The Hindu Business Line : Corporate developments

Chennai, Sept. 24 e-Recruitment and Consulting firm IT People India Ltd on Monday approved the acquisition of 100 per cent stake in Marketplace Technologies Pvt Ltd. The board of directors took a decision to this effect at its meeting, the company providing human capital solutions said in a filing to the BSE. It has entered into a memorandum of understanding with the promoters of Marketplace Technologies Pvt Ltd for this purpose, it said. Marketplace Tech, formerly known as ENC Software Solutions Pvt Ltd, is a closely held company, it said. The company would be eventually amalgamated with IT People, subject to necessary approvals from shareholders and authorities, it said.

Gujarat NRE Coke has informed BSE that the committee of the board of directors has allotted 63.43 lakh shares Rs 10 each at a premium of Rs 38.04 per share and 21.43 lakh shares each at a premium of Rs 52.50 per to the FCCBs holders, who have applied for conversion.

Maharashtra Seamless is convening a board meeting on Friday to consider allotment of equity shares to Mr Raghav Jindal, belonging to ‘promoter & promoter group’ on preferential basis. The board is to fix record date for the sub division of shares from Rs 5 each to Rs 2.

Toners and developer maker Rathi Graphic Technologies Ltd has said it has decided to invest in Rathi Rajasthan Steel Mills by acquiring the 100 per cent equity stake. The boards of directors approved the proposal at its meeting, the Ghaziabad-based company informed the BSE in a communiqué. The company wants to enter into steel business following this acquisition as decided at the board meeting held on July 30, it said. The company manufactures toners and developers for photocopiers at its plant in Bhiwadi (Rajasthan).

SMS Pharmaceuticals Ltd has informed BSE that the Board of the Company has decided to take over and revive a BIFR Company Plant Organics Ltd with whom the company already have job work arrangement. This will add to the Company’s product range and manufacturing facility along with substantial tax benefits. The plant is situated very close to the company’s existing manufacturing facilities.

Sat Industries on Monday said it will invest Rs 49 crore over a period of three years in a joint venture company in Kuwait. The board of directors of the company at its meeting today decided to enter into construction and real estate development activities in Kuwait in a joint venture, Sat Industries said in a filing to the Bombay Stock Exchange. The capital base of the joint venture would be Rs 100 crore and the stake of Sat Industries in the joint venture would be 49 per cent.