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Our Bureau Coimbatore, Oct. 15 Chettinad Cement Corporation has called for a meeting of the board of directors on October 16 to consider rights issue of equity shares.

Educomp Solutions Ltd’s board of directors in its meeting held on October 13 approved additional options viz., qualified institutional placement according to revised SEBI guidelines or non-convertible debentures for raising funds and decided to take the approval of shareholders through postal ballot.

Electrosteel Castings Ltd’s board of directors at its meeting held on October 15 gave its consent to issue up to 4.24 crore equity shares of Re 1 each to two non-promoter overseas companies on a preferential basis at a price of not less than the price to be calculated according to SEBI guidelines or Rs 38 a share, whichever is higher.

Hindustan Construction Co has informed that Bank of India has invested Rs 150 crore in Lavasa Corporation Ltd, a subsidiary of HCC, in the form of convertible debentures. Based on the above investment, the equity valuation of Lavasa gets reconfirmed at Rs 10,000 crore. (Axis Bank Ltd had invested Rs 250 crore at the same valuation).

ICI India has said that a meeting of the board of directors will be held on October 23 for considering a proposal to buy-back shares from minority shareholders through market operations at a price not exceeding Rs 575 a share or such other limit as may be approved by the board of directors.

Punj Lloyd, which had entered into a joint venture with Swissport International Ltd to develop projects in the Indian cargo and ground handling sector in June 2006,decided not to pursue the ground handling opportunities in India and have mutually agreed to terminate the joint venture.

Rajshree Sugars & Chemicals has informed that according to the guidelines applicable to preferential allotment of the equity shares and warrants issued by SEBI or any other authorities, 10 per cent of the exercise price shall be payable by the promoters within 15 days from the date of resolution passed at the annual general meeting held on September 29. The promoters have not remitted 10 per cent of the exercise price of Rs 10 a share at a premium of Rs 60 a share as on October 14 (the final date) and therefore the said resolution passed at the meeting has become null and void and cannot be acted upon.

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