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Haldia Petrochemicals foreign equity to be stepped up to 71%
Haldia Petrochemicals Ltd (HPL) is raising the foreign shareholding in its upcoming naphtha-based petrochemicals complex by nearly 50%. The foreign stake, which currently stands at 21.9%, is being hiked to 70.84%, following the company's inability to raise the required funds from the domestic market.
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Reliance pleads for more time to dispatch bonus shares
Reliance Industries Ltd (RIL) has sought more time from the Bombay Stock Exchange (BSE) to despatch bonus shares to its shareholders. RIL has already written to the BSE seeking an extension of the despatch date to January 31. The BSE has also reportedly agreed to the company's request.
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Tisco decides against reserve creation for bonds redemption
The Tata Iron & Steel Co (Tisco) has decided to forego creation of a redemption reserve to spread its laibility. Tisco took this decision in light of the predicted outflow of over $98 million in 1999 owing to non-conversion of foreign currency convertible bonds (FCCB) issued by the company in 1994.
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Slow down hits SKF Bearings expansion plans
SKF Bearings, the Indian arm of Swedish giant SKF, has put on hold its ambitious expansion programme. The company had earlier chalked out a Rs 500 crore expansion plan which entailed addition of five new production lines at its Pune and Bangalore units. These plans have, however, been derailed due to the severe recession being witnessed in the automobile industry.
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