Sun Pharmaceuticals raised its offer by as much as 23% to buy the residual stake of Taro Pharmaceutical Industries in a bid to gain a controlling stake in the Israeli drug maker. Sun Pharma, which owns 36 per cent of Taro, today disclosed two options to buy the remaining stake in the New York Stock Exchange listed drug maker.

For the first option, Sun offered to buy shares at $9.5 each instead of the earlier $7.75 per share. Sun Pharma will have to pay $14 million more than its earlier proposal on this basis. For the second option, Sun offered $9 per ordinary share for all shareholders other than Taro Chairman Barrie Levitt and $8.5 per ordinary share for the five million-odd shares held by the promoter group. If this is accepted, Sun's payout will be slightly lower than the first option.

Ispat Industries, which owes about Rs 6000 crore to financial institutions, has reportedly approached lenders for a second debt restructuring package. It has asked for a reduction in interest rates and an extension of the payment schedule.

Commercial vehicle makers like Tata Motors, Ashok Leyland and Eicher Motors may see action as the union government may reportedly allocate Rs 4000 crore to finance state transport bodies to help replace ageing bus fleets over the next six months in a bid to stimulate demand for commercial vehicles.

Wockhardt is reported to be in in talks to issue non-convertible debentures worth Rs 250 crore to Life Insurance Corp of India as part of its efforts to raise 5 billion rupees for repaying its foreign debt.

The founders of Great Offshore have reportedly pledged 8 lakh shares, or 2.15% of the firm, to a unit of Bharati Shipyard, in lieu of the loan extended by the latter. This takes the total pledged stake to 14.87%.

Kamat Hotels India has raised its shareholding in a joint venture firm BW Highway Star to 26% from 17%. The hotel operator bought 10.5 lakh shares in BW Highway from one of the joint venture partners, it said in a statement to the stock exchange.

Kingfisher Airlines has launched daily direct flights between Mumbai and London, effective Monday (5 January 2009). The flights on the Mumbai-London sector will be operated using Airbus A330-200 aircraft, it said in a statement. The airline has received approval from the federal government to operate flights on eight other international routes.

The board of HOV Services will meet on 13 January 2009 to consider a buy-back of shares.

Nirmal Kotecha, a promoter of Pyramid Saimira Theatre, sold 6.5% of his stake in the company through open market sale. Nirmal Kotecha's shareholding in Pyramid Saimira will be reduced to 15.5% after the sale, according to the company's statement to the stock exchange.

The board of Vishal Information Technologies will meet on 15 January 2009 to consider a 10-for-1 stock split. The company would also consider issuing global depository receipts and overseas acquisitions, it said in a statement.