The Hindu Business Line : Corporate developments

Coimbatore, Oct. 22 BPL Ltd has allotted equity shares of Rs 10 each on preferential basis to Electro Investment Private Ltd, a promoter group company, as under: 30 lakh equity shares of Rs 10 each at a premium of Rs 33.02 per share aggregating to Rs 12.9 crore and 8.20 lakh equity shares of Rs 10 each at a premium of Rs 62.99 per share aggregating to Rs 5.98 crore.

Ennore Foundries Ltd is proceeding with plans for establishing a new facility for ductile iron and grey iron castings including blocks and heads and also for a low pressure die casting line for aluminium, involving a capital outlay of around Rs 300 crore. The various funding options for the investments are being explored and a decision in this regard would be taken shortly.

JK Paper Ltd on October 21 commenced commercial production of its international quality, multilayer packaging board plant of 60,000 tpa at Unit Central Pulp Mills, District Tapi, Gujarat.

ITD Cementation India Ltd’s Committee of Directors (CoD) for rights issue has approved issue of 57.58 lakh equity shares of Rs 10 each for cash at a premium of Rs 415per share in the proportion of one new equity share for every one equity share held by such members/beneficial owners as on the record date.

Karuturi Networks Ltd has completed all formalities leading to acquisition of infrastructure and management control of Sher Agencies Ltd, Kenya. With this acquisition, the company has emerged as the world’s largest producer and exporter of roses. Karuturi Roses are available in Africa, US, Europe, West Asia, Far East, Australia and New Zealand.

This acquisition makes it the truly multi-national and fully integrated company in India in the field of agriculture.

Orient Paper & Industries Ltd has decided to diversify its activities into manufacturing and marketing of CFL products at an estimated investment of Rs 40 crore.