The Hindu Business Line : Corporate developments

Coimbatore, Nov. 27 Arihant Foundations & Housing Ltd’s board of directors has approved the allotment of 10 lakh convertible warrants to promoters, body corporate and others on preferential basis at an exercise price of Rs 460 (including premium of Rs 450).

IOL Broadband Ltd (IOLBL) announced that it has signed a Voice Over Internet Protocol (VoIP) services provider’s agreement with MTNL last week. This agreement will allow IOLBL to interconnect with millions of MTNL subscribers with local/STD/international calls at very low rates. IOLBL, in the first year, is planning a capacity of 100 million minutes going up to 1 billion minutes in two years time and expects huge increase in VoIP and broadband connections in the near future. The company announced availability of videophones to all its broadband subscribers along with VoIP phone and tele-conferencing services. With this agreement, IOLBL will now be able to offer bundled voice-video-data-triple play services in addition to IPTV services.

LG Balakrishnan & Bros Ltd has informed about the order for confirmation by the High Court of Madras under Section 101 and 102 and other applicable provisions of the Companies Act, 1956, for the reduction of the existing fully paid-up share capital of the company from Rs 8,41,39,034 divided into 8,41,39,034 equity shares of Re 1 each to Rs 7,84,81,034 divided into 7,84,81,034 equity shares of Re 1 each so as to reflect the true paid-up capital of the company by cancellation of 56,58,000 equity shares of Re 1 each amounting to Rs 56,58,000 in the company standing in the name of Mr B Vijayakumar, Mr P S Balasubramanian and Mr S Sivakumar, Trustees of LGB Shareholding Trust, which represents the own capital of the company.