The Hindu Business Line : Corporate developments

Coimbatore, Jan. 30 Akruti City Ltd’s board of directors has decided to allot 12 per cent Optionally Fully Convertible Debentures up to Rs 200 crore to Reliance Capital Ltd on a preferential basis at a price not lower than the price determined in accordance with SEBI Guidelines.

Essar Oil Ltd has commissioned all the processing units of its 10.5-mtpa refinery, to reach full capacity by the end of this quarter. In addition, the dispatch facilities by rail and road have also been fully commissioned

GMR Industries Ltd’s board of directors has approved the proposal for a rights issue for Rs 250 crore and appointed a committee for the same. It also cleared the proposal for setting up a medium density Fibre Board Project and setting up of another sugar complex in Karnataka.

GVK Power & Infrastructure Ltd has finalised February 15 as the record date for the purpose of sub-division of equity shares of Rs 10 each into shares of Re 1 each.

HCL Infosystems Ltd has said that the Delhi High Court has sanctioned the Scheme of Amalgamation (Scheme) of Stelmac Engineering Pvt Ltd, the wholly owned subsidiary, with HCL Infosystems Ltd, the transferee company. The Scheme is effective from filing of the certified copy of the order with the Registrar of Companies, NCT of Delhi & Haryana, on January 30, 2008. All the business and undertaking of Stelmac Engineering Pvt Ltd shall stand transferred to and vested in HCL Infosystems Ltd with effect from April 1, 2007.

Indian Hotels Co Ltd has fixed February 28 as the record date for the entitlement of rights issue of equity shares and six per cent Non-convertible Debentures with detachable warrants. The rights issue is in the ratio of 1:5 (One share for every five shares held) at a price Rs 70 per share (including Rs 69 premium). The full amount of Rs 70 per share is payable on application. The non-convertible debentures with detachable warrant will come in the ratio of 1:10 (One NCD for every 10 shares held) at the price of Rs 100 per NCD and the warrant exercise price is Rs 150. The NCDs are redeemable at the end of three years from the date of allotment and warrant exercise period not later than 12 months commencing from the date of allotment.

Pochiraju Industries Ltd’s board of directors has approved the proposed launching of the pharma formulations in Maharashtra, Kerala, Gujarat, Madhya Pradesh and Chhattisgarh and the outsourcing of bio-pharma products such as EPO, GCSF, growth harmone and Factor 8 & 9 to a Korean company. The board has also cleared the third party manufacturing arrangement for formulations of five latest oncology molecules in Biopil division.