The Hindu Business Line : Corporate developments

Coimbatore, Jan. 21 Ballarpur Industries Ltd (BILT) has announced approval of equity investments of $175 million by two major private equity investment firms, GIC Special Investments Pte Ltd (a wholly owned subsidiary of Government of Singapore Investment Corporation Pte Ltd) and JP Morgan’s Principal Investment Management Group in Ballarpur Paper Holdings B.V. (BPH), which will entitle them to an approximately 21 per cent equity stake. BPH is a wholly owned step down subsidiary of BILT in the Netherlands. BILT had created BPH as a special purpose vehicle for the acquisition of Sabah Forest Industries Sdn Bhd (SFI), the largest integrated pulp and paper mill in Malaysia. BPH owns 97.8 per cent of the capital in SFI and the balance 2.2 per cent is held by the Government of Sabah. Chettinad Cement Corporation Ltd has convened a meeting of the board of directors on January 29 to consider a rights issue proposal.

Gati Ltd’s board of directors has approved the allotment of 17,86,800 equity shares of Rs 2 each at a premium of Rs 123 per share on conversion of FCCBs being equivalent to $5 million to Lehman Brothers International Europe, London.

GMR Industries Ltd has said that a meeting of the board of directors will be held on January 30 to consider the proposal for rights issue.

HBL Power Systems Ltd’s Directors’ Committee on preferential issue held a meeting on January 21 to consider the offer of the company’s bankers about their interest to fund the company’s expansion operations via term loans without need for equity as margin money. The committee decided to defer the preferential issue for the time being.

Mangalore Refinery & Petrochemicals Ltd and Shell Aviation on January 21 announced an agreement to enter into a joint venture to market and supply aviation fuel, initially at two airports, Bangalore and Hyderabad and later on at other Indian airports. The companies will provide complimentary services and strengths to the joint venture. Together they will offer a co-branded global refuelling offer to both Indian and international airlines. The agreement will become effective early in 2008.

Monsanto India Ltd has said that the board of directors has decided to sell, transfer, assign or otherwise dispose of the Butachlor and Alachlor businesses to Sinochem International (Overseas) Pte Ltd or its subsidiary/associate in India for a total consideration payable in Indian Rupees equivalent to $8.4 million (approx Rs 33 crore0 million).

Paramount Communications Ltd has said that a meeting of the board of directors will be held on January 30 to consider the issue of warrants/convertible warrants/equity shares/ any other instrument on preferential basis under SEBI guidelines subject to approval of members.

Spice Communications Ltd has called for a meeting of the board of directors on January 30 to consider the proposal for buy-back of equity shares of the company.

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