L&T board approves 1:1 bonus issue
Mumbai: L&T's board of directors has recommended a bonus issue of shares of the company, the first in 20 years, according to a statement. Shareholders will be issued one free share for every share held. The last issue of bonus shares in the ratio of 3:5 was declared in 1986, a statement from the company said.

The shares, being issued by capitalising a part of the reserves, will increase L&T's capital base to a level that will better reflect its current scale of operations, it said.

Shares that may be allotted on exercise of options granted under the employee stock option scheme as also on conversion of outstanding foreign currency convertible bonds before the record date will be entitled to receive the bonus shares, said the company in a notice to the stock exchanges.
Back to News Review index page  

Citi acquires 1.12 per cent in GMR Infra
Bangalore: Citi Group has picked up 1.12 per cent stake in GMR Infrastructure Ltd for Rs100 crore. The private placement is part of GMR's proposed IPO through 100 per cent book building process to raise funds to part finance its ongoing infrastructure projects. With Citi Group's acquisition, GMR has raised Rs444 crore parting with 5.06 per cent of its stake through private placement. ICICI Securities, Quantum Fund (Soros) and Punjab National Bank had already invested in GMR. Citi Group completed the acquisition on Tuesday. ICICI Ventures had picked up 2.89 per cent for about Rs250 crore before GMR filed its Draft Red Herring Prospectus for IPO. Quantum Fund with 0.75 per cent, PNB with 0.30 per cent stake had paid Rs67 crore and Rs27 crore respectively, a company official said.
Back to News Review index page  

Fidelity Intl offloads holding in Satyam
Hyderabad: Fidelity International has informed the National Stock Exchange that funds under the management of FMR Corp and its direct and indirect subsidiaries and Fidelity International have sold 19,05,459 shares aggregating to 0.58 per cent of the total paid-up capital of Satyam Computer on June 5.
Back to News Review index page  

Cambridge Tech IPO fixed at Rs 63-75 price band
Hyderabad: Cambridge Technology Enterprise (CTEL) a CMMi Level 5 company, providing technology solutions using the Service Oriented Architecture (SoA) has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company is offering equity shares of Rs10 each in the price band of Rs63-Rs 75 per share aggregating to Rs24 crore. Centrum Capital is the sole Lead Manager for the issue and Big Share Private Ltd is the registrar.
Back to News Review index page  

Sun Pharma allots 58,445 shares
Mumbai: Sun Pharmaceutical Industries has allotted 58,445 equity shares on conversion of 947 foreign currency convertible bonds worth over Rs4.26 crore. The committee of directors of the board alloted 58,445 equity shares of Rs5 each of the company at a premium of Rs724.30 per share, the Vadodara-based pharmaceutical company informed the stock exchanges.

The company allotted these shares on conversion of 947 Zero Coupon FCCBs of US $ 1000 each into equity shares of the company, it said.

Consequently, the paid up equity share capital of the company has increased to 18,60,06,089 equity shares from the existing 18,59,47,644 equity shares of Rs5 each, it added.
Back to News Review index page  

Hexaware Technologies to issue preference shares
Mumbai: Hexaware Technologies Ltd has informed BSE that shareholders of the company have approved the issuance of preference shares of the company at their at the extraordinary general meeting of the company held on April 13, 2006.

The company has issued 10,55,570 Series A redeemable and / or preference shares of the company for Rs1,421/- each to "GA Global Investments Ltd", a Cyprus entity, on April 28, 2006.

At present the company has not issued Series 'B' redeemable non-convertible preference shares of Rs1,421/- each.
Back to News Review index page