The Hindu Business Line : Corporate developments

Housing Development & Infrastructure Ltd (HDIL) has received a Letter of Intent for the Airport Slum Rehabilitation project, for removal of slums from encroached airport land, which has been awarded by the Mumbai International Airport Pvt Ltd to the company. It has also executed an agreement for rehabilitation and development of slums around the Chhatrapati Shivaji International Airport and for development of part of the cleared land.

Plethico Pharmaceuticals Ltd has successfully priced an offering of $75 million by way of issue of Foreign Currency Convertible Bonds (FCCBs). The bonds have a zero coupon with tenor of 5 years and 1 day and are convertible into equity shares at a premium of 35 per cent over the reference share price of Rs 447.95 (closing price of the shares in the National Stock Exchange Ltd on October 15).

Reliance Petroleum Ltd has said the status of the project as on September 30, is in accordance with the major milestones stated in the prospectus dated April 28, 2006; RPL, which had raised Rs 8,100 crore through initial public offering, has, as on September 30, utilised Rs 21,975 crore for the project against a projected utilisation of funds of Rs 16,974 crore. The variation is mainly due to payments in advance under project contracts for continued efficient and speedy implementation of the project. Based on the progress made till date, the project is expected to be completed ahead of December 2008.

Sakthi Finance Ltd has fixed October 31 as the record date for the purpose of rights issue in the ratio of one equity share for every two equity shares held (1:2) at a price of Rs 10 each.