SHARE DEALS
Indian Petrochemicals Corpn Ltd: The Life Insurance Corporation of India has sold 5702490 equity shares of Rs 10 each of the company at Rs 231 per share to Reliance Petroinvestments Ltd.
Victoria Mills: The company has informed that Kamal Mangaldas has acquired 400 (0.40 per cent) equity shares and Abhay Investments Pvt Ltd has acquired 2009(2.03 per cent) equity shares on 07.09.2002 of the company by way of inter se transfer. Their shareholding after acquisition is 680 (0.68 per cent) and 2009 (2.03 per cent) equity shares respectively.
EXPANSION PLANS
IT Microsystems India: The company proposes to open a wholly owned subsidiary in USA to set up hotel business there. It has taken the required in principle approval from the authorised dealer - Bank of Maharashtra. Investment in the arm will be made out of the exchange earners foreign currency (EEFC) account.
DIVIDEND PAYMENTS
Upper Ganges Sugar & Industries: In its meeting on September 10, 2002, the board has not recommended any dividend on ordinary shares for the year ended June 30, 2002. However, on 3,00,000, 12.5 per cent C R preference shares, directors have recommended for consideration of the shareholders at the forthcoming annual general meeting payment of outstanding dividend at 12.5 per cent per annum for the year ended June 30, 2001 and for the year ended June 30, 2002 (on pro rata basis up to the date of redemption i.e. June 23, 2002)
Soundcraft Industries: The board of directors at its meeting held on September 11, 2002 recommended dividend at 20 per cent to the equity shareholders of the company for the financial year ended as on June 30, 2002. The same shall be placed for approval by the members at the ensuing AGM.
FORFEITURE OF SHARES
IT&T: The board authorised the investor grievance committee of the board to annul forfeiture of shares for which the amount due is received latest by the date of the AGM of the company i.e. September 27, 2002. In pursuance of the powers delegated by the board to the said committee, the investor grievance committee on September 10, 2002 decided to annual the forfeiture of 300 shares held in the folio number ITT000967 (Sanjeev Mehta). The amounts due from the said shareholders have been received in the account. The registrars of the company have been instructed to take appropriate steps to give affect to the decision of the committee.
RECAST PLANS
Electrolux Kelvinator: The board will meet on September 17, 2002, interalia to consider and accept the one time voluntary, discretionary revenue grant of Rs 50 crore to be made by AB Electrolux, Sweden, to the company to meet part of its significant revenue expenditure and to improve its current liquidity position. The board will also consider and approve an appropriate reduction in the offer size of the proposed rights issue of equity shares of the company from Rs 249.72 crore to Rs 199.78 crore, in view of the intention of AB Electrolux to make a one time, voluntary, discretionary revenue grant of Rs 50 million subject however, to approvals of the SEBI, FIPB and other regulatory authorities as may be required and also to take note of the request made by AB Electrolux in this regard.
The board will also review, consider and approve the CFC free compliance strategy of the company for compressors manufacturing facilities at Sanathnagar (Andhra Pradesh) and Warora (Maharashtra) and further to evaluate the options before the company in this regard, including investments, divestitures or any other measures, subject however to applicable regulatory approvals including the shareholders approval through postal ballot, in the event the divestment is approved by the board.
The Electrolux board will also consider the variation of the right to receive dividend on 10 per cent cumulative redeemable non-convertible preference shares of the company, in terms of the consent received from AB Electrolux, Sweden, the holders of such shares subject to the relevant regulatory approvals. Moreover, the board will consider payment of royalty to Electrolux Home Products Inc for use of the trademark
