Mar 13, 2008

Market News 13th March 2008

Advani Hotels & Resorts (India) Ltd - Updates

Fasttrack Impex Private Ltd. (Acquirer) has informed the that "On March 11, 2008, has acquired 6,77,512 fully paid up equity shares of Rs 2/- each of Advani Hotels & Resorts (India) Limited ("AHRL") at an average price of Rs. 86.31 per equity share from the open market through the stock mechanism. The Shares constitute 1.47% of the paid up share capital of AHRL. In light of the public issued by Fasttrack Impex Private Ltd. (Acquirer)/ Arrow Webtex Ltd. (Person Acting in Concert) under Regulation 10 of the Takeover Regulations on February 29, 2008 and the open offer to be made by Fasttrack Impex Private Ltd. (Acquirer) and Arrow Webtex Ltd. (Person Acting in Concert) pursuant thereto ("Open Offer"), this disclosure is being made under Regulation 22 (17) of the Takeover Regulations. The Average purchase price of Rs. 86.31 per Share paid by Fasttrack Impex Private Ltd (Acquirer) towards the above mentioned open market purchase is less than the price of Rs. 102.00 per share payable by Fasttrack Impex Private Ltd. (Acquirer) / Arrow Webtex Ltd. (Person Acting in Concert) under the Open Offer. Accordingly, the above mentioned acquisition will not impact the price payable to the shareholders of AHRL who tender their shares in the Open Offer".


Accel Frontline Ltd - Updates

Accel Frontline Limited had informed that one of the promoters and major shareholder, M/s. Frontline Technologies Corporation Limited (FTC) has entered into an agreement with BT Singapore Pte Limited (BT) for BT to acquire the entire share capital of FTC. The Company has now informed that the proposed Acquisition of entire equity capital of FTC by BT under a Scheme of Arrangement ("Scheme") has been approved and declared effective on March 11, 2008.


Mcnally Bharat Engineering Company Ltd - Updates

Mcnally Bharat Engineering Company Limited has informed the that "General Insurers (Public Sector) Association of India, New Delhi has withdrawn their Nominee Director, Mr. U. S. Chaturvedi on the Board of the company. The Board at its meeting held on 31/01/2008 has accepted their aforesaid decision. Accordingly Mr. U.S. Chaturvedi has ceased to be a Director of the Company with effect from 31/01/2008".


Asian Hotels Ltd - Allotment of preference shares

Asian Hotels Ltd has informed the that the Committee of Directors in its meeting held on February 27, 2008 had made an allotment of 1,00,00,000 (one crore) 1% Cumulative Redeemable Non-convertible Preference Shares of Rs. 10/- each at a premium of Rs. 80/- per preference share (NCPS) aggregating to Rs. 90,00,00,000/- (Rupees Ninety Crores only) to Magus Estates and Hotels Limited on a preferential allotment basis, in furtherance of the resolution approved by the shareholders in the Extra-ordinary General Meeting held on June 25, 2007. These shares rank pari-passu with the existing NCPS issued by the company during the financial year.


Veer Energy fixes Record Date for Bonus Issue

Veer Energy & Infrastructure Ltd has informed that March 29, 2008 has been fixed as the Record Date for the purpose of Bonus Issue in the ratio of 9:5 [Every share holder holding 5 equity shares is getting 9 Bonus shares].