News Flashes

National Highway Authority of India (NHAI) floats Rs 2k-cr tenders for 5 projects

25th May 2005: NHAI, the highway development regulator has floated tenders for five road projects worth over Rs 2,000 crore, which are parts of NHAI’s Golden Quadrilateral project and East-West Corridor project.

NHAI has called bids for the four-laning of the 240-km Palanpur-Saroopgunj section in the Gujarat-Rajasthan route; six laning of the Badarpur elevated highway (NH2) in the Delhi-Haryana corridor; six-laning of (NH 8) Vadodara-Baruch road project; six-laning of Baruch-Surat (NH8); and the four-laning of the Tiruchi-Madurai (NH 45-B) which is a Rs 524-crore project. All these projects will be under the Build-Operate and Transfer (BOT) scheme of NHAI.

These projects are likely to be completed in the next 30 to 40 months. Given the heavy traffic load of about 20,000 to 25,000 passenger car units a day in all these stretches, NHAI anticipates a good response from the private sector. NHAI officials said that the authority would call bids for 10 more road projects in Andhra Pradesh and Karnataka in June. NHAI sources said that the on-going expansion and strengthening of the 125-km highway forming part of the Chennai-Tiruchi-Madurai four-laning project, would give a fillip to the economic growth and infrastructure development of its central and southern districts.

NHAI is also planning to take up four-laning of the Tindivanam-Tiruchi section under the BOT scheme. Given the heavy traffic load of about 20,000 to 25,000 passenger car units a day on this stretch, good response was anticipated for the contract from the private sector. Work on the Tiruchi-Madurai section, which caters to around 15,000 to 20,000 passenger car units a day, would be taken up with NHAI funds.

Rubfila International - Open Offer

24th May 2005: Chartered Capital & Investment Ltd ("Manager to the Offer") on behalf of M/s Rubpro Sdn. Bhd. (Rubpro), Ms. Annie Guat Khuan Chew, Mr. Barry Yates, Mr. Christopher Chong, Mrs. Minal Bharat Patel, Mrs. Bharati Bharat Dattani, Mr. Dhiren Shah ("Acquirers") and Mr. M Jayabalan ("Person Acting Concert") pursuant to Regulation 10 and 12 as required under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, ("SEBI (SAST) Regulations, 1997") and subsequent amendments thereto has announced as below:

The Offer:

The Acquirers & PAC are making an offer to the public shareholders of Rubfila International Ltd ("Target Company") to acquire 63,36,742 equity shares of the Target Company, representing in the aggregate 20% of the issued and subscribed paid up equity share capital of the Target Company at a price of Rs 4/- per share payable in cash subject to the terms and condition.

Schedules of Activities

Specified Date : May 24, 2005

Date of Opening of the Offer : July 15, 2005

Date of Closing of the Offer : August 03, 2005

Indian shareholders to benefit from ADR: Sify

24th May 2005: The proposal for American Depository Receipts (ADRs) by Nasdaq-listed Sify is aimed at creating "liquidity" for its Indian shareholders, according to a top company official. "We are not listed on the Indian stock markets. Hence, we want to provide liquidity to our Indian shareholders by converting the Indian shares into ADRs," R Ramaraj, CEO and MD of Sify, said.

Sify proposal for ADRs is pending with the foreign investment promotion board (FIPB) as it would result in FDI upto 100%. Currently, the foreign equity in Sify stands at 58%. The ADR proposal had led to speculation that Satyam Computers, which holds about 32% stake in Sify, may be planning to offload its stake in the venture. However, Ramraj ruled out any such plans by Satyam. "The intention is to give a liquidity option to Indian shareholders," Ramraj said.

The other major Indian shareholder in Sify is venture capital fund Venture Tech, which holds less than 7% stake in the internet firm. The ADR proposal was deferred by the FIPB at the behest of the department of telecom, which is reviewing FDI in internet service providers (ISPs).

Amtek Auto to issue $150mn FCCBs

21st May 2005: The members of Amtek Auto, at their EGM held yesterday, have decided to issue foreign currency convertible bonds (FCCBs) of $150 million. According to a release issued by Amtek Auto to the BSE, the members have increased the borrowing limit of the company from Rs 1,000 crore to Rs 2,000 crore.

Alok Industries raises $60mn through issue of FCCBs

21st May 2005: Alok Industries has raised $60 million through the issue of 1%unsecured Foreign Currency Convertible Bonds (FCCBs). According to a release issued by Alok Industries to the BSE, the company accordingly has issued and allotted 1200 FCCBs at face value of $50,000 each. The issue also carries a greenshoe option of $10 million exercisable within a period of one month from the listing of the FCCBs.

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