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Wockhardt's open offer to Merind shareholders
Wockhardt on Friday made an open offer to the equity shareholders of Merind to acquire by tender up to 18,27,367 fully-paid shares of Rs 10 each (representing 50.17 per cent of the issued capital) at a price of Rs 260 per share. Merind has an authorised share capital of Rs 4.2 crore divided into 42,00,000 equity shares of Rs 10 each and an issued and paid up equity capital of Rs 3.64 crore.
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GE to buy GEC Alsthom voltage gadgets wing
GE of the US, the world's largest electricals group, has decided to buy out the low voltage equipment business of GEC Alsthom India for an undisclosed sum. GEC Alsthom has deployed Arthur Andersen & Associates to value the assets of the low-voltage transformer division.
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Hindalco Industries selects sites to set up Aditya Aluminium project in Orissa
Hindalco Industries, the Aditya Birla group's aluminium major, has selected the sites for the aluminium refinery, captive power plant and smelter which together will form the Rs 8,000 crore-plus integrated aluminium project in Orissa, christened Aditya Aluminium. The company has finally set its sight on the one at Kodingamali, in Koraput district.
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ICICI to strike a bond with high interest rates
The unique selling point in ICICI's forthcoming bond issue is the attractive interest rate coupled with the fact that there is no call option. At 14 per cent per annum, the bonds score over most fixed income investment opportunities available at the moment including FDs of banks and manufacturing companies.
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