GMDC considers stock split Ahmedabad: Gujarat Mineral Development Corporation (GMDC) is considering splitting its stock into two.

The board of the company has cleared the proposal which would now be placed before the investors for approval.

The company officials said the idea behind splitting the shares into two is to enhance the trading volumes in GMDC shares. The Gujarat government has a 74 pc stake in the company while the remaining 26 pc stake is with the public and mutual funds.

GMDC is also gearing up for its joint venture lignite gasification project with Reliance Industries (RIL).

The RIL-GMDC joint venture is planning a 600 million tonne lignite gasification project divided into three phases each with 200 million tonne capacity. Back to News Review index page  

Apollo Tyres board okays 1:10 split New Delhi: Apollo Tyres has posted a 62 pc increase in net profit at Rs42.71 crore for the quarter ended March 2007 against Rs26.38 crore for the corresponding period of last fiscal year.

The company operating profit rose by 82 pc for the fourth quarter ended March 2007, at Rs100 crore against Rs56.71 crore for the same period of last year. The net sales increased by 22 pc at Rs910 crore for the quarter ended March 2007, against Rs740 crore for the same period of last year.

The board of directors of Apollo Tyres has approved splitting the equity shares of the company in the ratio of 1:10, i.e. each equity share with a face value of Rs10 to be sub-divided into 10 equity shares of Re1 each.

The board also okayed a proposal to increase the investment by Foreign Institutional Investors (FIIs) upto 30% of the paid up equity share capital of the company. Back to News Review index page  

Insecticides (India) plans IPO New Delhi: Insecticides (India) (IIL), which manufactures and distributes plant protection chemicals and house hold pesticides, will enter the capital market with an initial public offering of 32.10 lakh shares of Rs10 each at a premium to be decided through a book building process.

The price band of the issue is between Rs97 and Rs115 per equity share and is scheduled to open on May 7 and close on May 11.

The company said the proceeds of the IPO will be used to set up a formulations plant at Samba (Jammu & Kashmir) and set up a manufacturing technical plant and research and development (R&D) facility at Chopanki (Rajasthan). Back to News Review index page  

GBN plans overseas listing New Delhi: Global Broadcast News (GBN) plans to raise $200 million through an overseas listing to fund future expansion. The company, which has channels like CNN-IBN and IBN7, is considering different options for listing in London, Singapore or Luxembourg. A part of TV18 group, GBN was listed on the domestic bourses in January this year and raised about Rs105 crore.

GBN now plans to launch a number of channels specifically suited to the Indian market. Back to News Review index page