The Hindu Business Line : Corporate developments

Coimbatore, Oct. 15 Axis Bank Ltd board of directors has decided to incorporate a public limited company as a wholly owned subsidiary of the bank to undertake among others the trustee services business and to incorporate an asset management company as a subsidiary of the bank to carry out the activities of asset/fund management and advisory and other related activities. It has also proposed to establish a mutual fund and these decisions will be subject to the approval of the Reserve Bank of India, SEBI and other regulatory authorities.

Jaiprakash Associates Ltd’s board of directors has approved the splitting of equity share of Rs 10 each into five equity shares of Rs 2 each, investment in the special purpose vehicle to be incorporated as a joint venture company for development of a green field modern sports complex and related integrated infrastructure, subject to the approval of the shareholders.

LIC Housing Finance Ltd’s board of directors will meet on October 22 to consider the issue of equity shares and convening of the extraordinary general meeting of the members for the approval of the issue.

Parry Agro Industries Ltd’s board of directors has approved the issue of fresh equity capital up to 5,00,000 equity shares through GDR/ADR/FCCB/QIP, subject to the approval of members and all applicable regulatory/statutory authorities.

Shringar Cinemas Ltd has clarified that it is in the business of film exhibition namely running single screens and multiplexes under the brand name ‘Fame’ and the bomb blast which took place last evening at Ludhiana at a theatre coincidentally named Shringar Cinema was not a part Shringar Cinemas Ltd and does not belong to or is run by it.

Vijay Shanthi Builders Ltd has said that it has entered into an agreement for new project venture valued about Rs 135 crore.