BSE has informed its members that Sanyo Impex Ltd has fixed December 28, 2002 as Record date for Stock Split of existing Equity Share from every one Equity Share of Rs 10 each into ten Equity Shares of Rs 1 each.
Eicher denies Punjab Tractors news item
With reference to a News Item published in a leading financial daily titled "M&M, Escorts, Eicher to vie for Punjab Tractors pie", Eicher Ltd has informed BSE that there is no official communication or confirmation given by the company with regard to the above. All such important matters are considered and decided by the Board. So far this matter has not yet been placed/considered by the board.
L&T clarifies on Birla news item
With reference to a News Item published in a leading financial daily titled "Birlas send legal notice to L&T, challenge demerger", Larsen & Toubro Ltd has informed BSE that the Company received a letter on the late evening of December 06, 2002, inter alia, stating that any discussion on demerger of cement business at the Board Meeting on 7December 07, 2002, would result in serious dispute and possibility of a long drawn out litigation and calling upon the Company not to take up the item for discussion at the meeting scheduled for December 07, 2002. The letter is being responded to by the company's solicitors.
The company has further clarified that it would ensure that all legal formalities are fully complied with in the consideration and implementation of the proposal.
McDowell & Co Board approves acquisition of Triumph Distillers & Vintners
McDowell & Company Ltd has informed BSE that the Board of Directors at its meeting held on Tuesday has approved acquisition of an 85% of Equity of Triumph Distilleries & Vintners Pvt Ltd (Triumph) (subject to such approvals as may be required) from Financial Investors in a composite transaction valued at approximately Rs 600 million. The remaining 15% will continue to be held by Mr. Deepak Roy will act as President and CEO of Triumph with day to day management responsibilities.
McDowell additionally has a call option on the 15% equity held by Mr Roy at the end of 2 years. The call option will be exercised at a valuation to be carried out by a mutually acceptable Valuer.
TDVPL has acquired the IMFL business in India from UDV India Ltd. including use of the brand "Gilbey's Green Label" under license and also the distillery of UDV India Ltd at Nira, Maharashtra.
Lumax Industries Board approves Demerger of Mirror and Filter Division
Lumax Industries Ltd has informed BSE that the Board of Directors at its meeting held on Tuesday have approved the draft scheme of arrangement for the Demerger of Mirror and Filter Division into two separate Companies namely Lumax Mirror Ltd and Lumax Air Cleaner Ltd subject to all necessary approvals of shareholders / creditors, appropriate Court and any other person or authority as may be required. The Auto Lighting Division will be retained with Lumax Industries Ltd.
Upon the approval of the scheme, in consideration of transfer and vesting of Mirror Division to the Lumax Mirror Ltd, it will issue and allot one equity share of Rs 10 each for every three equity shares to every member of Lumax Industries Ltd on the Record Date to be fixed by the Board later on. Similarly Lumax Air Cleaner Ltd will issue and allot one equity share of Rs 10 each for every four equity shares to every member of Lumax Industries Ltd.
HCL Tech allots Shares under ESOP
HCL Technologies Ltd has informed BSE that the Employees Stock Option Allotment Committee of the company has on Tuesday allotted 40,382 shares of Rs 2 each (33,972 Equity Shares at a premium of Rs 125.50 per share and 6,410 Equity Shares at a premium of Rs 1.50 per share) to the employees on exercise of their stock options under the 1999 Employee Stock Option Plan.
Medicamen Biotech Members approve Preferential Issue
Medicamen Biotech Ltd has informed BSE that the Shareholders of the Company at the Extraordinary General Meeting held on December 09, 2002 approved the following:
1. Increase in authorised Share Capital of the company from Rs 75 million divided into 75,00,000 Equity Shares of Rs 10 each to Rs 80 million divided into 80,00,000 Equity Shares of Rs 10 each.
2. Issue of 10,01,314 Equity Shares of Rs 10 each at a premium of Rs 3 per share to M/s Pharmadanica A/s, Denmark or its subsidiary company in India or any other body corporate belonging to the same group as the Board of Directors may deem fit in the best interest of the Company.
Indian Hotels Co enters into agreement with Citibank NA, New York for fungibility of GDS
Indian Hotels Company Ltd has informed the Exchange that Pursuant to Reserve Bank of India Two Way Fungibility of ADRs/GDRs AP (DIR Series) Circular dated February 13, 2002,the company has entered into an agreement with Citibank NA, New York, offering the aforesaid facility. The Scheme is operational with effect from December 10, 2002.
H N Nanani appointed as Director on the Board of Gordon Woodroffe
Gordon Woodroffe Ltd has informed BSE that the Board of Directors at its meeting held on November 20, 2002 has appointed Mr H N Nanani as Director of the Company.
Excel Industries director expires
Excel Industries Ltd has informed BSE that Mr A N Poddar, Director of the Company has expired on December 05, 2002.
