Author: CP

Parsvnath Developers has announced the launch of its premium commercial project, Parsvnath Highway Mall, in the city of Rajpura, Punjab. The project will enhance the travelers’ joy by combining comfort and leisure.

The project is specifically designed to offer commercial space to house large format stores showcasing range of aspirational brands to customers and will have a total saleable area of approximately 2.30 lakh sq. ft.

The project is a part of Parsvnath King City, a mega township project consisting of independent plots, villas, group housing, schools, landscaped gardens etc with total sale worth of Rs 250 crore approximately.

Suven Life Sciences has informed us that the company has secured US Patent # 7,297,711.
This is Suven’s first product patent granted in USA. The granted claims of the patent include the class of selective serotonin receptor affinity compounds discovered by Suven and are being developed as therapeutic agents.

According to the invention ‘711 patent disclosure, the compounds are useful in the treatment of neuro-degenarative disorders like alzheimer’s parkinson, schizophrenia and huntington’s.

The board of Larsen & Toubro has approved, subject to shareholders approval, transfer or disposal off of the ready mix concrete business unit of the company to a subsidiary company or to any other entity.

The approval of the shareholders is proposed to be sought through postal ballot.

Indiabulls Financial Services (IBFSL) informed us that it will issue over 2.56 crore equity shares to the shareholders of Indiabulls Credit Services (ICSL) pursuant to its scheme of restructuring. The company received Delhi High Court’s approval for restructuring its existing business, entailing the merger of Indiabulls Credit Services (ICSL) with itself and the demerger of Indiabulls Securities (ISL).

Indiabulls Credit Services (ICSL) is engaged in the consumer finance business. Indiabulls Securities (ISL), provides brokerage including equities, wholesale debt, futures and options, depository services, research services, mutual funds and initial public offer distribution to its clients.

Through the scheme of arrangement, ICSL will get amalgamated with IBFSL. IBFSL will issue 3 equity shares of Rs 2 each for every 10 equity shares of Rs 10 each held by the shareholders of ICSL. Meanwhile, ISL will issue 1 equity share of Rs 2 each for each share of Rs 2 each held in IBFSL.

Consequent to this restructuring exercise, the paid-up equity capital of Indiabulls Financial Services will increase to Rs 50.68 crore from the present Rs 45.55 crore.