The Indian small and medium business organisations have achieved very good developments in the recent past as they have received some huge investments as well as they have also announced some new projects. Among theses companies, the Ballarpur Industries Ltd (BILT) has recently announced that it has got the approval of equity investments of $175 million by two major private equity investment firms. The equity investment companies are named as the GIC Special Investments Pvt Ltd (a wholly owned subsidiary of Government of Singapore Investment Corporation Pvt Ltd) and the Principal Investment Management Group of JP Morgan. The companies would be investing in the Ballarpur Paper Holdings B.V. (BPH) that would entitle them to an approximately 21 per cent of the total equity stake.
The officials of BILT have stated that BPH is actually a wholly owned step down subsidiary of BILT in the Netherlands and the company had created it as a special purpose vehicle for the acquisition of Sabah Forest Industries Sdn Bhd (SFI) that is the largest integrated pulp and paper mill in Malaysia. The BPH is the owner of 97.8 per cent of the capital in SFI and the rest of the 2.2 per cent is held by the Government of Sabah.
The board of directors of the other industrial organisation named Gati Ltd has recently approved the allotment of 17,86,800 equity shares on conversion of FCCBs being equivalent to $5 million to Lehman Brothers International Europe, London. The shares would be allotted at a rate of Rs 2 each, at a premium of Rs 123 per share. The officials of the GMR Industries Ltd have informed that a meeting of the board of directors will be held on January 30 to consider the proposal for rights issue.
The Directors Committee of the HBL Power Systems Ltd held a meeting on January 21 on preferential issue. The meeting was organised in order to consider the offer of the companys bankers regarding their interest to fund the expansion operations of the company via term loans. The bankers have also offered to fund the operations without need for equity as margin money. The sources from the company have stated that the committee has taken the decision to postpone the preferential issue for the moment.
An agreement to form a new Joint Venture (JV) company has been announced by the Mangalore Refinery & Petrochemicals Ltd and Shell Aviation on January 21. The companies have stated that the new JV is formed in order to market and supply the aviation fuel, initially at two airports, that is the Bangaluru and Hyderabad. The officials of the companies also informed that they would supply aviation fuel at other Indian airports, later on. The officials further said that the companies would provide complimentary services and strengths to the joint venture as well. They would be offering a co-branded global refuelling offer to both Indian and international airlines, together. They further added that the agreement will become effective early in the year of 2008.
According to the officials of the Monsanto India Ltd, the board of directors of the company has decided to sell, transfer, assign or otherwise dispose of the Butachlor and Alachlor businesses to the Sinochem International (Overseas) Pvt Ltd or its subsidiary/associate in India. The officials said that the operation would be completed for a total consideration payable in Indian Rupees equivalent to $8.4 million (approx Rs 33 crore0 million). In a recent statement, the Paramount Communications Ltd has stated that a meeting of the board of directors will be held on 30th January. The meeting would held in order to consider the issue of warrants/convertible warrants/equity shares/ any other instrument on preferential basis under the SEBI guidelines, provided the members approve that. The Spice Communications Ltd has also called for a meeting of the board of directors on 30th January with a view to consider the proposal for buy-back of equity shares of the company.
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| Posted : 1/23/2008 |
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