The Hindu Business Line : Corporate developments

Coimbatore, Oct. 29 The Federal Bank Ltd has said that the Committee of Board for Rights Issue, at its meeting held on October 26, has fixed Rs 250 as the price at which the rights shares will be issued (including a premium of Rs 240 per share) and November 26 will be the record date for reckoning the eligible shareholders for the 1:1 issue.

Ispat Industries Ltd has entered into a memorandum of understanding (MoU) on October 27 with M P Trade and Investment Facilitation Corporation Ltd, a wholly owned undertaking of the Madhya Pradesh Government. In terms of the MoU, up on allotment of coal block, the company intends to make a total investment of about Rs 1,500 crore through a Special Purpose Vehicle company, to be formed at an appropriate time, for setting up the coke oven battery plant of 1 million tonne (mt) per annum, coal washery and beneficiation plant of 1.05 mt per annum and pit head power plant of 150 MW.

Jagran Prakashan Ltd has declared an interim dividend of Rs 5 per share and has recommended the sub-division of the face value of equity shares from Rs 10 per share to Rs 2 per share, subject to necessary approvals.

Mahindra & Mahindra Ltd has expressed optimism about the economy doing well during the rest of the year. In its outlook for the economy, it said the Indian economy is performing reasonably well at present. However, worries due to moderation in bank finance to rural sector, sharply appreciating rupee, slowing world growth and fluid domestic and international financial conditions are likely to persist. Interest rate cycle having peaked can be expected to move south in the near future and the industry is likely to gain momentum under its influence. On balance, our outlook for the rest of the year remains positive.

Prakash Industries Ltd has entered into a MoU with the Madhya Pradesh Government on October 27 to establish and operate 1000 MW thermal power station at Sohagpur at an investment of approximately Rs 4,500 crore. The company would be entitled to wheel the power through MP Transco/other grid lines or its own dedicated lines for its own use or for its customers.

PVR Ltd’s board of directors has approved the execution of MoU with Gyan Enterprises Pvt Ltd, a company promoted by Mr Amit Burman of Dabur Group and Mr Rohit Aggarwal, to enter into a joint venture through a SPV namely Lite Bite Concepts Pvt Ltd for the purpose of running, managing and operating food courts, restaurants, pubs, fast food centers, coffee shops and food joints in different formats, under its own brands or under popular international brands, that the joint venture may collaborate with, throughout India.