Corporate Moves

The promoters of DCL Polyester have decided to divest their shareholding of about 24.46 per cent of the equity capital of the company in favour of Synergy Synthetics Pvt Ltd , an associate of Reliance Industries Ltd.

Global Tele-Systems plans to issue one lakh equity shares to the shareholders of Thermax Systems and Software Ltd, in terms of the scheme of acquisition of the business of the said company.

Great Eastern Shipping Company would hold a board meeting on October 31 to consider the proposal to buy back its shares.

Larsen & Toubro's(L&T) board has approved a plan under which the company's cement division would be listed as a separate company. The shareholders of L&T would receive 25 per cent of the equity capital of the new cement company.

The above allotment is towards the discharge of the part-consideration (around 75 per cent of the total consideration of 4.80 million) for transferring the entire business of Linkhand Ltd and its two wholly-owned subsidiaries.

Manali Petrochemicals (MPL) would hold a shareholders meeting on November 10 to consider the scheme of amalgamation of SPIC Organics Ltd and Manali Petrochemicals. MPL shall issue one equity share for each share held in SPIC Organics.

In the recently-held EGM, Melstar Information Technologies has decided to issue, on private placement basis for consideration other than cash, 16.75 lakh shares to the shareholders of Linkhand.

Melstar Information Technologies plans a further issue of a maximum of 734.93 lakh equity shares on private placement or preferential allotment basis. It also plans to issue preference shares convertible into equity shares for a sum not exceeding Rs 20 lakh.

Motor Industries Company (MICO) is holding an EGM on November 3 to authorise and finalise the terms of the buyback offer, including the specific price for buy-back of equity shares of the company with a maximum price not exceeding Rs 4,000 per equity share. The method and time-frame for such a buyback would also be finalised in the meeting.

PSI Data Systems has decided to transfer the company's ATM business to Diebold HMA Pvt. Ltd, based in Chennai.

SSI is in the process of completing the acquisition of AlbionOrion Company LLC, Delaware, US. This company is engaged in high-end segments of e-business solutions, supply chain solution and CRM solutions. The acquisition is contemplated through share swap by issue of GDS for $43.65 million.

The Mumbai High Court has approved the scheme of amalgamation of Andhra Power Supply Company and Tata Hydro Electric Supply Company with Tata Power.

Wipro has completed its ADR issue and its shares are now listed at the New York Stock Exchange. With the offer price of $41.38 per ADR, the company has raised a sum of $135 million through the offer.