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Market Update

Corporate India Resumes Rights Offering to Fund Expansion

Author: Mukesh Buch
Last Update: 9:16 AM ET June 11 2014

6:00 PM Mumbai Future Retail to raise up to Rs. 2,000 crore to reduce the debt. Indian Hotels received regulatory approvals to raise as much as Rs 1,000 crore through a rights issue. L&T plans to sell 1.6% stake in its financial services unit. SBI to consolidate several subsidiaries.

The Sensex Index slipped 109.80 or 0.4% to close at 25,473.89 The CNX Nifty fell 29.55 to 7,626.85.

Gainers & Losers

DCW Limited rose 0.5% to Rs 21.05 and the company scheduled board meeting on June 18 to decide on preferential share allocation.

Future Retail Ltd plunged 7.2% to Rs 135 and the retailer plans to raise Rs. 2,000 crore through a preferential issue of shares and warrants to reduce the debt.

Future Lifestyle Fashions fell 1.3% to Rs 102.15 after the company agreed to acquire 12% stake in Unico Retail, the maker of fashion accessories.

The Indian Hotels Company Limited increased 0.7% to Rs 100.75 after the company received SEBI approval to raise up to Rs 1,000 crore from rights issue.

Larsen & Toubro Limited slipped 1.2% to Rs 1,715.75 and the company plans to sell as much as 1.6% stake in its financial services unit for about Rs 204 crore.

The company sought shareholder approval to raise as much as Rs 3,600 crore or $600 million through the sale of shares to institutions.

RDB Realty & Infrastructure Ltd jumped 2% to Rs 20.40 after the company secured construction contracts worth Rs.287.52 crore from Rajasthan Avas Vikas & Infrastructure Ltd.

State Bank of India gained 0.9% to Rs 2,690.65 on unconfirmed media reports that the bank intends to merge its three listed and two unlisted associate banks.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc