Financial Daily from THE HINDU group of publications
Tuesday, Apr 25, 2006
Financial Daily from THE HINDU group of publications Tuesday, Apr 25, 2006 |
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Corporate
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Mergers & Acquisitions Heritage Food's bid for Indian Dairy cleared Our Bureau
Hyderabad , April 24
Heritage Foods India Ltd has announced that the High Court of Karnataka has confirmed sale of unit of Indiana Dairy Specialities Ltd (in liquidation) located at Hyderabad in favour of the company, with the company emerging the highest bidder for the unit. The company has informed the stock exchanges that it has deposited full bid amount with the official liquidator. The units assets include land measuring 2.69 acres, buildings, plant and machinery. Heritage Foods proposes to revive the dairy unit with an installed capacity of 1lakh litres per day and also use the vacant land for warehousing facilities for retailing business. Meanwhile, the company is holding an extraordinary general meeting on May 22 to seek the approval of shareholders for increasing the authorised share capital among other proposals. It proposes to increase the authorised share capital from Rs 12 crore to Rs 15 crore. The company also plans to increase its borrowing limits to Rs 150crore.
More Stories on : Mergers & Acquisitions | Dairy & Dairy Products | Courts/Legal Issues
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