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Corporate Briefs

Alliance IPO a big draw

The initial public offer of Alliance Frontline Equity Fund (AFEF), an open-end equity scheme from Alliance Capital Asset Management (India) Pvt Ltd (ACAM) has received subscriptions of over Rs. 100 crore from across the country. The offer was open from August 12 to August 30. “Despite these trying times, investor response to AFEF has been highly encouraging. This, is due to a combination of factors such as product design, equity valuations and tremendous franchise of Alliance Capital in the country,” said Nikhil Johri, CEO, ACAM.

Bharti Telesoft

Bharti Telesoft has achieved major customer wins in Sri Lanka and India for its cellular roaming solutions for national and international subscribers based on Hughes Software’s networking products. These solutions have resulted in cost savings and would benefit roaming cellular subscribers, a release said.

Aptech listing

The National Stock Exchange has granted in-principle approval to Aptech Training Ltd for listing of equity shares. This clears the decks for listing of equity shares on BSE and NSE, a company release said. The company had earlier got such an approval from BSE.

L&T order

Larsen and Toubro (L&T) has bagged a Rs 580.96 crore turn key order from Indian Oil Corporation for the expansion project of its six-million tonne refinery at Panipat, Haryana. The order consists of building of a 3.5 MTPA-diesel hydroheater unit based on technology from IFP, France and a 140,000 TPA hydrogen plant based on technology from Haldor Topsoe, Denmark.

IDFC bonds

Credit rating agency Icra has assigned highest safety ‘LAAA’ rating to Rs 1,000-crore bonds of Infrastructure Development Finance Corporation. Icra also assigned highest safety ‘A1+’ rating to the Rs 150 crore commercial paper issue of the financial institution.

Hero Mindmine

Hero Mindmine, a division of Hero Corporate services, part of the Rs 7,500-crore Hero Group has launched its learning centre in Jaipur to offer training for career aspirants in call centres and customer service industry.

Eicher Motors

Eicher Motors Limited (EML) has recorded a growth of 58 per cent in sales of its commercial vehicles in the domestic market during the month of August over the previous corresponding month last year. EML sold 920 vehicles in the domestic market during August 2002 as against 583 units sold in August 2001. The total sales in August including exports has been 1016 vehicles as against 702 vehicles sold during August last year.

VIP Industries

VIP Industries Limited has made its maiden international manufacturing foray with a 50:50 joint venture with the Nitol Group of Bangladesh for the manufacture of moulded luggage and chairs.


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