GSFC announces change in management structure
Gujarat State Fertilizers & Chemicals Ltd has informed BSE about following changes in its Board of Directors:
1. Shri Arvindbhai Dhirubhai Desai has ceased to be Director of the company by resignation with effect from November 01, 2002.
2. Dr Kesichainula Kameswara Rao has also ceased to be Director on withdrawal of his nomination by Industrial Development Bank of India with effect from November 14, 2002.
3. Shri Radhey Shyam Agarwal appointed as a Nominee Director of Industrial Development Bank of India with effect from November 14, 2002.
AstraZeneca Pharma open offer challenged in court
With reference to the Open Offer made by Astra Pharma AB & AstraZeneca to acquire 12.79% stake in AstraZeneca Pharma India Ltd (the Company), the Company has announced that, A Writ Petition has been filed in the Hon'ble High Court of Karnataka at Bangalore on or about November 27, 2002. The Petitioner has, in his Petition, interalia, challenged the legal validity of certain provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations and has contested the validity of the Letter of Offer / Offer Document, the adequacy of the offer price and has questioned the veracity of disclosures in the offer document. The Petitioner had applied for an ad interim stay of further proceedings in pursuance of the Letter of Offer dated September 27, 2002 which was not granted. The Court ordered "any proceedings held by the respondents pursuant to Annexure B (Letter of Offer) is subject to the result of the writ petition. Parties to the lis will not plead equities at the time of final hearing."
Standard Industries workmen call off the strike wef December 6, 2002
Standard Industries Ltd has informed BSE that in pursuance of an Understanding dated December 05, 2002, reached between the Company and the Union the workmen of the Chemical plant of the company at Standard Alkali, Thane, have called off an illegal strike with effect from December 06, 2002 and the production process will commence shortly.
Garware Marine Industries stops factory operations wef November 30, 2002
Garware Marine Industries Ltd has informed BSE that the Excise Authorities have demanded Excise on Nylon Twine at 16% from the company. The company finds this exceedingly burdensome & cannot pass it on to the poor fishermen. The company has therefore decided to close operations at the factory with effect from November 30, 2002 and is taking up the matter with the Finance Ministry.
Nalco clarifies on news item on Russian aluminium major
With reference to the news article appearing in a leading financial daily titled "Russian Aluminium major keen on Nalco", National Aluminium Company Ltd has informed BSE that as per the information available with the Company, the Government of India which is holding 87.15% of shares in NALCO plans to off-load 61.15% of shares as detailed below:
1. 10% of shares through domestic issue
2. 20% of shares through ADR issue
3. 29.15% of shares through strategic sale
4. 2% of shares to the employees.
The company has further informed that the aforesaid matter is being handled by Ministry of Divestment Government of India.
Shaw Wallace & Co denies buyback news item
With reference to the news article titled " SWC plans buyback offer to delist scrip" appearing in a leading financial daily Shaw Wallace & Company Ltd has informed BSE that at present there is no proposal for buyback or delisting being considered by the Company.
The company further states the news report to be speculative in nature and clarifies that it is not based on facts. The Company also informs that no representative / executive of the Company has made any such statements to the press.
Centurion Bank clarifies news item on Talwar's stake
With reference to the news article appearing in a leading financial daily regarding Talwar's stake in Centurion Bank through his Sabre Capital Worldwide, Centurion Bank Limited has informed BSE that on receipt of the letter from Sabre Capital Worldwide Inc, the matter will be considered by the Board of Directors of the bank. After approval of the Board of Directors, the Bank will proceed with the work of obtaining required statutory approvals.
The Bank on December 07, 2002 in a press release announced that Sabre Capital Worldwide Inc has commenced an exclusive due diligence on the Bank on December 7, 2002. Due diligence is being undertaken by Sabre Capital Worldwide to enable them to consider infusion of additional capital in Centurion Bank. Sabre Capital Worldwide is expected to complete their due diligence by the end of this month and will make their offer by the second week of January 2003.
McDowell & Co Board to consider tie-up with Triumph Distillers & Vintners
McDowell & Company Ltd has informed BSE that a meeting of the Board of Directors is scheduled on Tuesday to consider, inter alia, entering into tie up with Triumph Distillers & Vintners Pvt Ltd, Mumbai including acquisition of a majority equity stake in that company and execution of necessary agreements in this regard.
Govt of Punjab invites EOI for strategic sale of PSIDC's shareholding in Punjab Tractors
Punjab Tractors Ltd has informed BSE that Directorate of Disinvestment, Govt of Punjab has issued an advertisement of Invitation for "Expression of Interest" (EOI) for strategic sale of shareholding in the Company by Punjab State Industrial Development Corporation Ltd (PSDIC).
The Company has promoted two companies namely Swaraj Mazda Ltd and Swaraj Engines Ltd and it has an Equity Shareholding of 33% and 29% in these companies respectively. The Company also holds approximately 24.19 % Equity Shareholding in Swaraj Auto.
