Unitech has filed the amalgamation/de-merger scheme document for de-merger of its infrastructure businesses into Unitech Infra (de-merged entity) and amalgamation of two wholly owned subsidiaries of Unitech – Unitech Holdings and Aditya Properties
(Aditya Prop.) with Unitech
Post amalgamation, Unitech’s non-real estate businesses will be de-merged into Unitech Infra (comprising amusement parks, hotels, construction, telecom, transmission towers, property and township management, SEZs, IT parks and industrial parks). (more…)
RIL announced its second JV for shale gas assets in the US, with Pioneer Natural Resources and Newpeck LLC in the Eagle Ford shale formation. RIL will acquire ~118k acres from Pioneer and Newpek for a total consideration of US$1.3bn. RIL will pay a total of US$1.3bn, US$263mn in upfront cash and the remaining US$1.05bn in the form of a drilling carry. The deal implies price of US$11,144/ acre, however, considering the drilling carry is spread over four years, adjusting for time value the deal implies a price of US$9,438/acre using a discount rate of 10%, which is lower than the US$10,797/acre paid by RIL to Atlas in its first transaction.
Lupin’s Recurring PAT was in line at Rs2.2bn (+39% YoY), driven by Antara & generic Lotrel sales in the US. Sales grew 24% YoY on the back of 18% higher formulation sales in advanced markets. EBITDA margin expanded 173 bps, despite higher R&D spend, on improved product mix (higher branded sales & generic Lotrel).