Varun Shipping to raise Rs 10k cr
Varun Shipping on Friday announced that it would raise Rs 10,000 crore through issue of shares and mortgage of assets for acquisition and other corporate purposes. It would borrow up to Rs 5,000 crore through the issue of securities in domestic and international markets, the company said in Mumbai. Another Rs 5,000 crore would be raised through mortgages, hypothecation or other securities for which the company obtained shareholders approval, it said. Further, Varun Shipping proposes to invest in offshore and onshore oil projects.

L&T-Quotec   bags SAIL order
Larsen &Toubro on Friday said its engineering construction and contracts (ECC) division, in consortium with Outotec GMBH, has bagged the contract from the Steel Authority of India Ltd (SAIL) for construction of a sinter plant with 3.80 million ton annual capacity. The order value for L&T is Rs 639.99 crore while for Outotec, it is Rs 124.04 crore, L&T said in Mumbai. It would be executed on a turnkey basis at the IISCO Steel Plant (ISP) of sail at Burnpur, West Bengal within 30 months.

Leela Palace  gets new award
The Leela Palace Kempinski Bangalore announced that it has been honoured as the ‘favourite overseas business hotel in the World” by over 30,000 business travellers and readers in the Conde Nast Traveller Readers Choice Awards. Leela is the only Indian hotel to have won this award. The hotel was up against top ten properties from across the world. In recent months, Leela  has seen the addition of 100 new rooms targeted at those travelling on business, taking the hotel’s total inventory to 352.

HUL gets nod  for buyback
Hindustan Unilever (HUL) on Friday said it has received shareholders’ approval for the proposed share buy back programme. The shareholders through postal ballot authorised the board of directors to purchase 25 per cent of the fully paid-up equity shares from the open market.