Megasoft Board to consider rights issue

Megasoft Ltd has informed BSE that a meeting of the Board of Directors is convened on September 28, 2001 to consider amongst other things, the issue of equity shares to the existing Equity shareholders of the Company on Rights basis.

Mphasis BFL Director resigns

Mphasis BFL Ltd has informed BSE that at the meeting of the Board of Directors of the Company held on September 19, 2001, the Board took on record the resignation of Mr Venkatesh Krishnamurthy as whole time Director of the Company with effect from September 19, 2001.

RCF submits EOI for stake in Pradeep Phosphate

Rashtriya Chemicals & Fertilizers Ltd (RCF) has informed BSE that Pradeep Phosphate Ltd (PPL) is in a process of offering its 74% of the stake to a strategic partner, for which GOI has already appointed advisors M/s.Deloitte Touch Thomatsu Private Ltd. The company, which is one of the major fertilizer manufacturing and marketing companies of the country, submitted a letter of expression of interest to the above advisors, to enable the company to look more closely at the proposal made so as to arrive at the feasibility or otherwise of acquiring the 74% of the stake in the PPL. The matter is at a very preliminary stage and the company is yet to take steps to complete the due diligence and other exercise connected therewith.

Castrol Board approves amalgamation of Tata-BP

The Board of Directors of Castrol India Ltd (CIL) at its meeting held today (September 20, 2001) has approved the proposal to amalgamate Tata-BP Lubricants India Ltd into the company. The key features of the transaction are as follows. The exchange ratio of the equity shares of the two companies, in the event of amalgamation of Tata BP into CIL would be 2 shares of face value of Rs 10 each of CIL for 19 shares of face value of Rs 100 each of Tata BP. The exchange ratio has been arrived at as a result of an independent valuation done on behalf of both companies jointly by M/s Price Waterhouse & Co and M/s S B Billmoria & Co. Chartered Accountants and in their opinion represents a fair value. The companies will now approach the High Court to convene the necessary meetings required to carry the process forward, The amalgamation if approved will be effective from January 01, 2001.

Ranbaxy bags OPPI marketing excellence award 2001

Ranbaxy Laboratories Ltd has bagged OPPI (Organisation of Pharmaceutical Producers of India) Award for marketing excellence, in the New Product category for the launch of STORVAS (Atorvastatin). This award has been instituted by OPPI for the first time. Commenting on the occasion, Mr S D Kaul, Regional Director, Ranbaxy said, " Historically, we at Ranbaxy have always believed in creating strong & sustainable brands. This is a tradition that has been carried forward in our new product launches. STROVAS is a key brand for Ranbaxy and is expected to contribute substantially to the company in the years ahead. STROVAS which was launched in Oct 99, is now the largest selling cholesterol reducer in India.

UTI Bank to consider preferential issue

UTI Bank Ltd has informed BSE that a meeting of the Board of Directors of UTI Bank Ltd has been convened on September 21, 2001 to inter-alia, consider making a preferential issue of equity shares under SEBI guidelines for preferential issues at a price to be decided by the Board of Directors to one or more Foreign Institutional Investors/Foreign Direct Investors. The bank has the following objectives in making the preferential issue. 1) To raise Tier-1 capital of the Bank with a view to increase its present Capital Adequacy Ratio 2) To reduce the present shareholding of Unit Trust of India as promoter of the Bank, from the present level of 60.65%, in accordance with Reserve Bank of India requirements. The above issue will be subject to necessary approvals as may be required from the shareholders and regulatory authorities.

Sandeep Joshi resigns as Company Sec of Godrej Foods

Godrej Foods Ltd has informed BSE that Mr Sandeep Joshi, Company Secretary has resigned from the services of the company wef September 30, 2001 and Mr Narayan Barasai has been appointed as Company Secretary wef October 01, 2001 in place of Mr Sandeep Joshi.

High Court restrains 3 Directors of Modi Luft from making representations

Modi Luft Ltd has informed BSE that the Hon'ble High Court of Delhi vide its order dated September 05, 2001 has restrained Mr.S.K.Modi, Mr.D.K.Babbar and Mr.A.K.Gupta, directors of the company, from making any representation to the Stock Exchanges, Banks, Government Authorities and others unless so specifically authorised by the Board of Directors of the company.

Aksh Optifibre to consider Interim dividend

Aksh Optifibre Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 17, 2001 to consider interalia the following: 1) Financial Results of the Company along with the Auditors Report thereon for the Half-year ended on September 30, 2001. 2) Declaration of Interim Dividend. The Record Date for the purpose of ascertaining the eligibility of the shareholders to the second interim dividend, if declared, will be October 20, 2001. Further, the dividend, if declared, shall be paid at par on and from November 2, 2001

Cadila Healthcare CMD expires

Cadila Healthcare Ltd has informed BSE that Shri Ramanbhai B Patel Chairman and Managing Director of the company has expired on September 19, 2001.

HDFC Q2 results on Oct 17

Housing Development Finance Corporation Ltd (HDFC Ltd) has informed BSE that a meeting of the Board of Directors will be held on October 17, 2001, to interalia review the unaudited financial results for the second quarter ended September 30, 2001 and the financial results for the half year ended on that date.

Glaxo clarifies on news item

With reference to the news item "Glaxo to spend over Rs 630 million on VRS" appearing in leading financial daily Glaxo India Ltd has informed BSE that the Voluntary Retirement Scheme (VRS) offered by the Company at its factory in Worli, Mumbai, has ended on September 4, 2001. The Company is yet to decide on how many applications are to be accepted from those received. It further added that only when the Company finalises the number of applications to be accepted, it can ascertain the total cash outflow on account of VRS.

