Corporate Moves

The board of directors of BPCL has announced a bonus issue in the ratio of 1:1. The company has decided to enhance the authorised capital from Rs 200 crore to Rs 300 crore.

Gas Authority Of India (GAIL) has acquired shareholders approval at the recently-held AGM for the proposed entry into the telecom sector. GAIL has signed MoUs with telecom operators such as Bharti Telesonics, BPL Broadband, Shyam Telecom and Escotel Mobiles, for leasing bandwidth capacity.

GAIL has entered into a joint co-operation agreement with Total Gas and Power India and Tata Electric Company for import of LNG at Trombay.

G. R. Cables plans to allot 160 lakh warrants convertible into equity shares on preferential basis to the persons other than promoters and promoter group.

Hughes Software Systems plans to set up a dedicated software development facility at Gurgaon with Armillaire Technologies Inc. US.

Kalyani Steels intends to acquire 37.3 lakh shares of Hikal Chemical (HCIL), inclusive of 18.65 lakh bonus shares, proposed to be issued by HCIL, for a total consideration of Rs 7.1 crore, from its wholly-owned subsidiary, Surajmukhi Investments and Finance Ltd. The acquisition represents 37.1 per cent stake of the paid-up capital of HCIL.

Liberty Shoes has decided to postpone the conversion of 3.45 lakh zero per cent unsecured FCDs of Rs 100 each for a further period of a maximum of seven years from February 1, 2001.

Roofit Industries plans to issue securities for an aggregate value not exceeding Rs 150 crore. The company has also decided to issue bonus shares in the ratio of 1:1.

Srei International Finance has acquired approval at the recently-held AGM to enhance the investment limit by NRIs, OCBs, FIIs and other eligible non-resident investors to 40 per cent from 30 per cent.

Tamilnadu Petroproducts (TPL) had decided to take over SPIC's heavy chemicals division unit for consolidating the Epichlorohydrin business located adjacent to TPL's plant in Manali. The formal takeover of this unit was made effective on September 27 by executing an agreement between SPIC and TPL.

Tata Chemicals has decided to exit the detergent business. The company is in discussion with potential buyers for the business and expects to exit the detergent business during the December quarter.

Tata Finance has issued on a private placement basis in 1999-2000, 33 lakh equity shares at Rs 86 per share, aggregating Rs 28.38 crore. It has also made an allotment of 25 lakh cumulative preference shares of Rs 100 each and 15 lakh cumulative convertible preference shares of Rs 100 each. These shares were subsequently converted into 13.64 lakh equity shares at Rs 110 per share.

Usha Beltron's board has approved the proposed acquisition of the wire rope business of Brunton Shaw Ltd, UK, a division of Carclo Plc of UK. The acquisition would be executed through an all cash deal of 1.28 million pounds.

For the above-mentioned purpose, Usha Beltron is forming Brunton Shaw UK Ltd, a joint venture with Carclo Plc and will hold 80 per cent of the equity of Brunton Shaw UK Ltd , while Carclo Plc will hold the balance 20 per cent.

Consequent to a petition filed by a section of shareholders, United Western Bank has decided to hold the proposal of bonus-cum-rights issue in abeyance.

Wimco has acquired approval from shareholders towards the cessation of the participation of the Jatia group in the company's management. As a result, Wimco would now be under the sole control of Swedish Match AB and its subsidiaries.

Consequent to the above development, 113.83 lakh shares (21.89 per cent stake) of Wimco, which was held by the companies forming part of the Jatia group, has been transferred to Swedish Match Singapore Pte Ltd, a wholly-owned subsidiary of Swedish Match AB.

Wipro has filed a registered statement with the Securities and Exchange Commission covering a proposed public offer of 27.5 lakh ADS, representing 27.5 equity shares.