The Hindu Business Line : Corporate developments

Coimbatore, Jan. 8 Binani Cement Ltd has said that a meeting of the Board of Directors will be held on January 19 to consider and approve the raising of funds up to a maximum of $125 million by way of Foreign Currency Convertible Bonds (FCCBs)/Global Depositary Receipts (GDRs)/American Depository Receipts (ADRs) / Qualified Institutional Placements (QIPs) and / or other appropriate equity-linked instruments to facilitate expansion of capacities and for overseas acquisitions subject to all the necessary approvals.

Adani Enterprises Ltd’s Board of Directors has approved raising of equity/equity-linked instruments up to Rs 3,000 crore as QIP. The company intends to complete the process during the first quarter of 2008 in consultation with its issue managers. The company has diversified interests in energy, real estate and agri businesses.

The fund raising objective is to meet long-term requirements for Energy Group (comprising power, mining & oil & gas) and its real-estate business.

Goldiam International Ltd and its subsidiaries, Goldiam Hong Kong Ltd, China and Goldiam Jewels Ltd, Mumbai have entered into a contract with Socotra Diamonds Ltd, Dubai, UAE for the export of jewellery worth $10 million.

Prism Cement Ltd’s Board of Directors has declared an interim dividend of 10 per cent absorbing a sum of Rs 34.90 crore (including dividend distribution tax of Rs 5.07 crore), for the financial year 2007-08.

Pudumjee Agro Industries Ltd’s Board of Directors at its meeting held on January 8, has decided to seek approval of the shareholders at the EGM being convened to change the name of the company to ‘Pudumjee Industries Ltd’, for sub-division of equity share of Rs 10 each into 5 equity shares of Rs 2 each and issue of further share capital.

Webel-Sl Energy Systems Ltd has said that its shareholders have approved the issue of Global Depository Receipts (GDRs)/American Depository Receipts (ADRs)/ Foreign Currency Convertible Bonds (FCCBs)/Placement of Securities with Qualified Institutional Investors to the extent of Rs 150 crore to meet the cost of expansion plan of 30 MW of the company.

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