Corporate Moves

Ashok Leyland plans to buy back a maximum of 178.39 lakh shares at a price not exceeding Rs 60 per share. The buy back would be effected through the tender offer method.

In response to the buyback offer for 1.8 crore shares, Bajaj Auto received offers for about 2.81-crore shares. The company has decided to accept all applications up to 100 shares in full and buyback an extra two lakh shares to accommodate small investors.

Bajaj Auto expects to complete the work of remitting the consideration amount against accepted shares before October 27.

In the recently-held AGM, Eveready Industries has acquired approval for the sale of the company's business undertaking, involving batteries, flashlights, carbon products, metals processing and electrolytic manganese dioxide to one or more, new or existing companies.

In terms of the letter of offer from Gandhi Special Tubes, IFCI has offered its entire holding of 4.66 lakh shares (4.94 per cent stake) of Gandhi Special Tubes for the buy back.

Grasim Industries has decided to amalgamate Dharani Cements, (a wholly-owned subsidiary of the company) with itself.

Global Tele-Systems (GTSL) has entered into an agreement with Cisco Systems Inc, under which GTSL will provide customer-specific services for engineering, furnishing and installing of Cisco's equipment, as per mutual agreement, and provide services such as systems integration, implementation and product development.

One of the two power units of Gujarat Industries Power (having 125 MW capacity) is down due to the unforeseen mechanical problems. The same has been sent for repairs to BHEL at its works at Bhopal and is likely to be synchronised by the second week of November 2000. The second unit of 125 MW is running to full capacity.

IPCL has decided to pull out from GE Plastics India and Indian Vaccines Corporation since they have not contributed significant returns to the company. It has also decided to wind up the joint venture company -- Indian Petrovin Ltd -- floated for the MMA/PMMA project.

IPCL also plans to hike its stake in Gujarat Chemical Port Terminal Company Ltd from the present 30 per cent to 42 per cent, as part of its consolidation strategy.

The board of Larsen and Toubro has approved that L&T's cement business would be demerged into L&T Cement Ltd (LTCL) , which would be a separate listed company. As a part of the demerger, the shareholders of L&T would be entitled to around 25 per cent of the share capital of LTCL. The company also proposes to merge L&T's subsidiary Narmada Cement Company with LTCL.

Larsen and Toubro would invite a strategic/financial partner in LTCL , which would reach a level of equal shareholder with L&T through a combination of secondary purchases and infusion of capital in LTCL over a period of time.

In the recently-held AGM, Parke-Davis India has acquired approval for the proposed merger of Warner-Lambert Company and a wholly-owned subsidiary of Pfizer Inc , as a consequence of which Warner-Lambert Company has become a wholly-owned subsidiary of Pfizer Inc.

Pentamedia Graphics plans to acquire a 51 per cent stake in Film Roman, a company listed at Nasdaq. The deal, which calls for a $15-million investment in Film Roman by the company, is targeted to close by January.

Renaissance Estate Ltd has revised its open offer price for Gesco Corporation from Rs 23 per share to Rs 27.

Swedish Match Singapore Pte Ltd, a wholly-owned subsidiary of the Swedish Match AB, has acquired 113.83 lakh shares of Wimco (representing 21.89 per cent stake) on September 27 from AVP Trading Pvt Ltd and Plash Food Pvt Ltd, both forming part of the Jatia group.

Trigyn Technologies has identified Australia as an area of focus for its M-commerce products and solutions. To this end, Trigyn has appointed Egility Ltd of Australia to be its value-added reseller for its eVector product range for the Australia and New Zealand region.

West Coast Paper Mills plans to issue optionally fully convertible debentures (OFCDs) and equity shares on a rights basis. The company proposes to issue 11 per cent OFCDs of the face value of Rs 50 each, aggregating in value not exceeding Rs 45 crore.

West Coast Paper also plans to offer equity shares of the face of Rs 10 each, aggregating in value not exceeding Rs 9 crore, at such premium up to Rs 30 per equity share.