GMR Infrastructure announced that Homeland Mining and Energy SA (HMESA), a wholly-owned subsidiary of Homeland Energy Group, a company listed in Canada (HEG), in which GMR Energy has a majority shareholding, has entered into an agreement to divest its 50% equity interest in Tshedza Mining Resource, which holds the license to develop Eloff mines. The purchaser of the Homeland's interest in the Eloff mines is the company's current BEE partner, who already holds a 50% interest in the property. The consummation of transaction is subject to receipt of statutory approvals in South Africa, GMR Infrastructure said in a statement. HMESA has also entered into an agreement for the sale of its entire shareholding of Ferret Coal (Kendal). The transaction will be subject to receipt of statutory approvals and HEG Shareholders approval. The Kendal mine is an operating mine and sells coal in domestic market while the Eloff mine is under development stage, the company added.
HCL Technologies has reportedly bagged a multi-year infrastructure management services contract from US-based automaker Ford Motor Company. The value of the five-year contract is estimated to be close to $100 million, reports added.
Gitanjali Gems has decided to defer issue of foreign currency convertible bonds (FCCB).
The board of Balmer Lawrie & Company has recommended bonus issue of shares in the ratio of three bonus shares for every four existing fully paid equity shares (3:4).
Aditya Birla Nuvo said that a committee of its board approved allotment of 66.80 lakh equity shares of Rs 10 each at a premium of Rs 900.86 each to the promoter and promoter group company, on conversion of equivalent number of warrants issued to them on 10 May 2012. The existing warrants held by these holders shall stand extinguished to the extent of exercise of the option for conversion of equity shares.
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United Phosphorus said its board has approved that Vikram R. Shroff will step down as Executive Director of the company and will continue as Non-Executive Director on the board. He will now head one of the overseas subsidiaries and look after the development of business of the company globally.
Tata Metaliks signed an agreement with Japan's Kubota Corporation and Metal One Corporation on 25 March 2013, terminating the joint venture agreement executed on 20 July 2007 in relation to Tata Metaliks Kubota Pipes, subsidiary of the company. Further, the company signed a Memorandum of Settlement (MoS) with the Tata Metaliks Workers' Union at Redi in Sindhudurg, Maharashtra on 25 March 2013, in respect of all permanent employees, in pursuit of the company's plans to close down the Redi operation.
IndusInd Bank and NMDC will replace Wipro and Siemens in the 50-unit CNX Nifty index with effect from Monday, 1 April 2013.
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