The Hindu Business Line : Corporate developments

The High Court of Andhra Pradesh has directed that a meeting of the equity shareholders and unsecured creditors of Coromandel Fertilisers Ltd be convened on October 8 for the purpose of considering, and if thought fit, approving, with or without modification(s), the arrangement embodied in the scheme of amalgamation proposed to be made between it and Godavari Fertilisers and Chemicals Ltd.

Entertainment Network (India) Ltd has, with effect from 5 p.m. on September 18, commenced broadcast from its radio station at Kolhapur.

Pioneer Embroideries Ltd’s board of directors has approved signing of an MoU for purchase of manufacturing facilities of Arcot Textile Mill Ltd at Ulagankathan Village, Kallakurichi, in Tamil Nadu.

The shareholders of Prakash Industries Ltd at the EGM of the company have approved the issue of 50,00,000 warrants to Amarjoti Vanijya Pvt Ltd and 5,55,556 warrants to Barclays Capital Mauritius Ltd, or its nominees convertible into equity shares on preferential basis.

Simplex Infrastructures Ltd’s shareholders have approved raising of funds not exceeding Rs 400 crore to business growth, enhance global competitiveness and for general corporate purpose and the proposal to consider, issue and allot warrants not exceeding 55,00,000 to the promoter and promoter groups on preferential basis.

Shri Lakshmi Cotsyn Ltd has successfully issued $10,000,000 zero coupon unsecured foreign currency convertible bonds, with a maturity of 5 years and convertible at a price of Rs 150 which represents a premium of 18 per cent over the current market price. Silverdale Services Ltd, London, was the sole lead manager for the offering and Axis Bank Ltd was the financial advisor to the issuance.

Surana Telecom Ltd has received an order worth Rs 12 crore from Bharat Sanchar Nigam Ltd for supply of telecommunication cables.

Virinchi Technologies Ltd, a Hyderabad-based software products and solutions company, has opened its third development facility in Secunderabad. It can accommodate 175 knowledge workers and with this facility the total software development capacity of Virinchi would be around 450 seats. The new facility would primarily focus on new product development and customer support operations for its micro lending product range.