Alfa Laval acquires new subsidiary

Alfa Laval (India) Ltd has informed BSE that the Company has recently completed formalities relating to the acquisition of equity stake in Lavrinds Knudsen Maskinfabrik (India) Ltd (LKM). The acquisition has been made at a cost of Rs 211 million (Rs 15 per share of a face value of Rs 10/-). As a result of this, Lavrids Knudsen Maskinfabrik (India) Ltd has now become a wholly owned subsidiary of the Company. Prior to the aforesaid acquisition, the Company held 26% stake in LKM while the balance 74% was held by Alfa Laval LKM A/S, Denmark. This acquisition is subject to necessary statutory approvals.

ITC decides to voluntarily withdraw from sports sponsorships

Following the reported decision of the Cabinet to avoid any on-going controversy, ITC Ltd has decided to voluntarily withdraw from all the sponsorships of sporting activity irrespective of the legal position on the subject. Although, ITC has four term-arrangements in respect of sponsorships of various sports, it has already initiated action to exit from such arrangements. The company hopes to complete the same latest by April 1, 2001. ITC also proposes to progressively scale down its cigarette advertising. The company believes that this action on its part will create the right climate for constructive dialogue that will help develop appropriate content, rules and regulations to make the intended legislation equitable and enforceable. ITC also hopes that the proposed legislation will not in any way, place the Indian cigarette industry at a disadvantage in relation to its international counterparts who currently enjoy free access to communicate on television channels uplinked from outside India and viewed in India by a large section of the population. The company shall continue to have a dialogue with government to support the creation of meaningful and practical regulatory framework which can balance the interest of tobacco farmers, the consumers, the exchequer, the Indian economy and social health concerns.

Zensar Technologies to be merged with Fujitsu ICIM

The Board of Directors of Fujitsu ICIM Ltd and its subsidiary Zensar Technologies Ltd, at their respective meetings held today (February 08, 2001) have approved the merger of the two Companies. Fujitsu ICIM holds 74.9% of Zensar Technologies while 25.1% is held by Electra Partners Mauritius Ltd. Zensar Techologies Ltd will merge with its holding Company, Fujitsu ICIM Ltd. The share exchange ratio has been agreed a one equity share of Rs 10 each of Fujitsu ICIM for every one equity share of Rs 10 each of Zensar Technologies, the paid up capital of the two Companies being Rs 174.40 million and Rs 232.90 million respectively. The paid up capital of the merged Company after cancellation of shares held by the Holding Company will be Rs 232.90 million. The merger will be with effect from April 01, 2000 subject to approval of Hon'ble High Court of Bombay. The Scheme of merger flows from out of Court settlement between RPG and Fujitsu of Japan, the Consent terms for the settlement having been filed today in the City Civil Court at Pune and are subject to the City Civil Court Order. In the terms of the agreement, Fujitsu have agreed to dispose off its 10% shareholding in Fujitsu ICIM Ltd. As a consequence of Fujitsu's proposed sale of its investment, Fujitsu ICIM will, upon the merger, change its name to Zensar Technologies Ltd.

Unilever engages Digital India as an offshore delivery partner ICIM

Digital Equipment (India) Ltd today (February 8, 2001) has announced that it has been selected by Unilever, a global consumer goods Company, as an offshore delivery partner of choice after a competitive evaluation of several leading IT Companies. Through this engagement, Digital India will assist Unilever's Global Infrastructure Organisation (GIO) in setting up offshore Indian operations to provide a desktop software packaging service for use by the centralised distribution function at GIO infrastructure centres. The Operations will commence for European centre, but with plans to scale to service the other regional centres. As part of the expanding relationship with Unilever, Digital India will also assist the Company to deploy and roll out its desktop configuration across various Unilever operations in North America notably its new Unilever Bestfoods Division. This will involve program management and architect services from Compaq Professional Services, N.A. The initiation of this relationship with Uniliever further endorses Digital India's commitment to expand its independent customer base and build relationships that have high growth and scalability potential in the future. This engagement with Unilever reinforces Digital India's relationship with Compaq. Digital India enjoys the advantage of being able to leverage the companys international strengths and partners with Compaq on global client relationships.

TELCO Board approves rights issue of CD/NCD's

The Board of Directors of Tata Engineering and Locomotive Company Limited (Telco) at its meeting approved the simultaneous Issue of Convertible debentures and Non Convertible Debentures and Non Convertible Debentures with Detachable warrants on a rights basis in the ratio of one CD and one NCD for every five shares (1:5) of the Company held. The convertible Debentures (CD) would have a face value in the range of Rs 80 to Rs 100 each, to be determined at the time of the actual issue. The CD would be compulsorily converted into 1 (one) ordinary share of Rs 10 each on March 31, 2002 at a premium of Rs 70 to Rs 90 per share to be determined at the time of the issue. The CD would carry a coupon of 7% p.a. on the face value. The Non Convertible Debentures (NCD) would have a face value of Rs 100 and would carry an interest coupon of 11% p.a. The NCD would be redeemed in three installments of Rs 30, Rs 35 and Rs 35 each at the 4th, 5th and 6th years respectively from the date of allotment. Every 2 (two) NCDs would have 1 (one) Detachable and Tradable Equity warrant which can be exercised and converted into one ordinary share of Rs 10 each at a price of Rs 120 to Rs 140 to be determined at the time of the issue, any time after 18 months from the date of allotment till March 31,2004. The Company will raise approximately Rs 12280 million -Rs 13820 million from the proposed rights issue, depending upon the price finally decided by a committee of Directors as well as the extent of conversion of warrants by the investors in the years 2003 & 2004. The proposed issue will result in the dilution of the existing equity capital of the company by only 20% at the time of conversion of the CDs and upto a further 10% in the event that all warrants are exercised by march 31,2004. The proposed issue subject to the necessary regulatory approvals /process is slated to open in the first quarter of the financial year 2001-2002. The proceeds of the rights issue would be used for essential capital expenditure and new product development programmes and repayment/prepayment of expensive borrowings of the Company. The infusion of long term funds by way of this rights issue, would also improve the cash flows and the debt equity ratio.

