Corporate Moves

Abbott Laboratories plans to make an open offer to the shareholders of Knoll Pharmaceuticals.

The offer price is pegged at Rs 328 per share. The move is consequent to BASF AG's decision to sell its group company -- Knoll Pharmaceuticals -- to Abbott LAboratories for $6.9 million.

Ami Computers India has allotted 39 lakh equity shares of Rs 10 each at a premium of Rs 13 per share on preferential basis to promoters and others.

The shareholders of Amtek Auto have approved issue of up to 70 lakh equity shares of Rs 10 at a price not less than Rs 290 per share, to promoters of the company, including their friends, relatives, associates, associated companies and FIs, MFs and banks, by way of preferential offer on firm allotment basis.

The High Court of Andhra Pradesh, Hyderabad, has approved the scheme of amalgamation of Catographic Science with Infotech Enterprises. The merger would take retrospective effect from April 1, 2000.

Citicorp Securities and Investments has launched its corporate Web site having the URL address -- eservenet.com. The site contains information on subjects such as e-Serve, e-Serve Care, investor information, e-Serve careers, e-Serve in News.

Demuric Holdings Pvt Ltd plans to acquire 60.36 lakh shares of Search Chem Industries. Demuric Holdinds has indicated its intention to acquire the shares from the promoters of Search Chem at market price.

Hero Honda Motors has fixed March 26, 2001 as the record date for the purpose of stock split. The company plans to reduce its face value of shares from Rs 10 to Rs 2.

Upon having achieved the maximum permitted capacity level of 8.534 lakh tonnes of production for urea, Indo Gulf Corporation has been forced to shut down its fertiliser plant on from March 4, 2001 to March 29, 2001.

Ind-Swift plans to increase its field strength from 550 to 1125. The company also plans to launch a new division to market biotech products. It also proposes to buy-back its equity shares.

Mahindra & Mahindra has fixed the record date as March 30, 2001 for the purpose of making preferential offer of shares in Mahindra British Telecom Ltd.

The strike at Mahindra and Mahindra's Nashik automotive plant (which commenced on March 4, 2001) has been called off with effect from the second shift on March 8, 2001.

Opto Circuits (India) has developed a new WAVESMART technology for Sp02 sensors. They plan to licence this to other OEMs and produce OEM sensors and monitors with this technology. Application for patents of the same was filed in US in July, 2000.

Orient Paper & Industries is weighing the option of issuing equity shares on a rights basis rather than by preferential offer to the promoters. As a result, the resolution concerning the preferential issue of shares to promoters was not moved at the EGM.

Silverline Technologies has approved the issue and allotment of 124.55 lakh underlying equity shares (representing ADS) to Morgen Guaranty Trust Co. of New York, the depository, for the acquisition of SeraNova Inc., US.

Software Technology Group has announced the start of its Australian operations. The company has set up STG Australia Pty Ltd , a wholly-owned subsidiary of STG International Ltd. The Australian arm will focus on software training, resourcing and on-site and off-shore software development projects.

Consequent to reports that a US-based company is taking over SQL Star International, the company's management has denied the reports of a takeover.

The shareholders of TTK Healthcare have accorded their consent for the disposal of bulk drug and pharmaceutical formulations undertaking at Hyderabad.

United Phosphorus has received notice from Demuric Holdings Pvt Ltd (acquirer) with their intention to acquire 37.87 lakh shares of the company from the promoters, on or after 13.03.2001 at market price.