10th May 2005: Ambit Corporate Finance Pvt Ltd ("Manager to the Offer") on behalf of Lightwood Investment Ltd ("Acquirer") has issued Post Offer Public Announcement to the equity shareholders of the Sintex Industries Ltd ("Target Company"). This Announcement is in continuation, of and should be read in conjunction with, the Public Announcement dated December 08, 2004 ("PA"), the Revised Public Announcement dated February 24, 2005 and the Letter of Offer dated February 23, 2005 issued to the shareholders of the Target Company in terms of the applicable provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto upto the date of the PA (the "SEBI Takeover Code"). The terms used, but not defined in this Announcement, will have the same meaning assigned to them in the PA and the Letter of Offer:

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            Item                             Proposed in the Offer               Actuals
                                                            document
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a. Offer Price                            Rs 286.41 per share                 Rs 286.41per share

 

b. Shares acquired in                3,695,333 shares                     14,325 shares
   the Offer                                i.e. 20.00%#                            i.e. 0.08%#

 

c. Post Offer Shareholding         7,610,333 shares                     3,929,325 shares
   of the Acquirer upon               i.e. 41.19%#                            i.e. 21.27%#
   transfer of shares                       and                                            and
   accepted under Offer              1,985,000 warrants                  1,985,000 warrants
                                               optionally convertible                optionally convertible
                                               into equivalent number             into equivalent number
                                               of shares                                of shares
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# Considering the conversion of 915,000 warrants into equivalent number of Shares, the expanded capital of the Target Company after the preferential issue and conversion of warrants would be 18,476,664 shares.

10th May 2005: IOC will float Rs 500 crore bonds by this month to meet its working capital requirements. The non-revision of fuel prices have placed heavy burden on the company's finances and thus it is resorting to increased borrowings, IOC chairman S Behuria said today. The total borrowing of IOC in a year have shot up by 80% to Rs 18,000 crore currently from Rs 10,000 crore as of June 2004.

10th May 2005: Jubilant Organosys Ltd, a composite pharmaceuticals industry player, on May 09, 2005 has announced that it has priced a US$ 75 million (approximately Rs 3.25 billion) unsecured and Zero coupon 5-year FCCB (Foreign Currency Convertible Bond) issue with an upsizing option of US$ 25 million (approximately Rs 1.08 billion), with a Yield to Maturity of 6.6% per annum, placed with International investors. The FCCB has a 50% conversion premium at Rs 1365.32 per share.

Application has been made to list the FCCBs on the Singapore Stock Exchange. The FCCBs will be convertible into Rupee stock listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) or GDSs listed on Luxemburg Stock Exchange at the option of the holder.

The proceeds of the issue will be used to fund the capital expenditure for the Company's expansion plans, acquisition and any other permitted use. JP Morgan Securities Ltd was the sole book runner and global coordinator for this transaction.

9th May 2005: FIPB has deferred a proposal by internet service provider (ISP) Sify to issue American Depository Receipts (ADRs) with 100% FDI by two weeks. A meeting of FIPB, held on April 27, decided to defer the proposal by two weeks at the behest of the department of telecom, which is reviewing the matter of FDI in ISPs providing virtual private network (VPN) services.

Sify had sought FIPB approval for the issue of ADRs against its 1,57,20,800 equity shares held by both domestic and international shareholders to a maximum of 100% foreign equity on the basis of its ISP licence granted by DoT and having surrendered all international gateways. The current foreign holding in Sify is 58%.

DoT had issued a provisional clearance to Sify in January this year for amending its licence after it furnished Rs 10 crore entry fee and bank guarantee in respect of its VPN service. Subsequently, FIPB had given approval to Sify's ADR issue. However, DoT later issued directions to ISP licensees seeking amendments for VPN service.

9th May 2005: Whirlpool of India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 27, 2005, has decided to issue, offer and allot not more than 15,50,00,000 Redeemable Cumulative Preference shares of Rs 10/- each to Whirlpool Corporation or its subsidiaries on preference basis. Further the Company has informed that above mentioned issue of Redeemable Cumulative Preference Shares aggregating upto Rs 1550 million is subject to the consent of the shareholders in the ensuing Annual General Meeting of the Company to be held on June 17, 2005 and necessary RBI permission.