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The board of Zuari Agro Chemicals has approved a rights offer of equity shares. The board has constituted a committee of directors to decide on the ratio, price and quantum of the right issue. Shares of Zuari Agro Chemicals closed flat at ₹121.50 on the BSE.
The board of Smartlink Network Systems on Monday approved a proposal to buy back its shares from investors. The company plans to buy back equity shares of ₹2 each not exceeding 74,54,850 equity shares at a price not exceeding ₹110 a share. The offer size works out to ₹82 crore, which is less than 25 per cent of the total paid-up equity capital and free reserves of the company as on March 31, 2015. The acquisition from the shareholders of the company would be on proportionate basis through the tender offer route. Shares of Smartlink slumped 6.56 per cent at ₹94.7 on the BSE.
The board of Gammon India has taken note of a resolution passed by ICICI Bank, acting as a monitoring institution on behalf of CDR lenders, for conversion of part of their outstanding debt into equity under the Strategic Debt Restructuring Package. The three CDR lenders - IDBI Bank, UCO Bank and Indian Bank - have decided to convert part of their outstanding debt and interest aggregating to ₹22.25 crore into equity shares of the company of face value ₹2 each at a price of ₹11.89 a share. Post-conversion, the total shareholding of the CDR lenders would be 55.43 per cent of the total equity capital of the company. The stock edged down 2.66 per cent at ₹4.76 on the BSE.
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