Venky’s buyback plan
Promoters of poultry major Venky’s India may acquire majority stake in the company after completion of the equity buyback programme, which opens on September 19 and envisages investment of about Rs 7.29 crore. Promoter holding at present in the company — which is part of Venkateshwara Hatcheries — is about 48 per cent and in case the entire envisaged 10.9 per cent equity is bought back under the offer, promoter stake will go up to 54.07 per cent. The buyback has been announced even as the high courts of Mumbai and Andhra Pradesh have approved amalgamation of its wholly-owned subsidiary, Venky’s Foods India Limited, with Venky’s India.
Over 100 companies from India and abroad are expected to participate in the global meet on telecom security to be held in New Delhi during the last week of September. Telecom Security India 2002 will focus on security threats for broadband access, voice and video over IP, network security for wireless communication and threats to 2.5G and 3G networks, encryption security, public key infrastructure, certification and allied issues and mobile application security, a press release said.
About 41 Indian bicycle and bicycle component manufacturers will participate in the four-day international cycle fair, IFMA, which begins at Koln, Germany from September 12. An Indian stall is being put up by the Indo-German export promotion project (IGEP) at the fair where nine Indian companies will be exhibiting their products, IGEP director Dr D. Kebschull said.
Hughes Network Systems said it has been awarded a $ 15-million contract by Inmarsat to design and develop mobile satellite terminals with voice and 3G-compatible broadband data capabilities via Inmarsat’s broadband global area network.
HCL Perot Systems (HPS) has announced a strategic partnership with US-based First Genetic Trust (FGT) to provide application enhancement and maintenance support for FGT web portal. HPS’s web portal applications for FGT include encryption architecture to provide another level of data security and workflow based processing and monitoring.
The board of The Indian Hume Pipe Company Limited has approved the buyback of the company’s equity shares of the face value of Rs 100 each at a price of Rs 700 per share upto a maximum of 96,894 shares. It represents 25 per cent of the paid-up share capital of the company.
Kodak has launched the KB10 and KB12Plus cameras for Rs 795 and Rs 995 respectively, to commemorate the sale of three million cameras in India, a release said.
Tata Steel has won the Gem Graphite Environment Award 2001-02 of the Federation of Indian Mineral Industries.