Corporate news

Our Bureau Coimbatore | Updated on March 16, 2011

Canara Bank has said that the sub-committee of the board of directors on March 11, determined March 11 to be the issue closing date and Rs 604 a equity share to be the issue price pursuant to the qualified institutions placement to certain eligible qualified institutional buyers.

The Bank on March 15 has confirmed the issue and allotment of 3,30,00,000 equity shares of face value of Rs 10 each to raise Rs 1,993.20 crore.

Consequently, the paid up capital of the bank will be increased to Rs 443 crore. The Government holdings continue to remain at Rs 300 crore constituting 67.72 per cent of the paid up capital of the bank.

GEI Industrial Systems Ltd has secured orders worth Rs 45 crore for supplying air cooled vacuum steam condensers from UltraTech Cement Ltd, Top Worth Urja and Metals Ltd and Crest Steel and Power Pvt Ltd.

Indian Hotels Company Ltd has informed that Roots Corporation Ltd, its wholly owned unlisted subsidiary, has approved the investment by Omega TC Holdings Pvt Ltd, a private limited company incorporated under the laws of Singapore, of Rs 150 crore in various tranches for acquiring an equity stake in the company.

In addition, the investor will also be acquiring Compulsorily Convertible Preference Shares from some existing holders for an aggregate consideration of Rs 70 crore, giving the investor a minority stake (on a fully diluted basis) in Roots Corporation Ltd.

The investor will also have an option to invest a further Rs 100 crore into Roots Corporation Ltd by March 2014, subject to satisfaction of certain conditions.

SKS Microfinance Ltd has informed that the board in its meeting held on March 16, has decided against Corporate Debt Restructuring route and instead will explore other possibilities of additional fund raising from various banks / financial institutions.

Zuari Industries Ltd has acquired 20,00,000 shares of Zuari Holdings Ltd, a company incorporated with the object to carry on the main business of investment. Consequently, Zuari Holdings Ltd has become a 100 per cent subsidiary of Zuari Industries Ltd effective March 10.

Published on March 16, 2011

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