Bloomberg News

Godrej, GTL, Network 18, Power Finance: Asia Stocks Preview

December 29, 2011

Dec. 29 (Bloomberg) -- The following companies may have unusual price changes in Asian trading tomorrow. Stock symbols are in parentheses, and share prices are as of the latest close. The information in each item was released after markets shut, unless stated otherwise.

Godrej Properties Ltd. (GPL IN): The real estate company has sold a 49 percent stake in unit Godrej Premium Builders to SUN-Apollo India Real Estate Fund LLC for 183 million rupees, the company said in an exchange filing. SUN-Apollo will invest an additional 267 million rupees in Godrej Premium, the filing said. Godrej Properties added 0.2 percent to 619.7 rupees.

GTL Infrastructure Ltd. (GTLI IN), the telecommunications infrastructure company whose shares have plunged 79 percent this year, has formed a committee to finalize debt restructuring terms, it said in an exchange filing. The shares dropped 4.3 percent to 8.95 rupees.

Network 18 Media & Investments Ltd. (NETM IN), the operator of a business news channel, will consider raising funds from existing shareholders on a rights basis on Jan. 3, it said in an exchange filing. The shares rose 0.3 percent to 37.55 rupees.

Power Finance Corp. (POWF IN), a state-owned lender, plans to sell at least 1.5 billion rupees ($28 million) of bonds next week, R. Nagarajan, executive director for finance said. The company has invited bids from banks to underwrite the sale on Jan. 3, Nagarajan said. The shares dropped 2.7 percent to 132 rupees.

--Editor: Abhay Singh

To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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