The Hindu Business Line : Corporate developments

Coimbatore, Dec. 27 Atul Ltd has estimated that the fire accident at one of the chemical plants at the company’s factory on December 14 at Atul, Valsad, in Gujarat has resulted in loss of finished goods and raw materials worth approximately Rs 1.50 crore and the loss of plant and machinery is estimated to be around Rs 8 crore. The final figures are being worked out in co-ordination with the insurance surveyor. The company is said to be insured for the above loss. In the current financial year, revenue loss is estimated at Rs 12 crore while the loss in profit is estimated at Rs 3 crore. The company’s in-house projects team is working round the clock to restart the plant.

Ahluwalia Contracts India has received new work orders/letter of intents for up-gradation and renovation of Dr S.P.M. Swimming Pool Complex, New Delhi from the Government, CPWD, Commonwealth Games Division-VI, for Rs 230 crore and from Chalet Hotel Ltd at Mumbai for proposed hotel work ‘Renaissance’ Phase-III, civil & structural work at Mumbai for Rs 111 crore.

Bank of India’s Board of Directors has decided to raise tier-I capital by way of issue of up to 3,77,72,600 equity shares through Qualified Institutional Placement (QIP) route. The bank has got the approval from the Ministry of Finance for this purpose which, inter-alia, stipulates that the placement shall be made only with public sector enterprises and mutual funds.

National Mineral Development Corporation has said that its Board of Directors has approved the issue of bonus shares in the ratio of two shares for every one share held and splitting of face value of shares of Rs 10 each into ten shares of Re 1 each.

Parsvnath Developers has launched its premium commercial project, Parsvnath Highway Mall, in Rajpura, Punjab. The project is specifically designed to offer commercial space to house large format stores showcasing range of aspirational brands to customers and will have a total saleable area of approximately 2.30 lakh sq ft. The project is a part of Parsvnath King City, a mega township project consisting of independent plots, villas, group housing, schools, landscaped gardens etc with total sale worth of Rs 250 crore approximately.

Shree Cement has commissioned its second 1.5 million tonnes per annum cement grinding unit at Khushkhera, near Gurgaon on December 26.

Vishal Exports Overseas has convened a meeting of the Board of Directors on January 3, 2008, to consider, and approve the proposal for demerger of the ‘Wind Farm Project’ of the company situated in Rajasthan and Tamil Nadu on a going concern basis to Vishal Wind Project Ltd, Ahmedabad.