MSK to raise $12 mn
MSK Projects (India) will raise $12 million through an issue of foreign currency convertible bonds (FCCBs). The company?s board of directors has approved the issue of FCCBs convertible into equity share of Rs 10 each, the company has informed the Bombay Stock Exchange. The board has also approved increasing the authorised share capital of the company from Rs 15 crore to Rs 19.50 crore by issuing additional 45 lakh equity shares of Rs 10 each.
The National Aluminium Company (Nalco) has entered into an agreement with National Mineral Development Corporation for sharing the rights of Nickel Technology Proving Plant (Ni-TPP). The deal was signed by Nalco chairman C.R. Pradhan and his counterpart in NMDC, B. Ramesh Kumar, in Delhi. Under the deal, Nalco and NMDC will examine the feasibility of setting up a suitable plant to produce nickel.
Shah Alloys has decided to raise Rs 120 crore through foreign currency convertible bonds (FCCBs), global depository receipts (GDRs) or other securities. An EGM of the shareholders of the company held recently has approved the plan and to issue 15 lakh shares amounting to Rs 87.5 crore on preferential basis.
JK Industries has recorded Rs 2,400-crore turnover for the year ended September 30. During the fiscal, the company?s net profit jumped to Rs 17 crore from Rs 12 crore in the previous financial year. For the fourth quarter ended September 30, the company posted a net profit of Rs 19 crore compared with Rs 2 crore in the year-ago period.
RS Software (India) will issue 24.59 lakh equity shares to the shareholders on rights basis in 1:2 ratio, or one rights share for every two shares held. The shares will be priced at Rs 65 each. The company will also issue 5 lakh convertible warrants on a preferential basis to the promoters.
Ramsarup Industries will tap the market with a public issue of 50 lakh equity shares of Rs 10 each at a premium of Rs 50 per share to raise Rs 30 crore. The total issue size will be Rs 71.15 crore, of which the promoters will contribute R 41.15 crore. The proceeds will be used to fund its expansion programme.
President A.P.J. Abdul Kalam has visited Orchid Chemical?s formulations manufacturing plant in Sriperumbudur and has exhorted the scientists to discover and develop new drugs from the molecule stage.
Siemens India and Siemens AG has signed two contracts worth Rs 2,600 crore with Quatar General Electricity and Water Corporation.
