OPEN OFFER
J&P Coats Ltd: J&P Coats Ltd UK has decided to make an open offer to acquire 21,669,392 fully paid up equity shares not held by it, representing 36.80 per cent of the paid up capital of Madura Coats Ltd of a nominal value of Rs 10 each at a price of Rs 40 per share in accordance with Sebi regulations, subject to necessary approvals under the applicable laws.
NOTICES UNDER BUYBACK
Bombay Dyeing & Manufacturing Company Ltd: The company has closed the buy-back offer of the company on July 22, 2002. The company bought 18,26,954 equity shares under the buy-back programme. The average price at which the shares were bought back as Rs 40.70 per share. Post-buyback, the stake of promoters and persons acting in concert will be holding 42.75 per cent of the equity capital of the company.
DEMERGER
Indo Gulf Corporation Ltd: The board of directors of Indo Gulf Corporation Ltd at its meeting held on July 21, 2002, has considered the proposal for demerger of the fertiliser business to Kamal Syn Paper India Private Ltd (being renamed Rajashree Fertilisers Ltd in the interim, and to be named Indo Gulf Fertilisers Ltd upon the scheme becoming effective) and upon such demerger, the amalgamation of the company (remaining after the demerger of the fertiliser business into Rajashree with Hindalco Industries Ltd in terms of a composite scheme of arrangement under Sec 391-394 of the companies Act 1956. The proposed scheme which was approved by the board of directors at the meeting shall come into effect from April 01, 2002.
The board also approved the share entitlement ratio of one equity share in Rajashree of the face value of Rs 10 each credited as fully paid for every five equity shares held by a member in the company for the purposes of the demerger and the share exchange ratio of one equity share in Hindalco of the face value of Rs 10 each credited as fully paid up for every 12 equity shares held by a member in the company for the purpose of amalgamation. All of the above are subject to requisite approvals including those of shareholders, creditors, any regulatory authorities, and the sanction of the scheme in terms thereof by the High Court of Judicature in Mumbai and the appropriate bench of High Court of Judicature in Allahabad.
Hindalco Industries Ltd: The board of directors of Hindalco Industries Ltd and Indo Gulf Corporation Ltd (IGCL) in their respective meetings held on July 21, 2002, have approved the restructuring proposal on the consolidation of the copper business of IGCL with Hindalco and the demerger of its urea fertiliser business as an independent entity. The fertiliser business of Indo Gulf is to be demerged into a separate company to be named Indo Gulf Fertilisers. One equity share of Hindalco for every 12 equity shares of Indo Gulf & one equity share of the fertiliser company for every 5 equity shares of Indo Gulf to be issued to Indo Gulf shareholders. The re will be an open offer for Indal shares at Rs 120 per share by Hindalco at a premium of 36 per cent to 26 week average (Sebi statutory price) with aim to attain 100 per cent shareholding of Indal. EPS accretion of approximately 7-10 per cent in the short term and 15-20 per cent in the medium term for Hindalco shareholders.
SHARE DEALS
ICICI Bank Ltd: The bank has informed the BSE that it has sold 30,00,000 equity shares of Bhushan Steel & Strips Ltd, at the rate of Rs 41.50 per share on a spot delivery basis on July 18, 2002.
PEOPLE ON THE MOVE
Nicholas Piramal India Ltd: The company has informed the BSE that Rajesh Khanna has been appointed director in place of Dalip Pathak who has resigned from the board pursuant to his relocation. The board has also appointed Deepak Satwalekar as director of the company. Satwalekar is the managing director and CEO of HDFC Standard Life Insurance Co. Ltd.
EGM/AGM/BOARD MEETS
Chambal Fertilisers & Chemicals Ltd: The company has informed that in the extra ordinary general meeting held on July 9, 2002, the company has proposed to drop the proposal for acquisition of securities of Technico Pty Ltd. for the time being and move it when the exact valuation is determined after the completion of due diligence process.
