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Corporate Briefs

FourSoft to float IPO

FourSoft Limited, a product development and web-based solutions provider for the supply chain services industry, plans to tap the capital market through an initial public offer in December. The company is floating a public issue of 79,50,000 shares of Rs 5 each for cash at a premium of Rs 20 per share aggregating Rs 19,875 crore. The company's paid-up share capital will increase from the current Rs 11.89 crore to Rs 15.86 crore after the issue.

UBI ATMs

NCR India, a subsidiary of US-based global technology firm NCR Corporation, has bagged an order from United Bank of India (UBI) to set up 50 units of ATMs in six months. The deal comes at a time when United Bank of India is in the process of implementing IT programmes to provide technology-based services with an expansion of its ATM network.

Oil meet

Oil Technologists’ Association of India is organising a two-day international conference starting from November 22. The conference is expected to draw over 200 delegates from across the country and abroad. The conference will deal with biotechnology, membrane technology and other processing technologies in edible oil, president S. K. Roy said.

Kinetic sales

Kinetic Engineering, manufacturer of mopeds and motorcycles, has reported a 53 per cent growth in sales at 14,284 units in October from 9,325 units in August. Kinetic Motor, manufacturer of scooters, has posted a growth of 46 per cent at 10,280 units in October compared with 7,055 units in August.

Tata Steel

Tata Steel cold rolling mill chief H. C. Kharkar has been adjudged the best metallurgist of the year by the Indian Institute of Metals for his contribution in production, research and education in the sector.

Biotech fund

Bank of Baroda and Punjab National Bank have committed Rs 10 crore and Rs 5 crore, respectively, in the ‘biotechnology venture fund’, a public-private partnership between Ventureast Group and Andhra Pradesh Industrial Development Corporation (APIDC). The fund, with a targeted corpus size of Rs 150 crore, is the country's first national fund focused on biotechnology firms.

VSNL cable

Videsh Sanchar Nigam Ltd, an international telecommunications and internet service provider, will set up a 3,100 km submarine cable system between Chennai and Singapore. The Chennai-Singapore cable system will have a 5.12 Terabits capacity and will be operational in a year.

IBM launch

IBM India has launched an updated line of ThinkPad notebook computers — ThinkPad R50 and T41. The notebooks feature an automatic hard drive protection technology, which is designed to prevent hard drive crashes and data loss.


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