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HDFC Bank in spotlight after cabinet nod for Rs 24000 crore FDI
(08:04, 14 Jun 2018)

HDFC Bank will be watched. The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the proposal for grant of permission to HDFC Bank to raise additional share capital of up to a maximum of Rs 24000 crore, including premium, over and above the previous approved limit of Rs 10000 crore, such that the composite foreign shareholding in the bank shall not exceed 74% of the enhanced paid-up equity share capital of the bank, the Ministry of Finance said in a statement yesterday, 13 June 2018.

The decision would ensure that the composite foreign shareholding in the bank inclusive of all types of foreign investments, both direct and indirect, will not exceed 74% of the enhanced paid-up equity share capital of the bank. It will be subject to Foreign Direct Investment Policy conditionalities and other sectoral regulations / guidelines. The proposed investment is expected to strengthen the capital adequacy ratio of the bank, the statement added.

ICICI Bank said its board approved the sale of up to 2.87 crore shares, representing up to 2% of the issued and the paid-up equity share capital of ICICI Prudential Life Insurance Company in one or more tranches, in any manner permissible under applicable law, including through an 'offer for sale by promoters through stock exchange mechanism' (OFS), as may be permitted and in the manner specified by the Indian regulatory authorities. The announcement was made after market hours yesterday, 13 June 2018.

Lupin announced the launch of its Tobramycin Inhalation Solution USP, having received an approval from the United States Food and Drug Administration (USFDA) earlier. Lupin's Tobramycin Inhalation Solution USP, 300 mg/5 ml is the generic equivalent of Novartis Pharmaceuticals Corporation's Tobi 300 mg/5 ml. It is indicated for the management of cystic fibrosis patients with P. aeruginosa. Tobramycin Inhalation Solution USP, 300 mg/5 ml had annual sales of approximately $99 million in the US (IQVIA MAT April 2018). The announcement was made after market hours yesterday, 13 June 2018.

Cipla said its Ugandan subsidiary, Cipla Quality Chemical Industries (CiplaQCIL), intends on partnering with the government of Uganda to increase access to cancer treatments. And as part of its growth strategy, CiplaQCIL is evaluating an initial public offering. In the event that this is achieved, a section of the public will have a stake in the company. The transaction would be subject to approval from the relevant market regulators. The announcement was made after market hours yesterday, 13 June 2018.

Separately, Cipla announced that it has received final approval for its Abbreviated New Drug Application (ANDA) for Isoproterenol Hydrochloride Injection USP, 0.2mg/mL, single-use sterile Ampoule from the United States Food and Drug Administration (USFDA). Cipla's Isoproterenol Hydrochloride injection USP, 0.2mg/mL, ampoule is AP-rated generic therapeutic equivalent version of Hospira Inc's Isuprel injection. According to IQVIA (IMS Health), Isuprel Injection and its generic equivalents had US sales of approximately $148 million for the 12-month period ending April 2018. The announcement was made after market hours yesterday, 13 June 2018.

Kansai Nerolac Paints announced that its new manufacturing unit at Sayakha Industrial Estate in Gujarat has commenced commercial production. The announcement was made after market hours yesterday, 13 June 2018.

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