Corporate Moves

The merger between Aksh Optifibre and Telecords (India) Pvt Ltd has been approved by the courts and the formal judgment was pronounced on October 25.

Astra IDL has indicated that AstraZeneca (which followed the merger of Astra with Zeneca), its global parent, has undertaken an internal review of its strategy for future involvement in Astra IDL and decided to withdraw from all further negotiations/discussion to divest its shareholding in the Indian outfit.

Bausch and Lomb India has indicated that the parent company of Bausch & Lomb India Holdings, Inc, (BLIH) -- which holds 44 per cent equity shares of the company -- has been merged into a wholly-owned US subsidiary of Luxottica Group SpA.

Bombay Dyeing has announced the merger of its wholly-owned subsidiary, Scal Investments Ltd with itself, subject to necessary approvals. Since Scal is a wholly-owned subsidiary, the equity of Bombay Dyeing would remain unchanged.

Compudyne Winfosystems is entering into a business partnership with Lisle Technology Partners (Lisle Tech), a US-based company, for multimedia and e-commerce projects.

EID Parry is to merge its subsidiaries -- Pettavaittalai Sugars and Chemicals Ltd., Johnson Pedder Ltd and Dhanyalakshmi Investments Ltd as well as Cauvery Sugars -- with itself.

Great Eastern Shipping has announced a buyback of its own equity shares at Rs 42 per share through open market purchases and set an outlay of Rs 150 crore for this purpose.

Gujarat Industrial Power Co Ltd has announced that out of two units of 125 MW each of the company's Surat Lignite Power Plant , one unit of 125 MW is down due to unforeseen mechanical problems and is likely to be synchronised by the second week of November.

Infosys Technologies has entered into a strategic alliance with Nortel Networks, US, for wireless application and wireless infrastructure.

Infotech Enterprises is to acquire Advanced Graphics Software GmbH (AGS), a German Software and Services Company.

KCP Sugars has announced a buyback of 20,00,000 equity shares (being 15.51 per cent of the share capital) at Rs 35 per equity share.

The securities of Novartis India Ltd (pursuant to capital reduction and scheme of arrangement, wherein the agribusiness undertaking of the company is being transferred to a new company) with the reduced capital having face value of Rs 5 per equity share, shall be traded on ex-basis under the new symbol NOVARTIND and new ISIN ``INE234A01025'' with effect from November 8.

Sterlite Industries has announced a buyback through open market purchases of its shares (up to 25 per cent of outstanding shares) at Rs 200 per share and with an outlay of Rs 280 crore.

Tata Sons has raised its holding in Tata Elxsi from 14 lakh shares to 20 lakh shares (6.42 per cent of equity capital) by buying the shares from Tata Engineering (Telco).

Wipro has announced that the underwriters have exercised their over-allotment option to purchase an additional 4,12,500 ADS, which represents 4,12,500 equity shares and are represented by ADRs.