Financial Daily from THE HINDU group of publications
Wednesday, Nov 10, 2004
Financial Daily from THE HINDU group of publications Wednesday, Nov 10, 2004 |
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Corporate
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Announcements SPIC to convert SPEL loans into equity Our Bureau
Chennai , Nov. 9 SPIC (Southern Petrochemicals Industries Corporation Ltd) has informed the NSE that an EGM will be held on December 8 to obtain approval for the proposed investment in the equity of SPEL Semiconductor Ltd. The company will convert its loans of Rs 36.8 crore to SPEL into equity at Rs 25 per share (Rs 10 at par and a premium of Rs 15 per share). SPEL, a company promoted by SPIC, manufactures integrated circuits. In 2002-03, it exported 41 million ICs and earned a revenue of Rs 53 crore. But in the subsequent year, uncertainty arising out of the Iraq war and the SARS epidemic affected sales, according to SPIC's annual report for 2003-04.
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