Subodh K Shah to take charge as new MD of Tata Finance

Tata Finance Ltd has informed BSE that Mr.D.S.Pense has resigned from the services of the Company as Managing Director and his resignation was accepted by the Board at an emergency Board Meeting of Tata Finance Ltd held today (February 08,2001). The resignation would be with effect from May 31,2001. At the aforesaid meeting, the Board of Directors has also decided that Mr. Subodh K Shah, Deputy Managing Director of the Company, would take the charge as Managing Director with effect from June 1,2001.

Reliance Petro Jamnagar refinery operating at full capacity

Reliance Petroleum Ltd (RPL) has informed BSE that the Company's Refinery at Jamnagar is running over its rated throughput of 27 million tonnes. Diesel production is continuing at a normal pace. FCCU (Fluidised Catalytic Cracking Unit) is not even a primary source of diesel production. RPL Refinery had a safe shutdown at the time of the earthquake on January 26, 2001. As the Company had announced earlier, on January 28, 2001 it has restarted refinery operations in phases. FCCU is under start-up with utmost concern to safety and reliability. Enough precautions have been taken to provide for aftershocks to ensure smooth operations. Despatches have commenced from January 26, 2001 and RPL does not see any problem in meeting petroleum product commitments.

Heritage Packaging announces scheme of amalgamation

At a meeting of the Board of Directors of Heritage Packaging Ltd held today (February 8, 2001) held to consider the scheme of amalgamation of Ceejay Finance Ltd with Heritage Packaging Ltd, after considering all aspects and based on expert opinion, it has been decided as under: 1. Ceejay Finance Ltd shall amalgamate with Heritage Packaging Ltd with effect from April 01, 2000. 2. Paid up capital of Heritage Packaging Ltd shall be reduced from Rs 0.45 million divided into 4.50 million equity shares of Re 1 each and then 10 shares of Re 1 each shall be consolidated into 1 new share of Rs 10 each. 3. On such reduction and consolidation, the Company shall issue 1 new equity share of Rs 10 each fully paid up against 10 existing share of Rs 10 each fully paid up held in Heritage Packaging Ltd. 4. 1 new equity share of Rs 10 each (After giving effect to proposed reduction of Capital & Consolidation) Credited as fully paid up of Heritage Packaging Ltd shall be issued and allotted at par against 1 equity share each of Rs 10 each to share holders of Ceejay Finance Ltd. The New Equity Shares shall Rank Parri Passu with the existing equity shares in the matter of Dividend voting Rights and in all other respects.

Uniport Computers to call EGM to consider increase in authorised capital

Uniport Computers Ltd has informed BSE that the Company has decided to call an Extra-Ordinary General Meeting on March 23, 2001 to transact the following business: 1. To increase the authorised capital from Rs.250 million to Rs.300 million. 2. Alteration to be done in the capital clause of MoA and AoA. 3. Allotment of equity shares on preferential basis to other than promoters and existing shareholders. 4. Borrowing and Mortgage power.

Oasis Securities rights issue cancelled

Oasis Securities Ltd has informed BSE that the proposed rights issue has been cancelled and withdrawn in view of unfavourable circumstances.

Opto Circuits bags US $2 million order from US Based OEM

Opto Circuits (India) Ltd has received its largest order till date from a leading medical equipment manufacturer based in San Diego, US. The record booking, shippable over 12 months from 2nd quarter 2001, is expected to enhance the Company's position as the leading supplier of Optoelectronic products for health care industry worldwide.

Govt approves transfer of SIDBI shares held by IDBI

Government of India has approved the transfer of 230 million shares held by Industrial Development Bank of India in the capital of SIDBI to the Banks and institutions @ Rs 30 per share. Govt. of India has also approved the allocation of shares amongst institutions and the dates for payment by institutions to IDBI.

Polaris Software to amend existing stock options scheme

Polaris Software Lab Ltd has informed BSE that the Board of Directors of the Company, at its meeting held on February 07, 2001 has decided to amend the existing Employees Stock Options Scheme for providing more powers to the Compensation Committee for effective administration of the scheme and for increasing the quantum of Stock Options to be issued to employees by another 3.50% of the paid up capital of the Capital and for convening an Extraordinary General Meeting of the Shareholders on March 07, 2001 for obtaining their approval on the above matters among other things.

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