The Hindu Business Line : Corporate developments

GTL Infrastructure has informed that it has completed its Foreign Currency Convertible Bonds (FCCBs) issue of $300 million — firm basis $250 million and green shoe option of $50 million — at a conversion price of Rs 53.04 per share (premium of Rs 43.04). The company received overwhelming response for its FCCB issue. In aggregate, 93 global investors participated with confirmed orders in excess of $1.102 billion, resulting in subscription of 4.41 times.

OCL India has informed that the Guwahti High Court has approved the merger of DCML (Dalmia Cement (Meghalaya) Ltd) with OCL (OCL India Ltd). Further, the date of hearing of the petition of OCL for sanction of the Scheme of Arrangement is fixed as November 2 by the High Court of Orissa at Cuttack.

Reliance Energy Ltd’s board has approved a proposal to further unlock overall shareholder value by transferring its infrastructure projects to a separate 100 per cent-owned subsidiary, subject to all approvals. These include roads, bridges, metro rail and real estate.

Sanghvi Movers has received new orders aggregating to Rs 87.50 crore for giving cranes on hire to Suzlon Energy (value of order Rs 45 crore), BHEL (Rs 24 crore), Hajee A P Bawa (Rs 11.25 crore), Metro Tunneling Group (Rs 5.25 crore) and Toyo Engineering (Rs 2 crore).

Strides Arcolab Ltd’s board has approved in-principle the proposal for the amalgamation of its wholly owned subsidiaries Quantum Life Sciences Private Ltd and Medgene Pharmaceuticals Private Ltd with it. The scheme will be subject to all requisite permissions as may be required.

Unitech has approved, subject to permissions as may be required, the issue of further securities up to 20 crore equity shares of the face value of Rs 2 each.

Zodiac Clothing Company Ltd’s board of directors has approved the proposal of issue of 4.40 lakh warrants convertible into equity shares on preferential basis to certain promoters as per SEBI guidelines and also issue of equity shares, partly convertible bonds, Foreign Currency Convertible Bonds (FCCBs) and/or debentures and/or other securities etc, by prospectus and/or offer letter, and/or offering circular, and/or on public and/or private or preferential basis not exceeding 15 lakh equity shares of Rs 10 each . The board has also decided to increase the authorised share capital from Rs 10 crore to Rs 20 crore.