Siel Ltd has entered into an agreement on February 22, 2002 for sale of undertaking of Titawi Sugar Complex a unit of the company situated at Village & P O Titawi Distt Muzaffarnagar UP and engaged in the sugar business, as a going concern on as/is where is basis subject to approval of shareholders and other necessary regulatory approvals including those from financial institutions.
Moschip Board approves issue of Equity shares and Warrants on private placement basis
At the Board meeting of Moschip Semiconductor Technology Ltd held on Tuesday the following resolutions were passed:
1 Issue of further 31,60,000 Equity Shares and 9,50,000 Warrants on private placement basis to identified investors
2 Issue of further 10,00,000 equity shares on private placement basis to investors who are yet to be identified
The Equity Share Capital will go up by 51,10,000 equity shares upon the issue of these shares and conversion of warrants into an equal number of equity shares. Hence the paid up equity capital will increase from 188,25,770 equity shares to 239,35,770 equity shares of Rs 10 each.
Following is the list of investors identified by board.
Identity of Investor--------------------No. of shares----------No. of warrants
ESS Technology Inc, USA --------------------1600,000----------500,000
Flextronics Semiconductor Inc, USA --------------------800,000----------250,000
Silutions Technologies Inc. USA --------------------160,000----------100,000
UTI A/c India Technology Venture Unit scheme--------------------6,00,000----------Nil
S Sivakumar--------------------Nil
Wartsila India fixes book closure for AGM & dividend
Wartsila India Ltd has fixed the Book Closure from April 3, 2002 to April 9, 2002 for the purpose of Annual General Meeting and payment of dividend of 35% as recommended by the board of directors of the company on Tuesday.
Wartsila India posts net profit of Rs 34 million for Q4 -01, Rs 122 million for FY-01
Wartsila India Ltd has posted a net profit of Rs 34 million for the Quarter ended December, 2001 as compared to Rs 42 million for the corresponding period last fiscal. The total income for the Quarter ended December 31, 2001 is Rs 741 million as compared to Rs 956 million for the Quarter ended December 31,2000.
The net profits for the financial year ended December 31,2001 is Rs 122 million as compared to Rs 162 million for the previous Financial year.
The total income for the Financial year ended December 31, 2001 is Rs 2960 million as compared to Rs 3420 million for the Financial year ended December 31,2000
The directors have recommended a Dividend of 35% (Rs 3.50 per share of Rs 10/- each fully paid up) for the year ended December 31, 2001 (Rs 46 million including dividend tax).
Effective December 3, 2001, Wartsila Operations and Maintenance India Ltd-100% subsidiary company in amalgamated with the Company from the Appointed Date April 01, 2001 in terms of the Scheme of Amalgamation sanctioned by the High Court, Bombay. Accordingly the sales and profit before tax of Rs 96 million and Rs 36 million respectively of O&M business for the period April 01, 2001 to December 31, 2001 have been included in the current quarter. Hence the figures for the current quarter and year are not strictly comparable with the corresponding figures of the previous year.
Century Textiles Pulp & Paper Division to remain non-operational for 4 weeks
Century Textiles and Industries Ltd has informed BSE that after opening of the Turbine and on technical assessment, it is estimated that completion of repair job will take around 4 weeks instead of 10 to 12 days and the approximate turnover loss will be of about Rs 240 million instead of Rs 90 million as intimated earlier.
Earlier the company on February 17, 2002 had informed BSE that that the Inlet steam pipeline of 21 MW Turbine of Bagasse Paper Plant situated at Nainital (Uttaranchal) got burst. As a result, operations of this turbine have been stopped. Due to shortage of power, operation of Bagasse Power Plant has been totally stopped and this plant will remain non-operational for approximately 10/12 days. It will result in a turnover loss of approximately Rs 90 million.
