The Hindu Business Line : Corporate developments

Coimbatore, Oct 9 A meeting of shareholders of Aegis Logistics Ltd will be held on October 29 for the purpose of considering and if thought fit, approving with or without modification(s), the arrangement embodied in the Scheme of Arrangement between Hindustan Aegis LPG Ltd (demerged company) and Aegis Logistics Ltd (resulting company) and their respective shareholders and creditors.

Hindalco Industries Ltd’s board of directors has approved the extension of time for payment of final call money up to October 31 without payment of interest. However, any shareholder failing to pay the final call money on or before October 31 is liable to pay interest at 12 per cent per annum.

Nitco Tiles is planning to double the production capacity up to 24,000 sq mt a day from the existing 13,500 sq mt a day at its ceramic tile plant in Alibaug, Maharashtra, for which the company has planned a capital expenditure of Rs 80 crore.

The board of directors of Orissa Sponge Iron & Steel has approved, subject to necessary approvals, the issuance on preferential basis of 40 lakh equity shares of Rs 10 each equally to Infrastructure Development Finance Company Ltd, Quantum (M) Ltd, Bassana Investments Ltd and Strepera Holdings Ltd; and issuance of 40 lakh warrants to TRFI Investment Pvt Ltd — a promoter group company — and 20 lakh warrants to Prakausali Investments (India) Pvt Ltd — with each warrant carrying a right to subscribe to one fully paid-up equity share of Rs 10 in the equity capital of the company. The issuance of these shares/warrants would enable the company to raise funds to the tune of Rs 225 crore for meeting its requirement of long-term working capital and further expansion. Further, the board has also approved, subject to the requisite approvals, the issuance of up to 50 lakh equity shares and/or any other securities convertible into equivalent number of equity shares of Rs 10 each to such person(s) as may be decided by the board in accordance with the SEBI guidelines.

Parsvnath Developers has received the final notification from the Central Government for setting up IT/ITES SEZ at Dehradun (Uttaranchal).

With this, the company now has three notified product specific SEZs for IT/ITES sectors at Indore, Gurgaon and Dehradun, which will be executed by its subsidiary Parsvnath SEZ Ltd. The total area of Dehradun SEZ will be 35 acres with a total developable area of 3.8 million sq ft. The project will involve an investment of about Rs 1,050 crore.

The company also has two formally approved SEZs at Kochi and Hyderabad with a total developable area of 11.11 million sq ft, which are awaiting notification from the Central Government.

It also has 6 SEZs with total developable area of 270 million sq ft, which have received in-principle approval from the Central Government.