The Hindu Business Line : Corporate developments

Coimbatore, Feb. 7 Elgi Equipments Ltd’s Board has approved the proposal to set up wholly owned subsidiaries in Sharjah (Free Trade Zone) and Brazil. With reference to the earlier announcement dated January 29 whereby directors had decided to defer the proposal for the corporate restructuring including merger/amalgamation of Gulshan Sugars & Chemicals Ltd, the company has informed that a meeting of the board of directors will be held on February 14 to consider the same.

Indiabulls Real Estate Ltd has stated that its subsidiary Indiabulls Infrastructure Ltd (IIL) has acquired 100 per cent shareholding of Catherine Builders and Developers Pvt Ltd from DLF Home Developers Ltd. Catherine owns 50 per cent shareholding of Kenneth Builders & Developers Pvt Ltd which had earlier won the auction by DDA to develop a residential project on 35.8 acres of land located at Tehkhand in South Delhi. The remaining 50 per cent shareholding of Kenneth is owned by Bridget Builders & Developers Pvt Ltd, a wholly owned subsidiary of IIL. With this acquisition, IIL now owns 100 per cent stake in Kenneth through wholly owned subsidiaries.

Patni Computer Systems Ltd’s board of directors has approved a buyback of equity shares from open market through stock exchanges at a maximum price of Rs 325 per share for an aggregate amount of Rs 237 crore.

Polaris Software Lab Ltd has set up a Centre of Excellence (COE) to serve the increasing demand from retail banking customers that are using SAP solutions. Polaris’ new COE will support business process platform for banking from SAP and subsequently collaborate in implementations and consulting.

Surya Roshni Ltd has said that as Surya Roshni Inc. USA, a wholly owned subsidiary of the company, is running at a loss for the past few years and despite efforts to improve the performance it could not be revived; the board of directors of the company has decided to take necessary steps for winding up of Surya Roshni Inc. USA.

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