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Pitti
to convene EGM for preferential offer
Hyderabad: The board of directors of Pitti Laminations
Ltd has decided to convene an extraordinary general meeting
on June 11,in order to seek the consent of its shareholders
for the proposed preferential offer to both promoters
and outsiders.
At its meeting on Saturday, the Pitti board has approved
a resolution to offer 12 lakh shares on a preferential
offer basis to outsiders.
The board has also decided to issue 3.9 lakh shares and
4.1 lakh share warrants in favour of promoters at a price
of Rs72 per share and per share warrant, the company has
informed stock exchanges.
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Matrix
Labs to opt for $200 mn global offering
Hyderabad: Matrix Laboratories Ltd. has decided to
go in for a global offering to fund the capital expenditure
needs for the increased business opportunities and to
tap opportunities emerging in the global markets.
The company proposes to raise funds from the international
capital markets through an offering of either American
Depository Receipts (ADRs), Global Depository Receipts
(GDRs), foreign currency convertible bonds (FCCBs) or
international bonds, company officials have indicated.
Officials have also said that the detailed terms and conditions
for the offer and the rights and privileges of the holders
of these ADRs, GDRs or FCCBs will be determined in consultation
with the lead managers, advisors and underwriters to be
appointed soon. The company has yet to decide on the pricing
of the global offering. The committee constituted by the
company for the purpose will finalise the terms in consultation
with the intermediary agencies in accordance with the
international practices, officials said.
The company, which has recently decided to forge a 50:50
joint venture company in India in alliance with the South
African pharma major Aspen Pharmacare Holdings Ltd, now
plans to transfer one of its existing manufacturing facilities
in favour of the joint venture.
Aspen, the largest producer of generic drugs, is one of
the three principal suppliers of antiretroviral (ARV)
medicines approved by the Clinton Foundation.
Officials also said that the company feels the need to
enhance its borrowing limits in the backdrop of a new
strategy for moving up the pharmaceutical value chain.
Keeping in view the $200-million global offering, the
company proposes to raise the limit to Rs1,300 crore from
the existing limit of Rs400 crore, officials added.
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Blackstone
Group allocates $1bn for investments in India
Mumbai: The New York-based investment and advisory
group, The Blackstone Group, has announced an allocation
of $1 billion for investments in India. The company will
be raising a dedicated fund for long-term continued investment
in India, according to a press release.
Globally, the fund's target investment in the private
equity space is between $100 million and $400 million.
The group has raised a total of approximately $32 billion
for investment in alternative assets since its formation.
Its core businesses include private equity investing,
private real estate investing, corporate debt investing
and corporate advisory services.
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Beeyu
Overseas to raise Rs10 crore from public issue
New Delhi: Tea company Beeyu Overseas Ltd has announced
a public offering of 71.4 lakh equity shares of Rs10 each
for cash at a premium of Rs4 by way of mobilising up to
Rs10 crore.
The public issue will raise money needed for expanding
manufacturing capacity of CTC and Orthodox teas, from
3 million kg to 9 million kg per annum by 2006 at the
company's Ooty factory.
The issue is scheduled to open on May 26 and close on
June 3.
The company proposes to list its equity shares on the
stock exchanges of Mumbai, Kolkata, Kochi and Coimbatore.
Company officials said that Beeyu is eyeing Rs54 crore
sales turnover in the current fiscal, up from Rs37 crore
in the previous one.
While the first phase of the company's expansion programme
envisages setting up of one CTC and one Orthodox tea factory,
which will become operational by September this year,
doubling existing production capacity to 6 million kg
per year. The second phase of expansion programme involves
setting up another CTC and Orthodox factory which will
be commissioned by September next year and will take up
the company's total manufacturing capacity to 9 million
tonnes per year, officials said.
Of the Rs13 crore investment needed for expenditure towards
these projects, the company has already been sanctioned
Rs3 crore as a term loan by the State Bank of India. Besides
tripling total production capacity, this plan will enable
Beeyu to lower the cost of conversion of green leaf to
black leaf by Rs4 per kg in order to bring it to Rs8 per
kg.
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