English Indian Clays Ltd: EGM on August 26, 2002, to consider issue of 1000000 12 per cent optionally convertible redeemable preference shares on private placement basis.
Parke Davis (India) Ltd: EGM on August 21, 2002 to consider amalgamation of the company with Pfizer Ltd.
Pfizer Ltd: EGM on August 21, 2002, amalgamation of Parke Davis (India) Ltd with the company.
Winsome Yarns Ltd: A meeting of the board of directors of the company will be held on July 29, 2002 to consider and take on records the unaudited (provisional) financial results of the company for the quarter ended June 30, 2002 and to review and take a decision on buyback of shares beyond the expiry of present buyback offer open up to August 20, 2002.
State Bank of India: A general meeting of the shareholders of State Bank of India will be held on September 9, 2002 to elect two directors to the central board of the bank under the provisions of Sec 19(C) of the State Bank of India Act 1955.
Godrej Consumer Products Ltd: The board of directors of Godrej Consumer Products Ltd at its meeting held today (July 22, 2002) has: i. Declared an interim dividend of Rs 2 per share for the financial year 2002-2003. The record date for the same is August 22, 2002; ii. Decided not to proceed with the proposal of buyback of equity shares which was approved by the board in its meeting dated April 29, 2002 and also by shareholders through postal ballot, iii. Approved buyback of shares under the authority of the board of directors pursuant to the first proviso of Sec 77A (2)(b) of the Companies Act 1956. This is however subject to amendment of the articles of association by the shareholders of the company in the AGM. The buyback will be through open market and subject to a maximum price of Rs 175 per share and a maximum outlay of Rs 4.6 crore.
OTHERS
Compudyne Winfosystems Ltd: The company has bagged an order to work in the Japanese version of Godzilla. The creative division, Digital Art Media, has created mind-boggling effects and has been an integral part of the original version of Godzilla.
Bob Ciasulli Automotive Group: The company, located in Little Falls, New Jersey, is a large dealership group having 11 dealership spread all over north eastern United States. The Bob Ciasulli Automotive Group has dealerships of Honda, Toyota, Dodge, Jeep, Chrysler, Hyundai and Lexus. Total sales of automobiles by the group in 2001 were approximately $225 million. Logix Microsystems Ltd has started the process of implementing the Izmocars product suite at all the locations of the Bob Ciasulli Automotive Group. The implementation is expected to be completed by the middle of August, which would be a record time for such a wide spread and complex implementation exercise.
D-Link India Ltd: Rapid growth in the deployment of the internet and intranet in general, and subsequently in their usage, has caused a major shift in the way people use computing both at the office and at home. There has been a massive increase in demand for network bandwidth, performance, predictable quality of service, access and traffic controls and support for multimedia content. Layer 3 switches today are the backbone of enterprise networking solutions. In tune with market demands, D-Link India Ltd recently introduced a series of Layer 3 switches namely DGS-3380TG, DGS-3308FG, DES-3326S and DES-6300. D-Link focuses on the enterprise/corporate segment in the current financial year and plans to introduce high-tech products based in leading edge technologies based on the same. The Layer 3 range of switches would enable D-Link to offer complete enterprise solutions allowing development of campus and Wan intranets, which would be scalable to meet possible future requirements.
Aban Loyd Chiles Offshore Ltd: The company alongwith Qatar Shipping Company has been qualified to bid for Shipping Corporation of India Ltd. It has now been decided that the Company would be opting out of the bid process.
Moser Baer India Ltd: The European Commission (EC) is dropping proceedings against Moser Baer India Ltd (MBIL) on the anti-dumping and anti-subsidy cases for diskettes filed by the Committee of European Disk Manufacturers (DISKMA). The anti-dumping and anti-subsidy cases against MBIL were filed by DISKMA in November 2001. The EC commenced its official notification in December 2001, to which MBIL filed its reply. After a thorough investigation and evaluation by the commission, DISKMA withdrew its complaint.
