Lanco power project
Lanco Energy Pvt Ltd’s 500mw Teesta VI hydro power project in Sikkim has achieved financial closure. The project, estimated to cost Rs 3,000 crore, will be financed through a debt of Rs 2,400 crore and an equity of Rs 600 crore. A consortium of nine banks and financial institutions led by icici Bank will provide the debt required for the project. Lanco Infratech Ltd would have a 74 per cent stake in the project with the Sikkim government holding the remaining 26 per cent, a release said. The Rs 2,340-crore engineering, procurement and construction contract has been awarded to Lanco Infratech.
Sri Ramrupai Balaji Steels Ltd, a Jai Balaji group company, has clocked a net profit of Rs 20.23 crore in the quarter ended March 31. The company’s net sales were Rs 208.24 crore in the quarter against Rs 106.95 crore in the year-ago period. Its net sales for the year ended March 31 was Rs 40.11 crore against Rs 18.09 crore in the previous year.
Religare Enterprises Ltd has filed its draft red herring prospectus with Sebi to enter the capital market with an issue of 11,364,152 shares of Rs 10 each for cash at a price to be decided through 100 per cent book building. The shares will be listed on the Bombay Stock Exchange and the National Stock Exchange.
Opto Circuits (India) Ltd has posted a net profit of Rs 72.18 crore for the year ended March 31 against Rs 35.06 crore a year ago. Net sales rose to Rs 201.64 crore from Rs 116.04 crore in the year-ago period. The company’s board has recommended a dividend of Rs 5 per share along with one bonus for every two held.
Sakana Holistic Housing Solutions, a Bahrain-based Islamic foundation, has implemented i-flex solutions’ Flexcube for Islamic banking’s mortgage financing operations.
Regent Electro-Mech Pvt Ltd has acquired a 49 per cent stake in Trichirapally-based Iskraemeco Seahorse Ltd. The company has been renamed Iskraemeco Regent Ltd.
Straightline.in, the online store of mjunction, has received the retail mandate for SAIL Jyoti GC sheets through a tieup with SAIL. The roofing application product will be available through online sales in Bengal, Delhi, Faridabad and Ghaziabad.
HCL Infosystems Ltd has launched Datacentre in a Box, an integrated solution designed to meet IT infrastructure requirements of small and medium enterprises. The solution comes with network components and remote management systems.