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| ICICI to redeem multi options bonds
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The erstwhile SCICI Ltd.which merged with ICICI Ltd had made a public issue of unsecured redeemable bonds in the nature of promissory notes aggregating Rs 5000/- million in July-August 1996 vide their prospectus dated June 26, 1996. The said bonds were issued in the nature of Deep Discount Bonds, Regular Return Bonds, Pension Bonds, and Money Back Bonds.
As per the terms and conditions of the prospectus, both the bondholders and the company have the right to exercise early redemption option on specified dates. The first date for exercising this call/ put option is on March 1, 2001. In accordance with the above ICICI be calling back the bonds. The total amount being redeemed is approximately Rs 6050/- million.
At the same time ICICI is offering the eligible bondholders an option to switchover their existing holding into Fixed Deposits bearing special interest rates. As a policy measure ICICI also discontinued the practice of putting any call and put options in its public issue of bonds after March 1997.
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| Online Media Solutions to provide internet through cable & wireless
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Online Media Solutions Ltd a category B ISP license holder for Andhra Pradesh is going to provide high speed internet access through cable and wireless media, by using the latest technology. The new dependable, scalable and viable technology developed & implemented for the first time in South India provides internet connectivity through cable without a modem, which virtually relieves a subscriber from huge telephone bills gives unlimited internet access for a paltry one time installation fee of Rs 3000. The rentals are also low as Rs 1000 and the billing is done on flexible time frame. The user does not require modem. There is no fear of disconnection. Above all every subsriber is provided with one POP mail Id. Online Media is forging ahead and anticipating to net 10,000 cable internet subscribers by January 31, 2001.
In the wireless version which is meant for larger user like IT companies, corporate house factories, Banks & share brokers, Online Media is providing Internet connectivity to the user by erecting a tower at an elevated platform. One small Wall Set (IP) is placed at the subscriber end. Wireless Internet is set to start working in twin cities in the first week of December 2000. In this system subscriber is required to remit only one time payment of Rs 17,000 while installing the device. Periodical bill be just negligible when compared with the dial up mode bills where customers has to pay Rs 1200 a month for 1 hour utilization per day. In wireless internet system customer enjoys unlimited acess high speed and high down loading.
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| Hind Lever denies news item |
| With reference to news item "Hind Lever in talks to acquire CocoPower" appearing in a financial daily dated November 23,2000 Hindustan Lever Ltd has informed BSE that the report is entirely speculative in character and the business proposal as outlined in the news item is neither under evaluation nor the company has communicated the views in this regard to anyone. |
| Haryana Breweries to consider merger with Skol Breweries
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The Board of Directors of Haryana Breweries Ltd will meet on November 30, 2000 to consider:
1. Amalgamation of Haryana Breweries Ltd with Skol Breweries Ltd Uran
2. Allotment of equity shares not exceeding Rs 50/- million on a preferential basis
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| Exide Board approves acquisition of stake in 2 companies
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The Board of Directors of Exide Industries Ltd at its meeting held today (November 24, 2000) has approved the following:
1. Acquisition of 100% of shareholding in Chloride Batteries South East Asia Pte Ltd at a price not exceeding Singapore $ 3.8 million
2. Acquisition of 49% shareholding in Associated Battery Manufacturers (Ceylon) Ltd at a price not exceeding Sri Lankan Rs 112.21 million.
The above resolution is subject to approval of Reserve Bank of India and other regulatory authorities in India and Singapore and Sri Lanka, after receipt of the agreement of Chloride Eastern Industries Pte Ltd, Singapore from whom the above shareholding is sought to be acquired. |
| Ranbaxy goes online with Caverta |
Indian pharma major Ranbaxy Laboratories Limited, has launched a sophisticated flash based website (www.caverta.com) on its brand of Sildenafil Citrate - CAVERTA The webiste is targeted at both the doctor community and the general consumer.
The website aims at clarifying the various myths surrounding. Erectile Dysfunction (ED), keeping in mind the fact that ED remains a hidden issue and is usually not even discussed by the patients with their doctors.
The site also contains various sections that detail the various aspect of ED, with respect to how a doctor diagnoses this condition, what causes ED and also a section that is targeted at spouses whose partners suffer from ED. There is also an interesting section where one can actually fill up an online questionnaire to check whether he shows signs of ED or not.
Commenting on the occasion, Mr. S.D.Kaul, Regional Director, India & Middle East stated that, " The launch of this website is in line with our strategy of creating an awareness about ED & thereby a market for Caverta. This process started with our innovative online chat shows moderated by top specialists that were targeted at doctors and helped clear their doubts on ED"
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| BSE to shift 6 scrips from Z group to B2 Group |
Bse has informed its members that the under mentioned securities will be shifted from the 'Z' Group to the 'B-2' Group with effect from Monday, November 27, 2000.