Nestle Clarifies on Press News that Nestle SA is acquiring shares in Nestle India to delist
A Section of media has reported that Nestle S A Switzerland is acquiring shares in Nestle India Ltd as a part of its goal to delist the company. In this regard Nestle India has received a clarification from Nestle S A Switzerland which is reproduced hereunder
"A section of media has reported that Nestle S A Switzerland is acquiring shares in Nestle India Ltd as a part of its goal to delist the company.
It is clarified that there is no specific proposal by Nestle S A, Switzerland to delist the company
Nestle S A, Switzerland shall be seeking approval of the GOI to acquire upto 10% equity in Nestle India Ltd as and by way of creeping acquisition under the Indian Laws. The approval is only to enable Nestle S A, Switzerland to acquire the shares in case it so desires
The current shareholding of Nestle Group, Switzerland in Nestle India Ltd is 53.96% and in case the proposal for additional 10% equity is fully implemented, the shareholding would increase to 63.96%.
Esab India FY-01 results on March 6, 2002
Esab India Ltd has informed BSE that the next meeting of the board of directors will be held on March 6, 2002 to consider and approve annual accounts for nine months financial year ended December 31, 2001
Vysya Bank announces Employees Voluntary Retirement scheme
Vysya Bank Ltd has informed BSE that with a view to optimize utilization of resources and achieve a balance of age and skills it has announced on Tuesday the launch of a Voluntary Retirement Scheme titled as "The Vysya Bank Employee's Voluntary Retirement Scheme 2002". The scheme will be open from March 02 to March 26, 2002.
V & K Softech announces change in management structure
V & K Softech Ltd has informed BSE that at its board meeting held on February 25, 2002 the following decisions were taken:
1 The resignation of V Naveen and T Venu Gopal Rao, the directors, resigning from the board of the company due to their personal reasons were considered and their resignations were accepted w e f February 25, 2002
2 Murali Mohan Jasti, general manager of the company, and V Sridhar Babu an engineer and a noted businessman, were appointed as additional directors of the company
Timex Watches denies news item
With reference to the news article appearing in a leading financial daily titled "Timex soars 20% on fund infusion" Timex Watches Ltd has informed BSE that the news item conveys the impression as if the fresh equity infusion has already been made, is incorrect. The Company has further informed that the information regarding the proposed preferential issue of equity shares for Rs 200 million has been mis-construed as if the transaction is complete.
The company further adds that it has filed an application with Foreign Investment Promotion Board in order to seek their approval for the proposed preferential allotment in favour of the promoter company and it shall be convening a meeting of the shareholders of the company on March 22, 2002 to seek their approval for the proposed issue.
Rico Auto fixes record date for bonus issue
Rico Auto Industries Ltd has fixed March 27, 2002 as the record date for the purpose of determining the name of the shareholders entitled to receive the Bonus Shares in the ratio of 1:1.
United Western Bank to raise additional capital
United Western Bank Ltd has informed BSE that the Bank is coming out with issuance of unsecured, non-convertible subordinated Bonds forming part of Tier II capital aggregating Rs 450 million with a coupon rate of 9.50% p a and 9.75% p a for a tenor of 63 months and 87 months respectively on private placement basis. The issue of the Bonds opens on February 15 and closes on February 28.
HCL Info Board approves proposal for sale of equity shares to employees
The board of directors of HCL Infosystems Ltd at its meeting held on Tuesday has considered and approved the proposal as recommended by the Employees Compensation & Employees Satisfaction Committee of Directors for sale of equity shares of the company from OWNHCL Trust to the eligible employees of the Company.
The recommendation envisages sale of 4,20,000 equity shares of Rs 10 each of the Company to 51 no of employees at a prices of Rs 60 per equity share. Accordingly, the Board will inform to OWNHCL Trust to consider the offer.
Grasim to divest Textile division at Gwalior to Melodeon Exports
The board of directors of Grasim Industries Ltd on Tuesday approved the divesting of its loss-making fabric manufacturing operations at Gwalior to Melodeon Exports Ltd and its Associates who are textile majors, as a going concern. The Gwalior unit, with a book value of Rs 150 million will be sold for a negative consideration of Rs 150 million.
