Corporate Moves

Alpic Finance has considered in principle to explore the possibilities of creating a larger entity through restructuring/consolidation/merger/acquisition/any other combination with Apple Finance Ltd, Apple Credit Corporation Ltd and SREI International Finance.

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Aptech's board has approved the acquisition of Specsoft Consulting Inc., a California-based software consulting and IT services company, for a total consideration of approximately $9.7 millions.

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Bajaj Auto has received shareholder approval to buyback up to 18 million shares. The company plans to adopt the tender offer method for buyback. The buyback price has been pegged at Rs. 400 per share, involving a maximum outlay of Rs. 720 crores.

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Consequent to the permission granted by the Gujarat Government, Bombay Dyeing has closed down its operations at Jamnagar unit with effect from July 29, 2000.

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Centurion Bank plans to raise additional capital by way of a rights offer in the ratio of 7:10, at a premium of Rs. 2 per share.

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Click4Care Inc, a health management application service provider, has selected Silverline Industries to provide comprehensive eBusiness solutions to the organisation. The size of this project's first phase is $4.31 millions.

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Eveready Industries' board has approved the proposal to re-organise the business by transferring the battery business to one or more separate companies. To strengthen and consolidate its presence in the tea business, the company plans to acquire or merge with one or more existing profit-making companies.

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Godrej Soaps plans to demerge its consumer products business into a new company. It plans to make an offer for sale of a part of its shareholding in Godrej Sara Lee to the public.

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ITC plans to set up a division under the name, Lifestyle Retailing Business, to carry on the business of lifestyle retailing. It is also setting up a strategic business unit for greetings cards business.

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In the recently-held EGM, IVRCL Infrastructures & Projects has received the approval of 36.20 lakh equity shares of Rs. 10 each at a premium of Rs. 95 per share on private placement basis.

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Kale Consultants has acquired the key assets of Speedwing, the independent operating division of British Airways Plc. The contract will involve the transfer of the Intellectual Property Rights (IPR) and marketing rights for three cargo systems. Kale would also acquire the support, maintenance and exclusive marketing rights of the COPS, a widely-used passenger revenue accounting system.

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Kamla Dials has decided to offer equity shares aggregating Rs. 100 lakhs at a par or at a premium, as may be applicable, as per SEBI guidelines, for the issue of preference shares on private placement basis to Radexpo AG of Switzerland.

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LML has proposed a preferential issue to the Indian promoters and/or their nominees at Rs. 40 per share. Accordingly, 22.17 lakh shares shall be issued to the Indian promoters, which will increase their stake in the company from 47.21 per cent to 49.89 per cent.

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Mascon Global proposes to enter into the field of software solutions for the emerging telecommunications and Internet sector. It proposes to concentrate on key areas of broadband, 3G, wireless data and mobile commerce and other convergence technologies.

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Max India has deferred the agenda relating to the in-principle approval for an investment up to 74 per cent in the equity capital of Max New York Life Insurance Co. Ltd.

Nirma has decided to issue redeemable NCDs with a face value of Rs. 1,00,000 each at Rs. 1,00,000 each, aggregating Rs. 150 crores, in one or more tranches on private placement basis for a tenor of 350 days, carrying an interest rate not exceeding 11.5 per cent per annum, payable yearly.

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Reliance Industries has made an offer for buyback of equity shares from the open market through stock exchange(s) at a price not exceeding Rs. 303 per share for an aggregate amount not exceeding Rs. 1,100 crores.

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Snowcem India has entered into an agreement to acquire 50 per cent stake in a well-established paint unit in Sri Lanka. The company will provide technical assistance for manufacturing the company's products in Sri Lanka and the company's brand which will be marketed in Sri Lanka and SAARC Nations.