BOB Plans Bond Offering, Puravankara in Pune Development Venture

Mukesh Buch
27 Nov, 2014
New York City

Bank of Baroda plans to raise about Rs 1,500 crore through a convertible bond offering. CG

[R]6:00 PM Mumbai – Bank of Baroda plans to raise about Rs 1,500 crore through a convertible bond offering. CG‘s subsidiary plans to sell 7% stake to raise Rs 900 crore. Puravankara formed a venture to develop 30 acre land in Pune. Wanbury net loss widened but net revenues jumped 11%.[/R]

The Sensex Index advanced 52.72 or 0.2% to close at 28,438.91. The CNX Nifty gained 18.45 or 0.2% to 8,494.20.

Gainers & Losers

Bank of Baroda Limited rose 0.3% to Rs 1,014.80 and the financial service provider plans to raise about Rs 1,500 crore through a convertible bond offering.

Crompton Greaves Limited declined 6.1% to Rs 191.95 after the consumer product provider said Avantha Holdings Ltd plans to sell its 7% stake to raise as much as Rs 900 crore.

Puravankara Projects Limited slumped 3.5% to Rs 90.50 after the infrastructure developer signed a deal to develop 30 acre land parcel in Pune.

The company in a joint venture with Pune-based Oxford Group and Mumbai-based Ekta Group plans to build a residential project of 20 lakh square feet at the estimated cost of 1,600 crore rupees.

The company expects to realize between Rs 6,500 and Rs 7,000 per square feet and the project is expected to generate between 35% and 38% EBITDA margin, managing director Ashish Puravankara said in an interview with the CNBC- TV 18.

Tata Power Company Limited jumped 1.9% to Rs 92.45 and the power producer said Electricity Regulatory Commission approved the petition for 1,050 megawatt power project in Jharkhand.

Torrent Power Limited fell 0.6% to Rs 159 after the electric utility provider said its subsidiary successfully completed a power project at Dahej, Gujarat.

Wanbury Limited dropped 4.9% to Rs 45.40 after the pharmaceuticals maker reported net loss in the second-quarter widened to Rs 261.48 crore compared to Rs 2.59 crore in the same quarter last year.

Total revenues jumped 11.3% to Rs 123.03 crore.