Ashok Leyland Board approves write-off of Deferred Revenue Expenditure
Ashok Leyland Ltd has informed BSE that the Board of Directors at its meeting held on Tuesday has approved a proposal to write off against the Share Premium Account of the Company as sum not exceeding Rs 1600 million representing Deferred Revenue Expenditure (primarily related to Voluntary Retirement Scheme Payouts) and diminution in value of some investments and fixed assets.
The above proposed to be written of in the books as on March 31, 2003, subject to various approvals including approval from Shareholders, Lenders and the Hon'ble Madras High Court. An Extraordinary General Meeting of the Shareholders of the Company is being convened on January 18, 2003 to seek their approval for the above.
Contact Consultancy Services makes Open Offer to the Shareholders of BSEL Information Systems
Aryaman Financial Services Ltd has informed BSE that Contact Consultancy Services Pvt Ltd (Acquirer) is making an open offer to acquire upto 20,30,000 fully paid up Equity Shares of Rs 10 each representing 20 % of the Voting Equity Share Capital of BSEL Information Systems Ltd (Target Company, BSEL) as on April 01, 1997, at a price of Rs 18.55 per fully paid up Equity Share payable in cash. The offer is not subject to any minimum level of acceptance.
The Offer Price of Rs 18.55 has been calculated taking into account the basic offer price of Rs 10 per share and adding interest @ 15 % p.a. from August 01, 1997 upto April 04, 2002 which is the actual date for completion of formalities as per the public announcement.
The acquirer along with PACs had, during February 1997 to April 1997, acquired through market transactions a total of 46,17,235 Equity Shares of Rs 10 each representing 45.49% of the voting capital of BSEL as on April 01, 1997 for cash at a price of Rs 10 per share. As a result their shareholding in BSEL increased from 30.04% to 75.53% of the voting capital of BSEL. This triggered off the Regulation 11(1) pursuant to which the said Open Offer is made through a public announcement.
The specified date is December 16, 2002.
The date of opening of the offer is February 03, 2003.
The date of closing of the Offer is March 04, 2003.
L&T clarifies on news article
With reference to a News Article published in a leading financial daily titled "Larsen & Toubro defers cement demerger plan", Larsen & Toubro Ltd has clarified that the headline "Larsen & Toubro defers cement demerger plan" is misleading. It is however true that the Board of Directors of the Company is considering an offer from a potential investor for investment in the proposed demerged cement entity but no decision has been taken yet.
SRV Telecom makes Open Offer to the Equity Shareholders of Kapil Cotex
Aryaman Financial Services Ltd has informed BSE that S R V Telecom Pvt Ltd (Acquirer) is making an open offer to acquire upto 48,000 fully paid up Equity Shares of Rs 10 each representing 20 % of the total Subscribed and fully Paid up Equity Capital of Kapil Cotex Ltd (Target Company) at a price of Rs 15 per fully paid up Equity Share payable in cash. The offer is not subject to any minimum level of acceptance.
The specified date is December 16, 2002.
The date of opening of the offer is February 04, 2003.
The date of closing of the offer is March 05, 2003.
Ranbaxy to launch generic Co-Amoxyclav in the US market by Jan'03
Ranbaxy Laboratories Ltd (RLL) announced on Tuesday that it would launch its generic co-amoxyclav in January 2003 in the US market. The Company had earlier received final approval from the US Food and Drug Administration to manufacture and market Amoxicillin and Clavulanate Potassium Tablets USP, 875mg/125mg (base) and 500mg/125mg (base). Based on bio-equivalent studies, the formulation has been deemed to be bio-equivalent and therefore, therapeutically equivalent to the listed drug (AugmentinŽ Tablets, 875 mg and 500 mg of Glaxo SmithKline).
Amoxicillin/Clavulanate potassium tablets are indicated in the treatment of infections caused by susceptible strains of the designated organisms in the following condition: Lower Respiratory Tract Infections, Otitis Media, Sinusitis, Skin and Skin Structure Infections and Urinary Tract Infections. While Amoxicillin/Clavulanate potassium tablets are indicated only for the conditions previously listed, infections caused by Ampicillin - susceptible organisms are also amenable to Amoxicillin/Clavulanate potassium tablets treatment due to its amoxicillin content. Therefore, mixed infections caused by Ampicillin-susceptible organisms and Beta-lactamase producing organisms susceptible to Amoxicillin/Clavulanate potassium tablets should not require the addition of another antibiotic.
The AugmentinŽ market was estimated to be $1597.5 million (+4%) with the tablet market amounting to $1181.0 million (+12%) and the AugmentinŽ 875mg /125mg tablet market totaling $832.6 million (+19%) and the 500 mg/ 125 mg tablet accounts for $327.1 (-1%) as per IMS MAT - June 2002. The patent expiration for this product is December 24, 2002.
Syndicate Bank fixes Record Date for election of four Shareholder Directors
Syndicate Bank has informed BSE that it has fixed January 17, 2002 as Record Date to ascertain the Shareholders eligible to elect four Shareholder Directors from amongst the shareholders other than the Central Government at the Extraordinary General Meeting of the Bank.
