FSS to be delisted from BSE, NSE
8th February 2006: There are some conditions to be fulfilled before the FSS stake sale takes place. FSS has to be delisted from the BSE and NSE before the stake sale and as part of this, trading in the scrip has already been suspended. The company’s shares last traded on February 2.

“The paper work for completing the delisting is on and Flextronics will be delisted on February 10,” said sources. In October ’04, Flextronics completed the acquisition of a 70% stake in FSS.

In May ’05, Flextronics had proposed delisting FSS from Indian bourses by purchasing all its remaining publicly-held shares. In December ’05, Flextronics increased its stake in FSS through purchase from the open market. It now has around 94% in FSS and has opted for delisting.

Earlier, a number of other bidders, a mix of private equity and strategic investors, were interested in buying a stake in FSS. However, KKR is the only one to have made the offer till now.

Industry sources said Flextronics, an electronics manufacturing services provider, is planning to refocus on its manufacturing business.

Michael McNamara, the new CEO of Flextronics, is reportedly not keen on continuing with non-core businesses. “The company’s software clients are also not too happy with Flextronics coming into the software sector, posing competition,” the sources added. Some of Flextronics clients include Dell, Microsoft, Hewlett-Packard and Xerox.

Meanwhile, KKR is bullish on the Asian technology sector. It recently opened offices in Hong Kong and Tokyo and is focusing on building a premier technology portfolio in the private equity business.

approval of Pentamedia Board for listing under Mayajaal
The Pentamedia Graphics Board has approved a major Restructuring Proposal for almost all of Pentamedia's activities including that of subsidiaries will be brought under the fold of closely held firm MAYAJAAL and than listing of the same.This has been informed by Pentamedia to BSE.this restructuring exercise is to acheive greater internal synergy, consolidation in various segments of the Company's entertainment business, to lead to greater value creation for shareholders and unlock the ture intrinsic value of the shares of the company. Amongst the subsidiaries the activities are 1) Media Dreams in producing film and Teleserials in television providing children's entertainment through its "Splash" channel 2) Kriss Srikkanth in content creation relating to Sport Entertainment. All of this will be merged in Mayajaal for wholesome family entertainment at sprawling facilities near Chennai. Production and content creation activities of Pentamedia through animation and Num Tv Division will be demerged and merged with Mayajaal.

30-days notice must for merger, bonus shares
9th December 2004: The Securities and Exchange Board of India (SEBI) said the listed companies, whose stocks are available for derivatives contracts or were part of index with derivatives, should give a 30-days notice for corporate action like merger, de-mergers, share split and bonus shares. The clause 16 of the equity listing agreement should be amended to incorporate this change, Sebi said in a communication to stock exchanges.

Before, Sebi had said that listed companies have to give an intimation 15 days in advance in case of demat scrips and 21 calendar days in case of physical scrips to the stock exchanges, about their book-closure/record date. This amendment is being introduced on the basis of suggestion by panel on derivatives and Market Risk Management that the listing agreement clause be ended for extension of notice period only for purpose of adjustment of corporate actions like mergers and bonus shares and that too only for such stocks on which derivatives are available. This decision should be implemented with immediate effect, Sebi added.

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