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| M Narasimham resigns as Director of Hotel Leela |
| Hotel Leela Venture Ltd. has informed BSE that Mr N Narasimham has resigned as the Director of the company wef September 20, 2000. |
| Goldstone Technologies to consider setting up wholly owned subsidiaries/JV |
A meeting of the Board of Goldstone Technologies Ltd. will be held on October 17, 2000 to consider inter alia the following:
1. Un-audited financial results of the company and its subsidiaries for the first quarter ended September 30, 2000
2. Recommendations of Price Waterhouse on corporate restructuring including hiving off Telecom Division into a separate company
3. Setting up of Wholly owned subsidiaries/ Joint ventures in Australia, U K and Japan. |
| India Cements denies news item |
| With reference to the news item "India Cements set to mop up Rs 100 crores via equity offer" appearing in a financial daily dated October 3, 2000. India Cements Ltd. has informed BSE that the company does not have any such proposal for increase of authorised capital or to raise any equity capital. |
| Silverline Technologies acquires Sky Capital International in US$ 22 million transaction |
Silverline Technologies Ltd. has acquired Sky Capital International (SCI) in US $ 22 million all cash deal.
SCI is a leading IT consultancy based in Hong Kong with a turnover of US $ 24.3 million in 1999-2000. The key management members including Grahame Simmons Founder and Chairman of SCI are to be retained. Valuation obtained from Price Waterhouse Coopers based on Discounted Cash Flows and market comparisons following due diligence.
Strategic acquisition establishes presence in the Asia Pacific region and de-risks revenue streams through high quality customer base.
Diversification of revenue streams through greater non- US revenues and direct access to over 50 existing SCI customers in Hong Kong and Japan
Integration of SCI facilitated due to long-standing working relationship between Silverline and SCI.
Transaction has potential to enhance Silverline's offshore business component leading to margin expansion. |
| Citicorp Securities to consider merger of Citicorp Credit |
The Board of Citicorp Securities & Investments Ltd. will meet on October 4, 2000 to explore subject to all requisite approvals as may be necessary a possible merger of the subsidiary company Citicorp Credit Services India Ltd. with the company.
The shareholding of MGF Group and its associates in Citicorp Credit Services Ltd. is in the process of being acquired by Citibank Overseas Investment Corporation (COIC) one of the promoters of the company, following due approvals of the Foreign Investment promotion Board and in principle approval of the Reserve Bank of India. |
| Shareholders of Kale Consultants approve issue of options to British Airways |
Kale Consultants Ltd. has informed BSE that at the AGM of the company held on September 29, 2000 the company has obtained consent of the shareholders under Sec 81(1A) of the companies act as an enabling provision for issue of option to British Airways Plc.
The price at which shares will be issued will be determined as per the guidelines prescribed by SEBI on preferential issue of shares. The said option will be convertible into 50,000 equity shares of the company. The said options may be exercised within a period of 18 months. |
| Nath Seeds proposes to hive off seed & corporate farm division |
Nath Seeds Ltd. has filed a scheme of arrangement for restructuring its business on September 22, 2000 with High Court, Mumbai.
The company has 3 business division i.e. seed division, corporate farm division and plantation division. The company proposes to vertically split the company. The seed division and corporate farm division will be transferred to 2 independent companies and plantation division will be retained by Nath Seeds Ltd.
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| Grasim to approach High Court for sanction of scheme of de-merger |
| The Committee of Directors of Grasim Industries Ltd. has decided to approach the M.P.High Court, Indore Bench for sanction of Scheme of De-merger of Pulp and Fibre units of the company located at Mavoor, Kerala. |
| Alpha Drugs employees in talks to acquire foreign collaborators stake |
Alpha Drugs India Ltd has informed BSE that, company's foreign collaborators and principle shareholder, namely DSM Fine Chemicals BV (DSM) is in discussion with Alpha Employees Holdings Pvt.Ltd. AEHPL) to explore the feasibility of AEHPL acquiring 50.72% shareholding currently being held by DSM in Alpha Drugs India Ltd.
AEHPL is a company incorporated and majority owned by the employees of Alpha Drugs India Ltd. to facilitate implementation of the management buy out proposal. |
| Silverline Technologies to consider acquisition of software company |
| Silverline Technologies Ltd. has informed BSE that the Board of Directors of the company will meet on Tuesday, October 03, 2000 to consider the acquisition of a Far East based Software Services Company. |
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