BILT to hive off chemical unit
Ballarpur Industries Ltd (BILT) is expectant of completing its revamp exercise by hiving off its chemicals business into a new company by the end of the current fiscal. BILT's joint managing director Gautam Thapar revealed that the three new entities being carved out of Bilt will come into being on April 1, 1998. The Thapar group is also keen to hike its stake in BILT which will come down from 28.9% to 24.06% after sale of a 16.7% stake to Al Murjan group of Saudi Arabia.
UPL promoters up stake by 3 per cent
The promoters of United Phosphorous Ltd (UPL), the Shroff family, have been issued only nine lakh shares through warrant conversion allotted out of the earlier stipulated 36 lakh shares. The balance warrants, which represent 27 lakh shares, have lapsed. In the process, the Shroffs had to shell out just Rs 7.2 crore, which otherwise would have worked out to about Rs 29 crore.
IFCI relaxes BOT funding norms
The Industrial Finance Corporation of India Ltd (IFCI) has decided to accept collaterals with adequate margins as security for loans sanctioned to fund Built-Operate-Transfer (BOT) road projects. The IFCI has made this decision after realising that it could not fund two road projects in Gujarat and Madhya Pradesh under its conventional framework.
Hutti Gold Mines declares lock-out
The main gold producing company in the country - Hutti Gold Mines Company Limited (HGML) has declared an "indefinite lock-out" owing to the fall in global gold prices. The devaluation of Indian rupee and a workers' strike were also identified as other causes for the lock-out.
Court restrains Magadh SE
The Calcutta high court has passed an ad interim order restraining the Magadh Stock Exchange and Sebi, among others, from transferring, dealing with, encumbering, hypothecating or disposing of membership cards of certain Magadh exchange brokers and their security deposits lying with it until further orders. The order was passed on a petition which claimed that between April 1996 and May 1997, a total of 38,144 shares worth Rs 47.07 lakh sold by a Magadh exchange broker turned out to be bad delivery shares.
Tektronix to increase stake in TIL to 100%
Tektronix Inc, a global high technology company based in the US, has planned to increase its holding in Tektronix (India) Limited to 100%. The wholly-owned subsidiary of Tektronix -- Tektronix Engineering Development (India) Private Ltd -- has made a unconditional offer to purchase 23.96% shares from the public shareholders of Tektronix India.
