Balkrishna Ind. allots shares upon FCCB conversion
Mumbai: Balkrishna Industries involved in developing, manufacturing and marketing paper, paper board and automobile tyres, has allotted 7,60,999 equity shares upon conversion of Foreign Currency Convertible Bonds (FCCBs).

The company said the shares of Rs10 each were allotted upon conversion of Series A Zero Coupon Convertible Bonds worth $18 million at a premium of Rs1,070.
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Matrix plans overseas offering
Hyderabad: The board of directors of Matrix Laboratories has decided to raise funds of up to US$200 million by way of GDR/ADR/FCCB or shares on preferential basis or a combination of these, subject to approval of the shareholders.

The company proposes to utilise these proceeds for repayment of its bridge and/or term loans and also to meet future growth requirements. The board has also approved in principle for considering employee stock option plan (ESOP) to the employees of subsidiary companies, subject to approval of the shareholders.

The company proposes to hold an extraordinary general meeting on March 1 for obtaining the requisite approvals of the shareholders.
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Suryalakshmi allots 14 lakh shares to UTI
Hyderabad: Suryalakshmi Cotton Mills has allotted 14,28,300 equity shares of Rs10 each at a price of Rs245 a share to Unit Trust of India Investment Advisory by way of private placement subject to one year lock-in as per SEBI guidelines.

With this, the company said, it has completed financial tie-ups of about Rs225 crore. Further, the company has informed the stock exchanges that it has received sanction letters from State Bank of India and State Bank of Mysore for a total of Rs55-crore term loan assistance under the Technology Upgradation Fund Scheme. The company has already received the IDBI sanction of Rs70 crore under the scheme.
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Fidelity International sells 0.37 per cent stake in Satyam Computer
Hyderabad: Fidelity International's direct and indirect subsidiaries, FMR Corp, and Fidelity International Ltd have sold 11,96,821 shares aggregating 0.37 per cent of the total paid-up capital of Satyam Computer Services on January 20.

With this sale, the Fidelity holding aggregates 4.83 per cent of the total paid-up capital of Satyam Computer.
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Maha. Scooters share price fixed at Rs.151.63
Mumbai: The sole arbitrator, appointed by the two joint venture partners of Maharashtra Scooters Ltd (MSL), has officially announced the price recommendation for a share of MSL at Rs151.63.

The board of Western Maharashtra Development Corporation (WMDC), the majority joint venture partner, would soon take a view on the recommended price for sale of its 27 per cent MSL stake.

Sanjeev Bajaj, ED of Bajaj Auto, the 24 per cent owner of MSL and the intending buyer of the WMDC's holding in MSL, said that the arbitration verdict cannot be considered as conclusive though the arbitrator's price recommendation was a step towards the eventual deal.
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Deccan Aviation to come out with IPO
Bangalore: Deccan Aviation will soon float an IPO in order to pay off its debts, set up a hangar and infrastructure in various airports. These expenses are expected to cost the company around Rs300 crore.

The company in its draft red herring prospectus, said it had incurred a total loss of around Rs113 crore, so far, and that its net worth was negative. The company said it is going public to raise funds for setting up a training centre worth Rs65 crore and a hangar, which will cost Rs40 crore. It will also require around Rs17 crore for setting up infrastructure at various airports and will require around Rs133 crore for debt repayment.

Post-IPO, the stake of one of its three main promoters, Capt G.R. Gopinath, also the managing director, will reduce to 11.15 per cent from 14.87 per cent; and that of Capt K.J. Samuel will reduce to 8.5 per cent from 11.34 per cent and that of V.S. Rawal will reduce to 2.92 per cent from 3.89 per cent at present. The stake of private investors, which include, ICICI and Capital One will reduce to around 27 per cent from 38 per cent.

Deccan Aviation has earmarked 25 per cent of its shares for the public and FIs.
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Sakuma Exports to float IPO on February 8
Mumbai: Sakuma Exports (SEL) is entering the capital market on February 8 with an initial public offering of 66,66,667 equity shares of Rs10 each for cash at a price of Rs50 each amounting to Rs33.33 crore and 10 lakh cumulative redeemable preference shares (CRPS) at a price of Rs100 each amounting to Rs10 crore.
The aggregate issue size is Rs43.33 crore. The issue closes on February 14.

The funds raised by the company will be used to augment its long-term resources for working capital requirements. It also proposes to apply a part of the funds for general corporate purposes an aim to promote and strengthen its business and brand.

The company is engaged in the exports castor oil, its de-oiled cake, coriander seeds, groundnuts, sugar, chilli, cotton and niger seeds. It is also is exporting a number of commodities namely peanuts, red split lentils, de-oiled cakes (soya, sunflower etc.) sugar, onions, maize, wheat flour, sesame seed, chilli, rice, castor oil and chick peas.

"The company has an export mix of 25 commodities, with a client base of over 75 in countries across five continents. It has a reliable supply chain with more than 400 suppliers spread over different parts of the country and developed adequate and competitive logistic facility across the country.

The company is exporting from a number of seaports along the entire coastline of India - Mundra, Kandla, JNPT, Nhava Shiva, Mumbai, Chennai, Kakinada and Vizag, apart from the dry ports.
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Spanco allots 22 lakh shares upon warrant conversion
Mumbai: Leading networking and systems integration solutions company Spanco Telesystems and Solutions has allotted 22 lakh equity shares upon conversion of warrants to investors.

The board of directors has approved the allotment of 22 lakh shares upon conversion of warrants by its holders, the company informed the BSE.

The company has also allotted 10 lakh shares upon exercising of option or entitlement by the warrant holders attached to 10 lakh convertible warrants issued by the company on preferential basis.
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Wanbury declares 5 pc interim dividend
Mumbai: The board of directors of Wanbury, that supplies bulk drugs and intermediates to global companies, has declared a 5 per cent interim dividend for the year 2005-06, the company informed the BSE.
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