The Hindu Business Line : Corporate developments

Coimbatore, Dec. 10 Adlabs Films Ltd has said that the company has entered into agreements with several existing cinema properties and will be operating a 200-screen cinema exhibition chain in the US. The consolidated chain will have a footprint across the US covering 28 cities including the key markets in East, Mid West and West Coast. They will be playing mainstream Hollywood films in addition to movies in Hindi, Tamil and Telugu.

CESC Ltd has said that on the basis of applications received till December 7, the bid closing date, 95,60,000 equity shares of Rs 10 each of the company have been allocated to Qualified Institutional Buyers (QIBs) at the price of Rs 618 per share. The last date for making payment by the QIBs is December 12.

Diamond Cables Ltd has said that a meeting of the board will be held on December 17 to decide on raising long term funds up to Rs 250 crore as may be expedient by way of FCCBs/GDRs/ADRs/Qualified Institutional Placement (QIP) as per SEBI guidelines/applicable provisions.

Goldiam International Ltd has said that the Development Commissioner, SEEPZ Special Economic Zone, has granted permission to it for the establishment a trading unit in SEEPZ SEZ, Andheri (E), Mumbai with an annual capacity of Rs 110.30 crore for undertaking trading activities in rough diamonds, cut & polished diamonds, precious stones, c & p precious and semi-precious stones, synthetic stones (C.Z.), pearls, alloys, plain & studded gold jewellery, plain & studded silver jewellery, labels, findings (gold/silver/platinum), mountings (gold/silver/platinum), stainless steel jewellery studded with diamonds and precious stones. This trading unit shall he entitled for tax exemption benefits under Section 10AA of the Income Tax Act, 1961.

HBL Power Systems’ Board of directors has decided to raise funds through issue of equity shares and warrants on preferential basis — 11,80,445 equity shares of Rs 410 per share inclusive of Rs 400 per share as premium to the foreign corporate bodies, private unregistered trusts and the promoters and 15,00,000 share warrants of Rs 425 each, which is to be converted into an equal number of equity shares with a face value Rs 10 each with premium of Rs 415 per share within 18 months from the date of allotment of warrants to the foreign corporate bodies and private unregistered trusts.

Jindal Steel & Power Ltd has stated that the first unit of 250 MW of Jindal Power Ltd, a subsidiary company, has started generation of power for commercial purposes. Other three units of 250 MW each are in the final stages of implementation and the project (1,000 MW) is likely to be operational by July, 2008.

Videsh Sanchar Nigam Ltd has said that the Board of Directors has approved the proposed merger of VSNL Broadband Ltd, a wholly owned subsidiary, with VSNL.

UB Engineering Ltd has said that the Board has fixed the issue price of the rights issue at Rs 126 per share (including premium) in the ratio of 5:13 (five equity shares for every 13 equity shares held).