Business Daily from THE HINDU group of publications
Thursday, Jul 31, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, Jul 31, 2008 ePaper | Mobile/PDA Version | Audio |
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Markets
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Announcements Web Extras - Alliances & Joint Ventures Our Bureau Coimbatore, July 30 Adhunik Metaliks Ltd’s Board of Directors has approved in-principle merger/amalgamation of Vedvyas Ispat Ltd and Sri M.P. Ispat & Power Pvt Ltd with Adhunik Metaliks Ltd subject to finalisation of the swap ratio and other formalities. Camlin Fine Chemicals Ltd has approved the proposal for setting up a joint venture company withPagoda Advisors Pvt Ltd and its associates. Camlin Fine Chemicals will own 51 per cent of the equity and the rest will be owned by Pagoda Advisors Pvt Ltd and its associates. The new company will focus on retail of luxury/premium brands in India by setting up stores in all major metros and cities in India on its own and through franchisees. Compact Disc India Ltd has approved co-production deals for two international feature films amounting to $54 million. The details will be announced in London next month. Federal-Mogul Goetze (India) Ltd’s board of directors has approved the draft letter of offer for rights issue for Rs 130 crore. Jyothy Laboratories Ltd’s board of directors has approved the plan to foray into new business ‘Fabric Spa’, a complete rejuvenating solution for garments, under its newly-formed subsidiary Jyothy Fabricare Services Ltd. Kaashyap Technologies Ltd has fixed August 14 as the record date for issue of bonus shares in the ratio of 1:6.
Mahindra & Mahindra Ltd’s board of directors at its meeting held on July 30 has approved the acquisition of all the business assets of Kinetic Motor Company Ltd (KMCL), a two-wheeler company. The acquisition will be done through a new company to be formed. The consideration for the acquisition is Rs 110 crore (subject to closing due diligence) in cash plus 20 per cent stake to KMCL in the new company. Mahindra & Mahindra Ltd will hold the balance 80 per cent of the equity. New Delhi Television Ltd has said its board of directors has approved the setting up of a new company for building infrastructure in the form of studio, production facilities etc, wherein the offshore subsidiary of the company will invest up to $150 million as cumulative convertible preference shares or any other instrument as deemed appropriate.
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