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| British Telecom commits Rs 7250/- million business to MBT over three years |
Mahindra-British Telecom Ltd. (MBT) today August30, 2000 announced that British Telecommunications PLC (BT) has committed a minimum assured business of 105 million pound sterling (worth Rs 7250 million /Us $158 million at current rates), spread over three years.
The two companies signed an agreement under which BT has guaranteed business worth at least 35 million pound sterling (Worth Rs 2350 million/ US$ 53 million at current rates) each year for the period beginning current fiscal and extending up to March, 2003. This committed business provides the springboard for much higher levels of business with BT.
In consideration of this substantial increase in business MBT will allot 5.05 million shares of par value of Rs2 each to BT, thereby raising its stake in the joint venture by three percentage points, from 40 to 43 percent. The shares will be allotted as per the pricing formula prescribed under the guidelines applicable to such issues.
MBT was BT's first joint venture in the Indian sub-continent, and we are tremendously proud of being a part of its success in the last 13 years. It is very fitting that this relationship has grown and flowered, and today, as we move one step closer, we look forward to a very strong future together, said David Chaplin, Director representing BT on the board of MBT.
This landmark achievement for MBT, the flagship company in our IT Sector, further cements the strong ties between BT and the Mahindra Group, and will create substantial value for the shareholders of MBT said Ulhas N Yargop, President IT Sector, Mahindra Group.
The increased business will largely come from organic growth in IT services now rendered by MBT to BT. MBT is the largest Indian-managed software operation in the U K currently employing over 600 people in the U K BT is accelerating outsourcing of work for offshore operations and end-to-end programme management.
MBT was formed in 1987 as a joint venture between BT and the Mahindra Group, with the Mahindra Group holding 60% of the equity, and BT holding 40% which will change to 57:43 in light of this announcement. Over the years, MBT has emerged as one of the leading software services companies in India, employing over 2,200 IT professionals. The Company recorded an income of Rs 2403.20 million for the year ended March 2000 with a net profit of Rs 630.30 million. |
| Hinduja Finance to allot shares to ALIT |
| The Committee of Directors of Hinduja Finance Corporation Ltd. will meet on September 4,2000 to consider allotment of shares to the shareholders of Ashok Leyland Information Technology Ltd. (ALIT) pursuant to the scheme of amalgamation of ALIT with Hinduja Finance. |
| Asta Medica increases holding in German Remedies |
German Remedies Ltd. has informed BSE that:
1. Asta Medica AG of Frankfurt, Germany presently holds 952,284 equity shares in the paid-up equity capital of the company representing 11.55% of the paid-up capital.
2. Asta Medica AG has acquired 190,502 equity shares from Beecham Pharma GmbH, representing 2.28% of Companys paid-up equity capital. Thus, the total holding of Asta Medica AG in German Remedies Ltd. will now amount to 13.86% of the equity capital
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| HMT Board to consider scheme of Arrangement |
| The Board of Directors of HMT Ltd. will meet on September 5, 2000 to consider the scheme of Arrangement. The Scheme of Arrangement would result in formation of wholly owned subsidiary companies in respect of Machine Tools and Watch businesses of the company and in respect of Machine Tools and Watch Factory at Srinagar. |
| Specified date fixed for buy-back offer of Bajaj Auto |
Khandwala Securities Ltd. the Lead Manager to the offer of Buy-Back of equity shares of Bajaj Auto Ltd. has informed BSE that the specified date for the buy-back offer of Bajaj Auto Ltd. has been fixed as September 2, 2000. All the registered members/shareholders as on the specified date i.e. September 2, 2000 as per the records of Bajaj Auto Ltd. and as be advised by NSDL/CDSL will be entitled to receive letter of offer and tender form. The offer opens on September 18, 2000 and offer closes on October 6, 2000.
Bajaj Auto Ltd. has proposed to buy back upto 18,000,000 equity shares at an offer price of Rs 400/- per equity share from the shareholders through the tender offer method.
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| BSE imposes special margin on 3 scrips |
BSE has imposed a special margin of 25% per share on the under mentioned scrips with effect from Wednesday, August 30, 2000.
Sr. No. Scrip Code Scrip Name Scrip Group
1. 32338 GDR Software Ltd. B2
2. 6954 Motorol Speciality Oils Ltd. B2
3. 12185 India Online Networks Ltd. B2
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| Gati Corporation fixes book closure date for bonus |
| BSE has informed its members that, Gati Corporation Ltd. has fixed the book closure date from October 14, 2000 to October 18, 2000 for the purpose of issue of bonus shares in the ratio of one bonus share for every two equity shares held and for payment of dividend. The equity shares will be traded on cum-bonus basis upto September 22, 2000 and ex-bonus basis from September 25, 2000. |
| Zicom Electronic to invest US$ 0.4 million in wholly owned subsidiary |
The Board of Zicom Electronic Security Systems Ltd. has approved, subject to necessary approvals, formulation of a wholly owned (100%) subsidiary company in the USA and to invest in the proposed subsidiary a sum not exceeding US $ 0.4 million.
The Board has also decided to modify the pricing formula under ESOP. Now pricing formula will be "the average of the daily closing price of the equity shares of the company quoted on the Stock Exchange, Mumbai for a period of 60 days preceding the date of approval of the modification by the shareholders at the ensuing Annual General Meeting to be held on September 22, 2000.
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| Lloyd Rockfibres to be referred to BIFR |
| The Board of Lloyd Rockfibres Ltd. has decided that, as the entire capital of the company has been eroded, the company has became a sick company and the Board has formed an opinion to make the reference to the BIFR in this regard. |
| India Radiators declared Sick |
| India Radiators Ltd. has been declared sick under SICA, by the BIFR and IDBI has been appointed as the operating agency to finalise the scheme for the revival of the company for the BIFR. |
| DCM Shriram International becomes subsidiary of DCM Shriram Consolidated |
| DCM Shriram Consolidated Ltd. has informed BSE that DCM Shriram International Ltd. (DSIL) has become a subsidiary of the company, viz. DCM Shriram Credit and Investments Ltd. (DSCIL). DSIL which was originally incorporated with the main objects of acting as export and/or import agents is now proposing to commence business in the areas of information technology. DSIL and DSCIL are closely held and unlisted companies. |
| Infosys Technologies opens office in Hong Kong |
Infosys Technologies Ltd. announced on August 30, 2000 the opening of its office in Hong Kong to focus on e-commerce business in the region.
The company brings to this region its global expertise in the e-commerce and Internet infrastructure space. Infosys has strong leadership in B2B marketplace in the US, Europe and Asia Pacific regions. The cross border learning and experience that the company has acquired will significantly accelerate and strengthen initiatives of its partners.
Infosys believes that Hong Kong is a hub of e-business activity in Asia and looks forward to leveraging the opportunities available. Mr. Subhash Dhar, Head - Worldwide, E-business said, "Over the past years, we have managed and delivered e-business programs for several dotcoms and Global 100 corporations in the US and Europe. We look forward to bringing out global expertise in the new economy business practices and processes with our core strengths in designing and developing technology solutions to e-business in Hong Kong and the Asia Pacific region. Some of our work in the e-commerce and Internet infrastructure space has been for new economy leaders like Dell Online, Cisco, Amazon.Com, Webvan, Blue Martini, EC-Cubed and preis24.com". The Hong Kong office of Infosys will be headed by Mr. Vineet Toshniwal. |
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