Grabal Alok makes preferential allotment
Mumbai: Grabal Alok Impex has allotted 20 lakh shares as convertible warrants to Megallan Consulting (MCL) on a preferential basis. The executive committee of directors approved the allotment of 20 lakh warrants convertible into equity shares at a price of Rs109 per share within a period of 18 months from the date of allotment.

MCL has currently paid upfront 10 per cent of the total consideration as per SEBI guidelines and the balance would be paid on the warrant holders exercising the option to convert the warrants into equity shares.

Earlier, the company had invested £4 million in its wholly owned subsidiary company, Grabal Alok International incorporated in the British Virgin Islands, in the form of equity to the extent of US$50,000 and the balance through subscription to one per cent preference shares redeemable at the end of ten years.
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L&T to raise US$100mn through FCCBs
Mumbai: Larsen & Toubro has said that it would raise US$100mn through the issue of foreign currency convertible bonds (FCCB) in the overseas markets for financing its capital expenditure and international acquisition plans.

The FCCBs have a face value of ¥10 million per bond and conversion price of Rs2,498.45 per bond, which is at a premium of 35 per cent to the closing price of Rs1,850.70 on the exchange as of January 04, 2006, the company informed the Bombay Stock Exchange.

The bonds are convertible into global depository receipts representing the equity shares of the company at the option of the bondholders and are expected to be listed on an international Stock Exchange, it said.

The bonds can be redeemed at the end of five years at 103.30 per cent of the face value, it added.
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PFC issues bonds to raise Rs.1700 crore
New Delhi: The Power Finance Corporation has raised over Rs1,700 crore through a ten-year bond issue. Launched last month, the issue is for Rs300 crore with a green shoe option, through a book building process, PFC said in a release.

The issue was oversubscribed six times despite the tight liquidity position in the market, the company said. PFC has retained Rs1,734 crore at a coupon rate of 7.60 per cent payable annually.
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Bajaj Hindusthan allots 1.46 lakh shares upon FCCB conversion
Mumbai: Sugar company Bajaj Hindusthan has allotted 1.46 lakh equity shares upon conversion of 500 Foreign Currency Convertible Bonds (FCCB) worth US$50 million. The company has allotted the equity shares upon conversion of FCCBs at a conversion price of Rs147.50 per share, the company informed the BSE.

The company had issued the FCCBs worth US$50mn on May 13, 2005.

Post allotment, the paid up capital of the company has increased to Rs12.01 crore from Rs11.99 crore, it added.
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Siel declares 10 pc interim dividend
Mumbai: Siel Ltd, which manufactures cleaning chemicals like caustic soda, chlorine, bleaching powder and edible vegetable oils declared a 10 per cent interim dividend on Thursday for the year ending March 31, 2006.

The company said the 10 per cent dividend would be paid within 30 days of declaration by February 04, 2006.
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Mastek to consider bonus share issue
Mumbai: The board of directors of software services firm Mastek is meeting on January 12 to consider a bonus issue of shares. The board would also discuss financial results for the quarter ended December at the meeting.

Mastek's shares were up 12.4 per cent at Rs689 in morning trade in a flat Mumbai market.
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