1) SER Industries Ltd. (Scrip Code: 7984)
2) Shreyans Industries Ltd. (Scrip Code: 16016)
3) Innovation Medi Equipment Ltd. (Scrip Code: 23844)
4) Balmer Lawrie Freight Containers Ltd. (Scrip Code: 37)
5) Godavari Drugs Ltd. (Scrip Code: 30317)
6) Sanwaria Agro Oils Ltd. (Scrip Code: 19260)
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| Goldstone Technologies denies news item |
With reference to news item "Goldstone plans equity issue to fund expansion plan" appearing in a financial daily dated November 24, 2000 Goldstone Technologies Ltd has informed BSE that the company has sent notice of its Sixth Annual General Meeting to the members, stock exchanges. One of the agenda items is for enabling the company to fund the future expansion activities. Goldstone has further stated that as on date the company has not yet finalised the size/price/mode of issue to fund the expansion.
The pricing and other details as to equity and public issue mentioned in the news article is of the own view of the financial daily and has not been quoted by the company. |
| Snowcem India to acquire metal fabrication plant from Geekay Exim |
| The board of directors of Snowcem at their meeting held on November 22, 2000 has decided to acquire, Precious Metal Fabrication & Atomization Plant from Geekay Exim, for a consideration of approximately Rs.500/- million. |
| Padmalaya Telefilms allots equity shares to Employees Welfare Trust |
| The board of directors of Padmalaya Telefilms at their meeting held on November 20, 2000 has allotted 5,00,000 equity shares of Rs.10/- each at market value of Rs.85.55 per share as noted in BSE as on November17, 2000 to Padmalaya Telefilms - Employees Welfare Trust to implement ESOS. |
| Siyaram Silk to allot equity shares on preferential basis |
| The Board of Directors of Siyaram Silk Mills Ltd will meet on November 30, 2000 to allot equity shares to the promoters, their relatives, friends and their group on preferential basis |
| Crompton Greaves denies news item |
With reference to news item "Buzz on street spurs Crompton" appearing in a financial daily dated November 21, 2000 Crompton Greaves Ltd has informed BSE that as at date based on the factual position of physical transfers and the latest downloads from NSDL and CDSL there is no acquisition of 5% and more of the company's share capital by any person.
Crompton also stated that as at date no acquirer has informed the company of acquisition of 5% and more shares or voting rights of the company as required by Regulation 7(1) of the SEBI takeover regulations 1997. |
With reference to news item " Red herring for Kesoram scrip" appearing in a financial daily dated November 21, 2000 Kesoram Industries Ltd has informed BSE that the company has not received any intimation from M/s Cemindia Investments Pvt Ltd Deoghar Bihar who purportedly to have written to Calcutta Stock Exchange Association Ltd.
Kesoram Industries has also informed that it has so far not received any shares for transfer in the said company's name nor any intimation from the depositories namely NSDL and CDSL in respect of any such transactions. |
| Siemens to divest 30% of its holding in Siemens Public Communication |
| Siemens has informed BSE that the company is in the process of divesting its 30% holding of 53,25,000 equity shares of Rs 10/- each amounting to Rs 239.25 million (including premium of Rs 186/- million) in Siemens Public Communication Networks (SPCNL) in favour of Siemens AG Germany subject to receipt of all necessary approvals . Siemens AG Germany already holds the balance 70% of the capital of SPCNL. |
| Sunstar Software Q2 net profit net down by 10.35% |
| Sunstar Software has posted a net profit of Rs 105.60 million for the quarter ended September 30, 2000 as compared to Rs 117.80 million in the corresponding period last fiscal. Total income for the quarter ended September 30, 2000 is at Rs 236.70 million as compared to Rs 218.60 million in SQ 99. |
| ICICI-Prudential Life JV receives Certificate of Registration from IRDA
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ICICI-Prudential Life Insurance Company Limited, the Joint Venture (JV) between ICICI Limited and Prudential plc of UK, today (November 24, 2000) received the Certificate of Registration from the Insurance Regulatory & Development Authority (IRDA) to undertake life insurance business in the country.
As per the terms of the agreement, ICICI would hold 74% of the equity of the newly formed company, while Prudential would hold the balance 26%. The Company will initially be capitalised at Rs 1500 million
Mr. K.V. Kamath, Managing Director & CEO of ICICI and Chairman of the new JV, said, " This is indeed a happy moment for us. This is a further step along the path of strengthening ICICI Group's capabilities of providing the entire range of retail finance solutions to the customer".
Mr. Mark Tucker, Chief Executive of Prudential Corporation Asia added "We are very excited by the opening of the life insurance market in India and we appreciate this opportunity given to us to re-enter the market after a gap of 44 years. Prudential is totally committed to building a market leading nationwide business in India in Partnership with ICICI"
"I believe that we are on the threshold of an interesting new phase in the insurance business in India, where we can play a significant role in redefining and reshaping the sector. We look forward to selling our first policy soon" Stated Ms Shikha Sharma, CEO, ICICI Prudential Life Insurance Company Ltd.
ICICI Prudential Life Insurance Company plans to launch a range of innovative products that aim at matching the diverse needs of customers. The JV partners believe that they would be able to create an innovative and service oriented organisation that would use technology to deliver cost effective and high quality products and services to customers.
The joint venture brings together a blend of ICICI's rapidly growing retail customer base, local market expertise, strong brand identity and investment capabilities and Prudential's unrivalled global experience in the life insurance business in both developed and emerging markets. The growing technology enabled retail distribution base of ICICI along with Prudential's proven track record in emerging markets in Asia will be leveraged to develop this business.
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