The Hindu Business Line : Corporate Developments

Gayatri Projects has secured new order valued at Rs 154.01 crore relating to the East-West Corridor project in Uttar Pradesh. The current order book strength of the company is Rs 3,450 crore.

Great Eastern Shipping Company has taken delivery of 1,47,000 dwt, 2,000 built modern double hull Suezmax Tanker with a view to increase and modernise the crude tanker fleet. In line with this view, the company took delivery of another modern double hull Suezmax Tanker last week. The company’s current fleet strength is 48 vessels (15 crude carriers, 19 product carriers, 2 LPG carriers and 12 drybulk carriers) with an average age of 11.8 years aggregating 3.51 mn dwt.

IOL Chemicals & Pharmaceuticals has decided to undertake the expansion of the existing capacities/to set up manufacturing facilities to strengthen backward and forward integration and increase cogeneration capacity at a total project cost of about Rs 180 crore. These relate to increase in production including of acetic acid, acetic anhydride, ibuprofen and increase in co-generation capacity from 4 MW to 14 MW. The company has planned for further expansion of Ibuprofen due to the increasing export demand.

Jain Irrigation Systems will hold an EGM on October 19 for seeking shareholders approval to offer and allot up to 86-lakh equity warrants at a price not more than Rs 485 each, aggregating up to Rs 417.1 crore (at maximum price of Rs 485 each) on preferential basis to select persons (corporate entities) of promoters group. The warrants will entitle the holder to apply for and obtain one equity share of Rs 10 each for cash at a premium not exceeding Rs 475 per share. The option can be exercised by holders within a period of 18 months from date of allotment.

Lupin is setting up a unit with an investment of Rs 40 crore for the manufacture of Steroids and other formulations at the special Economic Zone at Indore. The project would be set-up under Lupin Pharmacare Ltd, a wholly owned subsidiary of the company.

Sadbhav Engineering has been awarded a contract for Rs 245.24 crore for work at Bina Extn OCP of Northern Coalfield Ltd (NCL).

Sundaram Clayton has been directed by the High Court at Chennai to hold the meeting of the equity shareholders of the Company on October 22 for approving the Scheme of Arrangement between the Company and WABCO-TVS (INDIA) and their respective shareholders and creditors.

UTV Software Communications’ shareholders at the AGM held on September 25 have approved the increase in authorised share capital from Rs 26 crore to Rs 36 crore and the issue of securities through GDRs/ADRs not exceeding $1,00,000,000 (equivalent to about Rs 400 crore).