|
2nd December 2004: Majestic Auto, one of the four listed companies of the Hero group (which consists of 18 companies), has shed two of its loss-making moped brands through a de-merger with Hero Motors, and has temporarily delisted from the stock exchanges at Delhi, Mumbai, Ahmedabad and New Delhi. Hero Motors will now handle Hero Puch and Hero Winner, while the rural moped brands like Hero Panther, Hero Gizmo and Hero Eiffe will remain with Majestic Auto. The restructuring exercise, the company hopes, will lead to turnaround after registering losses since the moped market slide.
|
|
1st December 2004: iGate Global Solutions has received creditors and shareholders' approval for the merger of Saint Life Pharmaceutical Research Laboratories with the company. The approval was received at a court-convened meeting; iGate Global Solutions informed the BSE. Saint Life Pharmaceutical is a wholly owned subsidiary of the company, the Bangalore-based company said. iGate Solutions would file a petition seeking permission for the merger with the High Court of Karnataka, it said.
|
|
1st December 2004: Two sets of valuers have been appointed for the merger of public sector oil company Kochi Refineries (KRL) with its chief promoter Bharat Petroleum Corporation (BPCL). While the KRL management has appointed Ernst & Young and I-Sec, BPCL has appointed NM Raiji & Co, to value the 10m tonne refinery. The valuers will fix the swap ratios for the merger. The process is likely to be completed by April 2005. The boards of the two companies had earlier approved the merger.
|