Asahi India Safety Glass to make open offer for acquisition to Floatglass shareholders at Rs 11 per share

The Board of Directors of Asahi India Safety Glass Ltd at its meeting held today September 20, 2001 approved acquisition of 5,85,15,015 fully paid up equity shares of Rs 10 each representing 75% (rounded off) of paid-up equity capital in Floatglass India Ltd (FGI) from Asahi Glass Company Ltd, Japan. The Board has approved making an open offer to the remaining shareholders of FGI as per the SEBI (SAST) regulations 1997, at Rs 11 per share. This acquisition and the open offer is subject to statutory approvals and compliances under the applicable Laws, Rules & Regulations.

Members of LKP Merchant Financing approve transfer of money changing business

LKP Merchant Financing Ltd has informed BSE that the ordinary resolution seeking the approval of the shareholders of the company for the proposal of transfer of money changing business to wholly owned subsidiary as set out in the postal ballot papers in AGM of the company held on September 17, 2001 and voted through postal ballots prescribed under Companies Act, 1956 was carried by the requisite majority as evidenced by the Scrutinizer's Report dated September 15, 2001.

Floatglass India Board approves restructuring proposal of Asahi Glass

At the meeting of the Board of Directors of Floatglass India held on September 20, 2001 the following proposals were approved: Asahi Glass Company would refinance immediate payment of foreign currency loans of approx Rs 2240 million currently owed by the company to various commercial lending institutions. The refinanced loan would be extended for a period of 10 years and will be free of any interest in the first eight years. The company would carry out a capital reduction by canceling the preference share capital of Rs 1435 million and reduce the accumulated losses on the balance sheet of the company to that extent. The Board accepted the above proposals in principle and has authorised Managing Director, Mr S Kawakami, Executive Director, and Mr H D Dafatary to identify steps to implement the above proposals and to seek and obtain necessary approvals of the shareholders and other authorities. The proposal is subject to receipt of such approvals. The Board also approved the appointment of Mr P L Safaya as an Additional Director on the Board of the company. Mr P L Safaya who is currently holding a post of Director in Asahi India Safety Glass has considerable experience in the Indian Glass Industry. The identified draft of the share purchase agreement between Asahi Glass Co Japan & Asahi India Safety Glass Ltd was taken on record and Managing Director Mr S Kawakami, Mr I I Shioi, are authorised to sign the same on behalf of the company as a confirming party.

LIC sells 284393 equity shares of German Remedies to Recon Healthcare

German Remedies Ltd has informed BSE that Life Insurance Corporation of India (LIC) has, as per the guidelines on Institutional Transactions in shares issued by Government of India on February 20,1990, sold 2,84,393 equity shares of the company at Rs 650 per share to Recon Healthcare Ltd.

Godrej Inds subsidiary acquires the balance stake in Goldmohur Foods

Godrej Industries Ltd has informed BSE that their subsidiary, Godrej Agrovet Ltd (GAVL), engaged in the animal feeds, poultry and agricultural inputs market has announced its acquisition of the balance 26% stake in Goldmohur Foods and Feeds Ltd (GFFL) from Hindustan Lever Ltd (HLL). Earlier in January this year, GAVL had acquired a 74% stake in GFFL. GFFL has now become a 100 % subsidiary of GAVL. The Board of the Company has been reconstituted to reflect the changes. Announcing this, Mr. A.B.Godrej, Chairman, Godrej Group said, "We have now integrated the operations of this business and the expected synergies of the combined operations, specially in the areas of procurement and R&D, are being realized. We expect the two businesses to co-exist and grow the Compound Feed markets in India." GFFL, with a turnover of about Rs 290 crore and a market share of about 12% in the organized sector, sells its feeds under the brand name "Gold Mohur" which enjoys a strong goodwill and market support in the poultry and cattle feed markets.

Hughes Tele.Com announces launch of its telecom services in Sangli

Hughes Tele.Com (India) Ltd (HTIL) has informed BSE the commercial launch of its telecommunication services in Sangli with 425 subscriber lines becoming operational from September 20, 2001. Currently fixed wireless (WiLL) services are available and eventually broadband wireline services will also become available. This is the 10th city where Hughes Tele.com's services are available in the Maharashtra Telecom Circle (MTC); the other 9 are: Mumbai, Navi Mumbai, Pune, Panjim, Nasik, Nagpur, Ahmednagar, Kolhapur and Aurangabad. Prakash Bajpai, President & CEO of HTIL said, "We are happy to announce the availability of our high quality telecommunication services to the people of Sangli. Our network has now expanded to cover 10 major cities in Maharashtra and Goa."

HLL sells balance stake in Goldmohur to Godrej Agrovet

Hindustan Lever Ltd (HLL) has informed BSE that under the terms of the arrangement between Godrej Agrovet Ltd (GAVL) and HLL, 74% of HLL's shareholding in its animal Feeds subsidiary, Goldmohur foods and feeds Ltd (GFFL) was transferred to GAVL on January 15, 2001. It has now been mutually agreed between the partners in terms of the said agreement that the balance 26% be also transferred by HLL to GAVL with effect from September 20, 2001, to enable GFFL to become a wholly owned subsidiary of GAVL. Accordingly, HLL will withdraw its nominee directors effective September 20, 2001 from the Joint Venture and the Joint Venture will be transformed into a 100% Godrej Group Company with immediate effect.

Andhra Pradesh CM to inaugurate Amara Raja Batteries new plant on Sept 24

Amara Raja Batteries Ltd has informed BSE that the new plant set up at company's existing complex at Renigunta - Cuddapah Road, for manufacture of Automotive Batteries will be inaugurated by the Hon'ble Chief Minister of Andhra Pradesh on September 24, 2001. The commercial production in the new unit will commence soon thereafter.

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