The Hindu Business Line : Corporate developments

Coimbatore, Jan. 7 Advanta India Ltd has acquired the business of Unicorn Seeds Ltd by acquiring 100 per cent shares in the company for Rs 65 crore that includes deferred payment based on achievement of performance related milestones. Unicorn has a strong presence in the domestic and export markets of vegetable seeds and it also undertakes custom production of vegetable seeds for customers around the globe. The revenue size of the business of Unicorn for the last financial year was about Rs 25 crore. With this acquisition, Advanta’s exposure in vegetable seeds will become stronger with added crops to its current vegetable product portfolio. It hopes to leverage the strong brand equity of Unicom, excellent breeding programmes and outstanding production capabilities to strengthen the leadership position in this market segment.

Ennore Foundries Ltd has said that the board of directors at the meeting held on January 5 has decided to issue GDRs for up to $ 25 million.

Indiabulls Financial Services Ltd has said that the board of directors at its meeting held on January 5, has decided to convene an EGM of the shareholders on February 1 for the purpose of obtaining the approval of shareholders to further issue of shares by international offerings through a public issue of convertible securities/ADRs/GDRs and FCCBs convertible into equity shares up to $1 billion and approval for creating ESOP schemes in compliance with the terms of the Scheme of Arrangement, between Indiabulls Credit Services Ltd and the company, approved by the High Court of Delhi.

India Infoline Ltd has informed that the board of directors has decided through a circular resolution to incorporate a new subsidiary company for undertaking the business of providing wealth management services. The board of the newly formed subsidiary will take appropriate decisions as regards to allotment of equity/ESOP/warrants to the managerial team and key employees of the new company as may be required from time to time.

Parsvnath Developers Ltd has been awarded the construction contract of Sai Ashram at Shirdi in Maharashtra by Shirdi Sai Trust, Chennai. With an approximate contract value of Rs 90 crore, the company will construct dormitories, residential blocks etc spread over a built up area of approximately 10 lakh sq ft. The project work will commence in January and will be completed within 21 months from the date of commencement of construction. The company is already developing a three-star hotel at Shirdi spread over a total area of 50,000 sq feet, which will have 58 rooms on offer.

Suzlon Energy Ltd has said that the company through Suzlon Wind Energy A/S, Denmark, its step-down wholly owned subsidiary, has consolidated its position in the Spanish wind energy market with an order for 42.5 MW of wind turbine capacity.