Corporate Moves

The scheme of arrangement and reorganisation between APR, Ballarpur Industries and APR Packaging has been approved by legal authorities. Under the terms of the scheme, the shares of APR stand delisted on all stock exchanges and have become non-tradeable securities.

Cadila Healthcare's manufacturing plant at Moraiya has received recognition from the Medicine Control Council of South Africa. With this approval in place, the group will now be registering its products in South Africa.

The board of Cybertech Systems has approved the proposal to issue ESOP. The company has also decided to buyback up to 10 per cent of the fully paid-up equity capital at a price not exceeding Rs. 120 per share. It has deferred the proposal for the amalgamation/merger of the wholly-owned subsidiary with the company.

The shareholders of both Dr. Reddy's Laboratories (DRL) and Cheminor Drugs approved the merger of the two companies. Nine equity shares of DRL will be allotted for every 25 equity shares of Cheminor Drugs.

The Gramophone Company Of India recently introduced a VRS package which closed on July 24. It met with a favourable response with 213 employees opting for the same.

HCL Technologies plans to issue ADRs up to $500 millions. It plans to grant ESOPs to eligible employees and directors and its subsidiaries under the 2000 Stock Option Plan. A total number of 15 lakh equity shares would be issued on exercise of options under the plan and the pricing will be fair market value on the date of grant.

The recent flood in the northern parts of India has affected the works at Hindustan Construction Company's naptha Jhakri joint venture in Himachal Pradesh.

Work at two of the project sites of Hindustan Construction Company at Bhutan -- Tata Hydroelectric Projects package C1 and package C4 -- have also come to a halt owing to heavy rains and floods. Works at these sites will be restarted in phases and normalcy is expected to return in six to-eight weeks.

The board of directors of Infosys Technologies has ratified the circular resolution of the Compensation Committee (ESOP) dated August 10, 2000, to grant an aggregate of 2.15 lakh stock options to eligible employees. They have also ratified the circular resolution dated August 10, 2000 to grant an aggregate of 37,000 ADR linked stock options to eligible employees.

Infosys Technologies has established a strategic technology partnership with First Atlantic Bank (erstwhile Comet Merchant Bank of Nigeria). The bank plans to deploy new generation software solutions from Infosys-Finacle BankAway and BancsRemote software packages.

Kochi Refineries has decided to issue bonus shares in the ratio 1:1 to the shareholders whose names appears on the register of members on September 27, 2000.

LML would be holding an AGM on August 22 to consider the proposal to issue, on preferential basis, 22.16 lakh equity shares of Rs. 10 each at Rs. 40 per share.

At the recently-held EGM, the members of NIIT unanimously approved the enhancement of limit of FII investment under the portfolio scheme from 30 per cent to 40 per cent.

The board of Rolta India has approved the merger of the software conversion division of Rolta Design and Conversion Services Ltd. (RDCS) with the company. The board also approved the amalgamation of the wholly-owned subsidiary, Rolta Animation and Modellling with Rolta India.

Siemens would acquire 83.20 lakh equity shares (representing 26 per cent stake) of VXL Landis and Gyr Ltd, from Birla VXL Ltd for a consideration of Rs. 22.5 crores. The company also plans to divest its 26 per cent stake in Siemens Nixdorf Information Systems.

The board of directors of SRF has decided to include in the AGM notice, the proposal to issue 2 per cent of paid-up equity capital of the company by way of preferential allotment to E.I.Du Pont de Nemours, a company incorporated in the US, and E.I.DuPont India Ltd for Rs. 10.75 crores.

SRF's board may exercise the option to issue 2 per cent of the paid-up equity capital at Rs. 87.14 per share. The shareholders' approval in the AGM will, thus, authorise the board to issue up to 12.33 lakh equity shares of Rs. 10 each at a price not less than Rs. 87.14 per share.

Tata Sons intends to acquire the shares of Andhra Valley Power and Tata Hydro-Electric Power at the prevailing market price from the existing promoters of the respective companies.