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ITC board recommends stock split
New Delhi: ITC Ltd has said that it will subdivide its equity shares in the ratio of 1:10, that is the ordinary shares of the company of the face value of Rs10 each will now be split to the face value of Re1 each.

The company has also said that it will issue bonus shares in the ratio 1:2, that is, one bonus share of Re1 each for every two fully paid-up ordinary shares of Re1 each.

It has also approved an increase in the authorised share capital of the company from Rs300 crore to Rs500 crore.
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Praj Ind. board approves stock split and bonus issue
Pune: Praj Industries Ltd on Friday said its board of directors has recommended the issue of bonus shares, subdivision of shares and an employee stock option plan.

The bonus issue will be in the ratio of one share for every existing share (1:1), while the Rs10 paid-up share will be split into five shares of Rs2 each, subject to AGM approval. The annual general meeting of the company is scheduled meet on July 23, a press release said.
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Haribhakti & Co appointed advisors to JM MF
Chennai: Fund house JM MF, has engaged Haribhakti & Co as its advisor, to oversee its changeover from CAMS to Karvy as its R&T agent.

With regard to the fund houses proposed shift to Karvy as its registrar, the shift from CAMS will take effect on from June 20. Karvy will service all JM MF schemes with effect from that date. The fund has billed June 18 as a non-business day.

JM MF officials said that the fund house plans to bring about the change keeping in mind all compliance issues as well as the needs of its investors. Karvy has lately improved its delivery mechanism, an upgradation that has partly prompted the fund to shift allegiance from CAMS.

The rates offered by Karvy (which has tied up with an overseas firm, Computershare) are also more attractive, they said.

The changeover will also provide JM MF with access to the 300-plus offices that currently form Karvy's network. This is a value-addition for JM because Karvy happens to be a distributor of mutual funds as well.
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Simbhaoli Sugar Mills files for rights issue
Mumbai: Simbhaoli Sugar Mills Ltd has filed its offer document with the Securities and Exchange Board of India for a rights issue.

The company is offering 87,84,622 equity shares of Rs10 each for cash at a premium of Rs45-50 (issue price band of Rs55-60) per equity share on rights basis to the shareholders of the company in the ratio of four equity shares for every five held on record date, aggregating Rs48.32 crore to Rs52.71 crore.

The issue aims to meet the capital expenditure for increasing the crushing capacity of the Simbhaoli sugar division to 9,500 tonnes crushing per day (tcd) from 7,500 tcd by adding 2,000 tcd equivalent raw sugar facility, for long-term working capital requirement and to reduce overall indebtedness by repaying a part of the outstanding borrowings.

The company has drawn up the business plans for the expansion of crushing capacities at its Simbhaoli and Chilwaria units to 15,500 tcd by adding 4,200 tcd by March/April 2006, with a capital outlay of Rs50 crore.

The company imported 71,000 tonnes of raw sugar for processing during the last fiscal. It plans to process over one lakh tonnes of raw sugar during the sugar year 2005-06, through energy saving measures.
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