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Our Bureau

Coimbatore, May 12 Bharat Forge Ltd’s Board of Directors on May 20 will review its earlier decision of issue of convertible warrants to the promoters group of up to Rs 300 crore and will also consider alternative proposals for fund raising.

LG Balakrishnan & Bros Ltd has informed that the High Court of Judicature at Madras has sanctioned the Scheme of Arrangement of Demerger between L.G. Balakrishnan & Bros Ltd, LGB Forge Ltd and their respective shareholders and the court order has been filed with the Registrar of Companies, Coimbatore and May 9 is the ‘Effective Date’ for the Scheme of Arrangement.

BIFR, after prolonged hearings and proceedings, has sanctioned for implementation a rehabilitation scheme for the revival of Modi Rubber Ltd, which had been declared a sick industrial undertaking in 2006.

Mysore Cements Ltd’s Board of Directors has approved amalgamation of Indorama Cement Ltd and HeidelbergCement India Private Ltd with Mysore Cements Ltd.

Nilkamal Ltd has informed that it has acquired 5001 equity shares of the face value of Rs 10 each representing 50.01 per cent of the paid up capital of Starshine Land Developers Private Ltd from its existing promoters for a consideration of Rs 50,010.

Starshine is a 50.01:49.99 joint venture company between Nilkamal Ltd and Bhoomi Realty India Private Ltd. Starshine is in the business of property development and intends to acquire a property in the suburbs of Mumbai for development.

Usha Martin Ltd has said that with regard to the disinvestment of UM Cables Ltd, a wholly owned subsidiary, in favour of Manchester (UK) based B3 Cables Solutions, the proposed buyer has intimated its inability to conclude the purchase.

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