The new management will provide continued employment to all the Plant's employees
Given the pressures faced by the textile sector as a whole the challenging market environment in the suitings sector, aggressive competition and operational issues, Grasim had undertaken an extensive techno-commercial evaluation of both of its units at Gwalior and Bhiwani. Consequently, Grasim will now manufacture both of its brands, "Grasim" and "Graviera" under a single location at Bhiwani. This will help considerably improve the competitive position of its fabric business in terms of economies of scale and operations.
Says, Vikram Rao, Group Executive President responsible for the Fabric and Apparel sector, "Consolidating fabric manufacturing operations at one location is a strategic step to bring in better synergies, bolster operational efficiencies and ensure the profitability of this business".
Adds Rao, "Both brands, "Grasim" and "Graviera", along with their entire range such as Uncrushables, Acquasoft, Finesse, Safari, Coolers, E-stretch and All Seasons, will continue to be manufactured and marketed from Bhiwani. A slew of other innovative fabrics viz, the "Ice Touch" range and "Purista" Collection, are soon to be launched".
High Court approves amalgamation of Chilwaria Sugars with Simbhaoli Sugar
Simbhaoli Sugar Mills Ltd has informed BSE that the amalgamation of Chilwaria Sugars Ltd, with the company has been approved by the Hon'ble High Court of Judicature at Allahabad, U P vide its order dated January 11, 2002. It has become effective after its filing with ROC, Kanpur on February 4, 2002. The Chilwara Sugar Ltd, which was wholly owned subsidiary of the company will now be the division of the company. The scheme of amalgamation approved by the Hon'ble High Court of Judicature at Allahabad, U P is effective from April 1, 2000.
IFCI executes a deal with IDBI for sale of equity shares of DFHI and STCI
IFCI Ltd has informed BSE that the company has executed a negotiated deal on February 20, 2002 with IDBI for the sale of 5,51,000 equity shares of Discount and Finance House of India at Rs 235 per share (being 2.75% of the paid up capital) and 15,05,400 equity shares of Securities Trading Corporation of India at Rs 135 per share (being 3.01% of the paid up capital). This information is being furnished in terms of "Guidelines for Institutional Transaction in shares issued by Govt of India".
Limat Developments to acquire 9,00,000 equity shares in H K Finechem
H K Finechem Ltd has informed that Limat Developments Ltd, (Overseas Corporate Body) British Virgin Islands, has proposed to acquire 9,00,000 equity shares of the company through preferential allotment on March 02, 2002. Shareholding of Limat Developments Ltd, after this acquisition will increase to 29,50,000 shares representing 31.05% stake in the company.
Digital Globalsoft fixes book closure for AGM
Digital Globalsoft Ltd has fixed July 9, 2002 to July 23, 2002 as book closure for the purpose of AGM.
Compudyne Winfosystems announces change in management structure
Compudyne Winfosystems Ltd has informed BSE that V G Iyer and Gopichand Rohra have resigned from the board of directors with effect from February 25, 2002.
K Srinivasan, H S Bhat and Marc Kolbe have been appointed as directors of the company in the board meeting held on February 25, 2002.
Pfizer Q1 results on March 14, 2002
Pfizer Ltd has informed BSE that the board meeting of the company will be held on March 14, 2002 for taking on record the unaudited financial results for the first quarter ended February 28, 2002.
The board of directors of Ashok Leyland Finance Ltd at their meeting held on Tuesday have declared interim dividend to the Equity & CCPS Shareholders for the financial year 2001-2002. The details of interim dividend are as follows:
Equity shareholders whose names appear in the register----------20%
Of members on March 27th, 2002
CCPS Shareholders whose names appear in the register----------9%
Of members on March 27th, 2002
Call India
