Tata Sponge Iron Ltd has informed BSE that the Board of Directors of the Company at its meeting held today (May 16, 2002), declared an interim dividend of Rs 2/- per share (20%) for the year ending March 31, 2002. The outgo on account of interim dividends and tax thereon would be approx. Rs 30.80 million.
Indo Rama Synthetics board approves demerger of spun yarn business
Indo Rama Synthetics India Ltd has informed BSE that the Board of Directors met today (May 16, 2002) to consider the various options for restructuring the Company's business as recommended by M/s Ernst & Young ("E&Y"). The Board had earlier appointed E&Y to recommend and implement a restructuring of the Company to enable enhancement of shareholder value.
The Board noted that the two businesses of spinning and polyester have different business dynamics and synergies, which require different focus and strategic initiatives for future alliances / growth/ consolidation. The Board also observed that segregating the two businesses would enhance shareholder value.
After considering the comparative merits and demerits of various routes for the restructuring the segregating of the polyester and spun year business into two entities by way of a demerger was considered to be the best option for the restructuring of the Company.
Accordingly, the Board of Directors of the Company, subject to the consent of the Company's lenders, have decided to demerge the spun year business into a separate company.
It is proposed to demerge the Spinning business into a Special purpose shell vehicle ("Newco") and to retain the Polyester business (together with the DTY business) with the Company. The Board has decided that the equity share capital of the Company be split in the proportion of 80:20 between the Company and Newco respectively.
Based on the valuation given by E&Y, the Board of Directors have approved that in consideration of a demerger of the spinning unit to Newco, the existing shareholders of the Company will receive one equity share in Newco for every existing five shares held by them in the Company, with a consequent reduction of their shareholding in the Company to the extent of one share for every share received in Newco.
The Board has further approved that the shareholders shall have an option to convert their equity shares into preference shares at a face value of Rs 10 per preference share, redeemable at a premium of Rs 20. The redemption shall be in two installments of 25% and 75% of the total value at the end of six months and 15 months respectively from the date of filing the order of the court sanctioning the scheme of demerger with the jurisdictional Registrar of Companies.
However the first payment shall be made not later than April 15, 2003 subject to the filing of the Order of the Court sanctioning the scheme of demerger with the jurisdictional Registrar of Companies.
Further the optional conversion to preference shares shall not exceed 20% of the equity share capital of Newco (prior to the conversion). In the event more than 20% of the equity share capital as mentioned above is opted for conversion to preference shares by the shareholders, the shareholders shall be allotted the preference shares on a pro rata basis.
The coupon rate of dividend on the preference share shall be 0.1%
The Board of Directors have approved restructuring of share capital of the Company, apart from splitting the equity share capital of the Company as described above, to improve the servicing of the remaining equity capital of the Company such that, for every equity share of the Company held, the shareholder be given the option to either retain it in the form of equity share of the Company, or, at his option, convert it to a debenture at a face value of Rs 10 per debenture, redeemable at a premium of Rs 20 in two instalments of 25% and 75% of the total value at the end of six months respectively from the date of filing the order of the court sanctioning the scheme of demerger with the jurisdictional Registrar of Companies.
However, the first payment shall be made not later that April 15, 2003, subject to the filing of the Order of the Court sanctioning the scheme of demerger with the jurisdictional Registrar of Companies.
Further, the optional conversion to debenture shall not exceed 20% of the equity share capital of the Company (prior to conversion).
In the event more than 20% of the equity share capital as mentioned above is opted for conversion to debentures by the shareholders, the shareholders shall be allotted the debentures on a pro rata basis. The coupon rate of the debentures shall be zero per cent.
GTL allots shares and warrants under ESOP
GTL Ltd has informed BSE that the nomination and remuneration committee of the board of directors of the Company at its meeting held today (May 16, 2002) has made allotment of 47,053 Equity shares of Rs 10 each for cash at a premium of Rs 90 per share in terms of 'the Employee Stock Option Scheme (ESOS)' of the Company upon exercise of right of conversion of warrants into equity shares by the employees.
The committee has also made fresh allotments of 17,000 warrants to the eligible employees of the Company under 'the Employee Stock Option Plan (ESOP 2001)' and 16,000 warrants to the employees of its subsidiary under 'the Employee Stock Option Plan (ESOP 2001- Subsidiary)' approvals for which were obtained from the Company's shareholders at the 13th AGM held on July 30, 2001.
HPCL FY-02 results on May 30, 2002
Hindustan Petroleum Corporation Ltd has informed BSE that next meeting of Board of Directors of the Corporation will be held on May 30, 2002 to consider inter alia the Audited Financial Results of the Corporation for the year ended March 31, 2002 and equity dividend, if any, for the financial year 2001-02.
Amarinder Singh resigns from the directorship of Ranbaxy Laboratories
Ranbaxy Laboratories Ltd has informed the BSE that Capt. Amarinder Singh has resigned from the directorship of the company in view of his assumption of the office of Chief Minister of the State of Punjab and the same has been accepted by the board of directors by circulation on May 13, 2002.
Shree Rama Multi Tech H1 results on May 24, 2002
A meeting of the Board of Directors of Shree Rama Multi Tech Ltd is scheduled to be held on May 24, 2002 to take on record the Audited Accounts of the Company for the half-year ended on March 31, 2002.
ACC re-appoints P K Sinor as wholetime director
Associated Cement Companies Ltd (ACC) has informed BSE that the Board of Directors at its meeting held today (May 16, 2002) has reappointed Mr P K Sinor as Wholetime Director from August 04, 2002 till July 31, 2004. The said reappointment is subject to the approval of the shareholders at the ensuing Annual General Meeting of the Company to be held on July 03, 2002.
