Sowbhagya Exports Board to consider proposal for merger
Sowbhagya Exports Ltd has informed BSE that a meeting of the Board of Directors of the company is scheduled on December 26, 2002 to consider the proposal for merger / amalgamation of M/s Nexgen Technologies Ltd with the Company and fixing of swap ratio etc.
Cellulose & Chemicals Board to consider resignation of Balubhai M Sardhara
Cellulose & Chemicals Ltd has informed BSE that a meeting of the Board of Directors is scheduled on December 30, 2002 to consider the resignation of Mr Balubhai M Sardhara as a Director of the Company.
Classic Diamonds India Board to consider 1:1 Bonus Issue
Classic Diamonds India Ltd has informed BSE that a meeting of the Board of Directors is scheduled on December 28, 2002 to allot bonus shares at the ratio of 1:1 i.e. 1 bonus share on every existing equity share.01 is at Rs 17180.40 million as against Rs 19088.50 million in the year ended September 30, 2000.
The Board of Directors at its meeting held today (December 21, 2001) has recommended a Final Dividend of 90% for the year ended September 30, 2001 which along with two interim Dividends of 30% each already paid works out to 150%.
UTI Bank allots Unsecured Redeemable NCDs on Private Placement basis as Tier II Capital
UTI Bank Ltd has informed BSE that the Board of Directors of the Bank has made allotment of Subordinate Debt (Unsecured Redeemable Non-Convertible Debentures) on Private Placement basis aggregating Rs 931 million (including green shoe option of Rs 431 million) as the Bank's Tier-II capital. The Debentures are issued for a period of 69/93/117 months and at the coupon rate of 8.40% / 8.70% and 8.95% p.a.
Goldstone Technologies Board to consider allotment of Equity Warrants on Preferential basis
Goldstone Technologies Ltd has informed BSE that a meeting of the Board of Directors is scheduled on December 27, 2002 to consider, inter alia, the allotment of 50,00,000 Equity Warrants on Preferential Basis to promoters and to consider strategic Investment in US Software Company.
Reliance Industries proposes to make an open offer to the shareholders of BSES
BSES Ltd has informed BSE that it has received a letter from Reliance Industries Ltd informing that their Board of Directors at its meeting held on December 20, 2002 proposed, inter alia, making an open offer to the shareholders of BSES Ltd to acquire upto 32,281,460 fully paid up equity shares of BSES Ltd as envisaged under Regulation 21(5) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.
Schedule of open offer to the shareholder of BSES
JM Morgan Stanley Private Ltd has informed BSE that Reliance Power Ventures Ltd (RPVL) along with its 100% holding Company Reliance Industries Ltd (Acquirer) and Reliance Industrial Investments and Holdings Ltd (PAC) propose to make an open offer to acquire upto 20% of the outstanding voting capital aggregating to 32,281,460 fully paid up equity shares of BSES Ltd at a price of Rs 230.10 per equity share payable in cash.
The offer is not subject to any minimum level of acceptances i.e. the Acquirers will acquire all the paid up equity shares of BSES that are validly tendered in terms of this offer upto 32,281,460 equity shares.
As on the date of this announcement, the Acquirers and PAC, along with persons deemed to be acting in concert, hold 59,809,112 equity shares in BSES (representing 43.43% of the present subscribed and paid up equity shares of BSES).
The specified date is January 03, 2003.
The date of opening of the offer is January 17, 2003
The offer will close on February 15, 2003.
Telco signs a product agreement with MG Rover of the UK
Tata Engineering and Locomotive Company Ltd (TELCO) on December 20, 2002 announced the signing of a manufacturing and supply agreement with MG Rover Group of the UK. Under the agreement, the Tata Indica, incorporating certain Rover-specific modifications, will be manufactured at TELCO's Pune factory. These Rover-branded vehicles will be marketed through Rover's own dealer network in the UK and in continental Europe. Their choice of the Indica to fill a gap in their model range in order to address the high volume small car segment is an affirmation of TELCO's product development and manufacturing expertise. This agreement should see a substantial addition to the lifecycle volume of the Tata platform.
On the occasion of the signing of the agreement, Mr Ratan Tata, Chairman, TELCO said, "This agreement will enhance the volume throughout of the Indica plant significantly. More importantly, we look at it as an endorsement by a major international company of TELCO's capabilities in general, and the world class acceptability of the Indica in particular".
Bombay Oxygen Corp plans to commence new Oxygen Plant at Kalwe unit
Bombay Oxygen Corporation Ltd has informed BSE that it has initiated the process of commencement of its new Oxygen plant of 130 Tons Per Day capacity at its Kalwe unit and the production is likely to commence within a period of about three months time.
Indo Rama Synthetics Members and Creditors approve Demerger of Spinning business
Indo Rama Synthetics India Ltd has informed BSE that separate meetings of its Shareholders, Secured Creditors and Unsecured Creditors were held on December 13, 2002. At the said meetings the shareholders present and voting at the meeting either in person or by proxy as well as the Secured Creditors and the Unsecured Creditors, have passed resolutions approving the Scheme of Arrangement of the company unanimously.
This has enabled the company to proceed further into the matter of Demerger of its Spinning business.
Jain Irrigation Systems - GE Plastics India Transaction completed
Jain Irrigation Systems Ltd has informed BSE that with respect to transaction agreement with G E Plastics India Ltd the company has complied with all conditions precedent in agreement dated December 03, 2002. The company has closed the transaction on December 20, 2002 by registering appropriate documents and handling over possession to the buyer.
A V Lodha appointed as Director on the Board of Shalimar Paints
Shalimar Paints Ltd has informed BSE that at the 100th Annual General Meeting of the company held on December 14, 2002 Mr A V Lodha has been appointed a Director of the company.
Mahindra Ugine Steel Co seeks members' approval for Capital Restructuring
Mahindra Ugine Steel Co Ltd has informed BSE that an Extraordinary General Meeting of the Company is scheduled on January 09, 2003 to consider and approve the proposal of Capital Restructuring to be effected by utilising the balance in the Share Premium Account and the Capital Redemption Reserve Account for adjusting the debit balance in the Profit & Loss Account.
