Stocks waiting for the news

WATCH OUT

has informed the Bombay Stock Exchange (BSE) that it has acquired 7,600 equity shares of Rs 10 each in Cardinal Logistics Pvt Ltd (Cardinal) representing 76 per cent voting rights of the latter.

Cardinal has a 10-year contract with Kolkata Port Trust (KoPT) for supply, operation and maintenance of two mobile harbour cranes, one each at 4 NSD berth and 8 NSD berth with necessary back-up support equipment for handling container on 'Own, Operate and Maintain' basis at the Container Terminal in KoPT's Kolkata Dock System.

Welspun India Ltd has informed the BSE that its board, in a meeting held on April 3, has approved the revision of project by adding 50,000 spindles capacity and a co-generation plant. The revision has consequently increased the cost of project from Rs 410 crore (sanctioned earlier) to Rs 498 crore.

As a result of the higher cost, the company has decided to issue 79,41,177 equity shares to India Advantage Fund II managed by ICICI Venture on a private placement basis, 28,34,204 equity shares to the promoters.

It has also decided to issue warrants carrying an option to subscribe to 8,82,352 equity shares to India Advantage Fund II. Further, promoters will be issued warrants carrying the option to subscribe to 30,29,401 equity shares. The company will convene an extra ordinary general meeting to seek shareholders' approval on the above proposals.