Business Daily from THE HINDU group of publications
Saturday, Aug 19, 2006
Business Daily from THE HINDU group of publications Saturday, Aug 19, 2006 |
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Corporate
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Restructuring Panyam Cements may sell engg division Our Bureau
Hyderabad , Aug 18 Panyam Cements & Mineral Industries Ltd proposes to sell its Engineering Division at Bangalore, which is engaged in the manufacture of steel wires. In a communiqué to stock exchanges, the company said that the board would later decide on the consideration and date for the sale. The company also proposes to mortgage and/or charge all or any of the moveable and/or immovable properties both current and future in favour of lenders for securing loans against issue of securities. Further, the company proposes to make investment and/or loan(s) and/or give any guarantee(s) in connection with loan(s) made to and/or acquire by way of subscription, purchase or otherwise the securities of any body corporate up to a limit not exceeding Rs 100 crore. The company has decided to seek the consent of its shareholders for these proposals through postal ballot. The ballot forms should reach the scrutiniser before September 16. The results of the postal ballot would be announced at the AGM scheduled for September 27.
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