The Hindu Business Line : Corporate developments

Coimbatore, May 14 Apollo Sindhoori Capital Investments Ltd has called for a meeting of the board of directors on May 22 to approve the audited financial results for the financial year ending March 31, 2008 and to consider stock split.

Lloyd Electric and Engineering Ltd, manufacturer of air-conditioner coils, has acquired Luvata Czech s.r.o., Prague, Czech Republic.The company believes it would lead to significant business synergies especially in controlling costs, technology absorption and direct access to European markets.

The Malwa Cotton Spinning Mills Board has approved the allotment of 6,34,920 equity shares of Rs 10 each at a premium of Rs 53 each to IFCI Ltd on preferential basis in terms of restructuring of debt approved by them against funded interest on account of overdue interest aggregating to Rs 4 crore.

Power Finance Corporation Ltd has signed an MoU with Exim Bank of the US which had recently approved an India infrastructure facility that will support US exports to Indian projects in sectors such as power and renewable energy generation. PFC is one of the financial institutions approved under this India infrastructure facility with a proposed allocation of $800 million. The facility will be used by the borrowers of PFC for project related imports from US during the next two years. The special delegated line of credit under this facility will be subject to the approval from the Reserve Bank of India and it will not require any guarantee from the Government of India.

Pudumjee Pulp & Paper Mills Ltd has said that the bhoomi pooja for its first real estate project will be held on May 16 at Thergaon, Pune for constructing residential and / or commercial units on an area of about 8 lakh sq. ft in partnership with another developer.

Shriram City Union Finance Ltd has informed that the Business Development Committee of Directors (CoD) at its meeting on May 14 has allotted 12.5 lakh equity shares of Rs 10 each to Bessemer Venture Partners Trust and 5,87,500 shares of Rs 10 each to Asiabridge Fund I LLC, for cash on preferential basis at the rate of Rs 400 per share (including a premium of Rs 390 per share). The CoD also allotted 12.5 lakh warrants to Bessemer Venture Partners Trust and to Asiabridge Fund I LLC, 5,87,500 warrants at a subscription price of not less than Rs 40 for each warrant conferring an option to the holder to subscribe to one equity share per warrant within 12 months at an exercise price of Rs 400 per warrant.

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