Shares of Punj Lloyd may see higher action on Friday, as the company said it has received Foreign Investment Promotion Board approval for manufacturing equipment systems and associated assemblies for the Defence sector. According to the rules, foreign equity participation in the company, including FDI and investments by FIIs through portfolio investment, has been capped at 32.99 per cent of the paid-up equity capital. Currently, FIIs hold 6.54 per cent stake in Punj Lloyd.
Open offer begins for Prime Focus
Shares of Prime Focus will remain in limelight next week, as the open offer for public shareholders from Reliance MediaWorks begins on Friday. The acquirer plans to mop up 26 per cent (7.77 crore shares) at an offer price of ₹52 a share. The open offer closes on January 2, 2015. On July 2, the board of directors of Prime Focus had approved a preferential allotment of 9.04 crore shares to Reliance Media, triggering the open offer. Shares of Prime Focus on Thursday closed at ₹51 on the BSE.
Court to hear Aurionpro, Intellvisions merger
The Mumbai High Court will hear Aurionpro Solutions’ petition for approval of the scheme of amalgamation of Intellivisions Software with itself. Shareholders of Aurionpro in October approved the merger proposal. The share exchange ratio has been fixed at 33 equity shares of ₹10 each of Aurionpro Solutions for every 250 equity shares of ₹10 each held in Intellvisions Software. Shares of Intellvisions closed at ₹33.5 while Aurionpro Solutions ended the day at ₹239.30 on the BSE.
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