Corporate Moves

The board of Ashima Syntex has approved the scheme of merger of The Ahmedabad New Cotton Mills (ANC) with the company. One equity share of the company would be issued for every five equity shares in ANC.

Dabur India would be convening an EGM on September 13 to consider the proposal to grant equity shares as options to eligible employees and to sub-divide the equity shares of Rs. 10 each into 10 fully paid-up equity shares of Re. 1 each.

Hindustan Inks and Resins has commissioned commercial production of speciality flushed colour/pigment plant with a capacity of 3,000 tonnes per annum. It also commissioned resins plant with a capacity of 18,000 tonnes per annum in August.

Information Technologies India has decided to allot by way of private placement 18,395 equity shares of Rs. 5 each of the company at Rs. 815 per share to Arush Exports Pvt Ltd (13,615 equity shares), Atlas Television Pvt Ltd (3,435 equity shares) and Atlas Flora Private Ltd (1,345 equity shares).

Mascot Systems has entered into a three-year contract with Royal Caribbean Cruises to provide application maintenance outsourcing for the cruise lines reservation system. The value of the $3.8-million project consists of two phases.

The Allotment Committee of the board of directors of Moser-Baer has allotted 4.17 lakh shares (at a premium of Rs. 330 per share) and 5.33 lakh warrants to Bloom Investment, Ealing Investments and Randall Investments. The face value of the warrants is Rs. 340 and each warrant will be converted into one equity share within a period of 18 months from the date of its issuance.

Multi Arc India has allotted 11.58 lakh shares of Rs. 10 each at a premium of Rs. 15 per share (out of the un-subscribed portion of preferential issue) in accordance with the terms of the special resolution passed at the EGM on April 29.

Ranbaxy Laboratories has launched Enalapril Malcate tablets through its wholly-owned subsidiary, Ranbaxy Pharmaceuticals Inc.

Under the proposed scheme of arrangement, Rolta India would issue four share for every 11 in Rolta Design and Conversion Services (RCDS), in respect of the transfer of the software conversion division by RCDS to Rolta.

SRG Infotec has decided to reduce the nominal value of equity shares of the company from Rs. 10 each to Re. 1 each.

Silverline Industries is entering into a strategic alliance with TIS worldwide, an e-business solutions integrator. The company will invest $12.5 millions in TIS, establishing it as a minority shareholder, and join Goldman Sachs as an outside member of TIS' board of directors. Silverline will become TIS' exclusive software solutions provider in India, while TIS will gain global development capabilities.

Usha Beltron has successfully completed the placement of 35 lakh GDRs (each GDR representing one equity share of Rs.10) at $3.25 per GDR.

Wipro Infotech is launching a business division with an exciting new value proposition to cater to the needs of the emerging electronic commerce market.