The Hindu Business Line : Corporate developments

Coimbatore, Oct 25 Alok Industries has proposed to consider the constitution of a Committee of Directors to examine, in consultation with finance and legal advisors, the advisability of realignment of the textile, infrastructure, domestic retail and international businesses and make a recommendation to the board in due course for their consideration.

Bank of Rajasthan has proposed to issue 1 crore equity shares on preferential basis to M/s Indus Capital Partners LLC N.Y. USA (65 lakh shares) and to M/s Max India Ltd, New Delhi, (35 lakh shares) at a price calculated in accordance with the SEBI guidelines or at a minimum of Rs 150 per share (face value of Rs 10 and a premium of Rs 140 per share) whichever is higher for cash subject to approval by the shareholders.

JSW Steel’s board of directors has approved a Scheme of Amalgamation of Southern Iron and Steel Company Ltd (SISCOL) with JSW Steel Ltd (JSWSL). The appointed date for the amalgamation is April 1, 2007. Pursuant to the scheme, 1 equity share of Rs 10 each of JSWSL will be issued to the equity shareholders of SISCOL for every 22 equity shares of Rs 10 each held by them and 1 redeemable preference share of Rs 10 each of JSWSL will be issued to the preference shareholders of SISCOL for every 1 redeemable preference shares of Rs 10 each held by them . The conversion price for outstanding convertible instruments in SISCOL will also be adjusted in the proportion of the swap ratio

Shriram Transport Finance Company has approved the issue of further capital of 3 crore shares by way of shares/warrants ADR/GDR and or by way of QIP (qualified institutional placements) or preferential allotment basis as per the SEBI guidelines.

A consortium led by Unity Infraprojects has been awarded three contracts aggregating to Rs 238.91 crore by the Municipal Corporation of Greater Mumbai (MCGM) for design and construction of storm water pumping stations including supply, delivery, erection, commissioning of mechanical, electrical, instrumentation and maintenance of pumping plants at Haji Ali, Cleveland Bunder (Worli), and Love Grove (Worli).

United Phosphorus has said that the Committee of the Board of Directors (CoD) has allotted 3,11,70,000 warrants by way of preferential issue to Demuric Holdings Pvt Ltd, an entity of the promoter group, entitling them to apply for an equivalent number of fully paid up equity shares of Rs 2 each at the price of Rs 340 per share in one or more tranches at anytime during 18 months from the date of issue. The company has received 10 per cent of the issue price from the allottee.