger, are taken up on the subsequent day, the officials said. “As the application for merger of both these banks were made on February 28, the RBI nod may possibly come latest 24th of this month,” the they added. “The merger would be on the lines of ICICI Bank - Bank of Madura and Times Bank - HDFC Bank,” the sources said. In the case of ICICI Bank and Bank of Madura, RBI approved the merger on 10th of March which was the day following the `reporting Friday’, they say. The officials ruled out the possibility of an insider trading as the GTB scrip witnessed violent fluctuations between October through November 2000 whereas the merger actually happened on 24th of January this year. The merger was done after the SBI Capital Markets, who were appointed as advisors considered four different valuation methods like: book value which gave a swap of 2.31:1; maintainable profits (2.17:1); P/E (2.22:1); and the market price (1.86:1). Given the weighted average of 2.14:1, the advisors suggested a range of 2 to 2.5:1, and according the swap ratio of 2.25:1 was arrived. “Price manipulation has no relevance as the swap ratio was not purely based on the market price of GTB and UTIB shares,” the sources said. Source : The Economic Times Dated : March 9, 2001
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