Indian Hotels board declares 80% interim dividend
Indian Hotels Company Ltd has informed BSE that at a meeting of the Board of Directors of the Company held today (May 16, 2002) the Board inter-alia, considered and approved the payment of an interim dividend of 80% on 4,51,14,695 Ordinary Equity Shares of Rs 10 each fully paid up of the Company.
Accordingly:
1. The interim dividend payable on one Equity Share of Rs 10 each fully paid up will amount to Rs 8 per share.
2. The interim dividend payable on 100 equity shares of Rs 10 each fully paid up will amount to Rs 800.
M K Khera promoted as joint managing director of Kinetic Engineering
Kinetic Engineering Ltd has informed BSE that Mr M K Khera, Executive Director (O) has been promoted as Joint Managing Director with additional responsibility of New Projects
Global Infrastructure members approve issue of shares to FD holders in lieu of repayment of their entire dues
Global Infrastructure & Technologies Ltd has informed BSE that at the EGM of the company held on May 15,2002 shareholders have approved, to issue and allot, not more than 1,36,600 equity shares of Rs 10 each at par to those of the fixed deposit holders of the company, who have consented to accept the allotment of shares in lieu of repayment of their entire dues of fixed deposit amounts kept with the company.
Samtel Colour board approves acquisition of Deflection Yoke Unit from Samtel India
Samtel Colour Ltd has informed BSE that the board of directors of the company in its meeting held on May 13, 2002 have considered and accepted the recommendations of the committee with regard to acquisition of Deflection Yoke Unit as offered for sale by Samtel India Ltd as a going concern, subject to necessary approvals.
The acceptance of recommendations is subject to all necessary approvals, permissions, consents that may be required to give effect to the acquisition.
Anju Advisory Services makes open offer to acquire 20% stake in Vasudha Trading & Agencies
Anand Rathi Securites has informed BSE that Anju Advisory Services Private Ltd (the acquirer) holds 7,370 equity share representing 14.74% of the paid up equity share capital of Vasudha Trading & Agencies Ltd (Target Company). The Acquirer has entered into an agreement with Mr Mahesh Somani and Mr Vishal Somani to acquire 23,250 equity shares of Rs 10/- each of the Target Company representing 46.50% of paid up equity share capital of the Target Company, at a price of Rs 20/- per equity share.
The Acquirer in pursuance of SEBI (SAST) Regulation has decided to acquire further shares in Vasudha Trading & Agencies Ltd.
The acquirers announces its offer to all the shareholders of the Target Company to acquire upto 10,000 equity shares of Rs 10 each (representing 20% of the Target Companies paid up equity share capital) at a price of Rs 20 per equity share ("the offer price")payable in cash.
The Offer is not subject to any minimum level of acceptance.
The specified date of offer is May 21, 2002.
The date of opening of offer is June 21, 2002.
The date of closing of offer is July 20, 2002.
BSE imposes special margin on Zenith Infotech
BSE has informed the members of the exchange that Special Margin of 25% has been imposed on Zenith Infotech Ltd with effect from today (May 16, 2002).
Special margins will be imposed on the basis of memberwise gross purchase or sale position (Clientwise net).
TISCO declares interim dividend of 40%
Tata Iron & Steel Company Ltd has informed BSE that at the Board Meeting held today (May 16, 2002) the Directors of the Company considered and approved payment of an interim dividend of 40% (Rs 4 per share) on 3,67,771,901 ordinary shares of Rs 10 each, for the financial year 2001-02.
The record date for determining eligibility of members for the payment of interim dividend shall be May 30, 2002.
GTN Textiles FY-02 net down by 38.37%
GTN Textiles Ltd has posted a net profit of Rs 36.30 million for financial year ended March 31, 2002 as compared to Rs 58.90 million for corresponding period last fiscal. The total income (net of excise) has decreased from Rs 2286.50 million in FY-01 to Rs 2271.90 million in FY-02.
The Board has recommended a dividend of 17.5% (Rs 1.75 per share) on the equity shares subject to approval of the members.
Glenmark Pharma Q4 net up by 95.97%, FY-02 net up by 33.28%
Glenmark Pharmaceuticals Ltd has posted a net profit of Rs 67.68 million for quarter ended March 31, 2002 as compared to Rs 34.54 million for corresponding period last fiscal. The total income has increased from Rs 414.58 million in MQ 2001 to Rs 881.66 million in MQ 2002.
The Company has posted a net profit of Rs 227.77 million for FY-02 as compared to Rs 170.89 million for FY-01.The total income has increased from Rs 1692.86 million in FY-01 to Rs 2417.43 million in FY-02.
The Board of Directors has recommended a dividend of 60% amounting to Rs 6.00 per share, subject to approval of the shareholders.
Essel Propack announces Book Closure for dividend
Essel Propack Ltd has announced that the Register of members and the Share Transfer Books of the Company will remain closed from June 18, 2002 to June 19, 2002 (both days inclusive for the purpose of payment of dividend for the financial year ended December 31, 2001).
The dividend will be payable to those shareholders whose names appear:
1. As Beneficial Owners at the close of business on June 17, 2002 as per the list to be furnished by NSDL and CDSL in respect of the shares held in electronic form and
2. As members in the Register of Members of the Company as on June 19, 2002 after giving affect to all valid share transfers in physical form which are lodged with the Company on or before June 17, 2002.
who would be entitled to receive the Dividend (2001) @55% on the equity shares of the Company as was declared by the Company's Board of Directors in its meeting held on February 27, 2002.
Tata Power declares 50% Interim Dividend
Tata Power Company Ltd has informed BSE that the Board of Directors at its meeting held today (May 16, 2002) has declared an Interim Dividend @ 50% (Rs 5/- per Equity Share) to the holders of the Equity Shares of Rs 10/- each of the Company.
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