The Hindu Business Line : Corporate developments

Coimbatore, April 1 Accentia Technologies Ltd has acquired 51 per cent stake in Oak Technologies Inc, USA, an integrated services provider in the filed of healthcare receivables management operating from US and several locations in India. Accentia plans to build on its acquired OTI base through aggressive human resource development over the next 2 years and aims at a HR pool of 5500 by the end of 2008-09 financial year.

Essel Propack Ltd has said that Tacpro Inc USA, a subsidiary of Lamitube Technologies (Cyprus) Ltd, which in turn is a wholly owned subsidiary of the company, has acquired 100 per cent shareholding of Catheter and Disposables Technology, Inc, a company based in Minneapolis, USA, and in the business of medical devices.

IL&FS Investment Managers Ltd’s board of directors, at its meeting held on April 1, has approved the issue of bonus shares in the ratio of one equity share for every two shares held. However, bonus shares will not be eligible for dividend for the year ended March 31, 2008.

Provogue India Ltd has said that Triangle India Real Estate Fund LLC, co-promoted by Old Mutual Investment Group Property Investment (OMIGPI) and ICS Realty, has entered into an agreement to invest Rs 457 crore (approximately $114 million) for a 27 per cent stake in a step down subsidiary of Prozone Enterprises Pvt Ltd (Prozone-Liberty). This downstream subsidiary of Prozone Liberty holds stake in four projects being developed in Aurangabad, Indore, Nagpur and Jaipur covering over approximately 1.6 million sq ft. Sundaram Clayton Ltd has said that pursuant to the order of the High Court of Madras sanctioning the Scheme of Arrangement between the company and WABCO-TVS (INDIA) Ltd and their respective shareholders and creditors, all the assets, liabilities, duties, rights, obligations of every description of the demerged undertaking, namely the brakes business of Sundaram-Clayton Ltd (SCL), stands transferred to and vested in WABCO-TVS. The share capital of both WABCO-TVS and SCL are reorganised and shares are being issued to the shareholders of SCL in the following manner: one equity share of Rs 5 each, credited as fully paid up in WABCO-TVS and one equity share of Rs 5 each, credited as fully paid up in SCL (after reorganisation), for every one equity share of Rs 10 each held by the shareholders in SCL as on the record date

Sunil Hitech Engineers has bagged orders amounting to Rs 100.68 crore, which constitute structural works of 2x500MW, NTPC, Ennore, Tamil Nadu worth Rs 90.22 crore & structural works at Bellary worth Rs 10.46 crore through M/s JSW Steel. With this the company has an unexecuted order book position of Rs 823.94 crore.