The Hindu Business Line : Corporate developments

Coimbatore, Feb. 6 Bharti Airtel Ltd has said that Bharti Infratel, a wholly owned subsidiary of the company, announced that private equity firm Kohlberg Kravis Roberts & Co (KKR) has agreed to invest $250 million in Bharti Infratel. The investment will be made by KKR’s Asia dedicated private equity fund and its global private equity fund. This is in addition to the investment of $1 billion in Bharti Infratel by leading international investors Temasek Holdings, The Investment Corporation of Dubai (ICD) Goldman Sachs, Macquarie, AIF Capital, Citigroup & India Equity Partners (IEP) in December 2007.

LIC Housing Finance Ltd’s board of directors has decided to call off the EGM earlier scheduled to be held on Feb 14 to consider issue of shares on preferential basis to LIC of India and First Gulf Bank due to inability of First Gulf Bank to obtain the required regulatory approvals from their regulator concerned till date.

Rollatainers Ltd’s board of directors has allotted 90 lakh equity shares of Rs 10 at par to W.L.D. Investments Pvt Ltd upon conversion of 90 lakh Optional Fully Convertible Debenture (OFCDs) of Rs 10 as stipulated in the rehabilitation scheme sanctioned by BIFR.

Sintex Industries Ltd has completed pricing and allocation of the issue through Qualified Institutions Placement of 1,25,42,553 equity shares of Rs 2 each for cash at a price of Rs 470 per equity share (including a share premium of Rs 468 per equity share) aggregating Rs 589.49 crore.

With reference to the earlier announcement on May 21, 2007 regarding the Board’s decision to raise capital through follow-on public offer, Syndicate Bank’s Board of Directors in its meeting held on January 29 has decided to issue8 crore equity shares of Rs 10 each through Qualified Institutional Placement (QIP) in lieu of Follow-on Public Offer, subject to statutory and other necessary approvals.

Thirumalai Chemicals Ltd has informed that it is revamping its Phthalic Anhydride plant. For this purpose, one reactor will be closed for 33 days from February 15. The entire plant at Ranipet in Tamil Nadu will be shut for 10 days for revamp. This will lead to a loss of production of about 6,000 tonnes. The catalyst change and the revamp will enhance the capacity to 1.15 lakh tonnes per year by end March 2008. The company will maintain enough buffer stock to meet all its customers’ requirements.

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