Author: CP

The board of Nagarjuna Construction Company has accorded its in-principle approval for issue of 20,246,900 equity shares of Rs 2 each at a premium of Rs 200.50 and 9,111,111 warrants of Rs 225 per warrant each warrant convertible into one equity share of Rs 2 each at a premium of Rs 223 together aggregating to around Rs 615 crore to Blackstone GPV Capital Partners Mauritius V-A , Blackstone GPV Capital Partners (Mauritius) V-H and Blackstone FP Capital Partners (Mauritius) V FII, belonging to the blackstone group of USA.

The amounts being raised by the company out of the aforesaid preferential offer are proposed to be used for the purpose of investing in the BOT projects and other infrastructure projects being developed by the company as well as through its subsidiaries and associates, for meeting the working capital and other long term funding needs of the company.

An extraordinary general meeting of the members of the company is being convened on 24 September 2007 for obtaining the approval of the members of the company in respect of aforesaid issue of shares and warrants on preferential basis.

The board of Exide Industries has approved the issue and allotment of up to or as near thereto as possible 5,00,00,000 equity shares of Re 1 each for cash at a premium of Rs 29 per equity share on rights basis in the ratio of 1 equity share for every 15 equity shares held by shareholders.

The board at the same meeting has appointed SBI Capital Markets as the lead manager to the proposed rights issue by the company.

Modern Dairies announced that it has fixed 1 October 2007 as record date for issuing bonus shares, in the ratio of 1:1 (1 bonus share for every 1 equity share held).

Net profit of Modern Dairies rose 11150% to Rs 2.25 crore on 243.88% rise in sales to Rs 74.69 crore in Q1 June 2007 over Q1 June 2006. Delhi-based Modern Dairies produces dairy products like packed liquid milk, skimmed milk powder, whole milk powder, infant milk food, pure ghee and butter.

Earlier this month, ICICI Bank has received the Foreign Investment Promotion Board (FIPB)’s approval to transfer its holdings in its insurance and asset management subsidiaries to an intermediate holding company, subject to the approval of RBI.

The RBI, however, before considering the application, has issued a discussion paper raising certain issues. According to RBI creation of an intermediary financial holding company may lead to a problem of regulation. The intermediary holding company, being a non-banking finance company, is not fully regulated by RBI. Therefore, RBI said, a proper legal framework needs to be created before such structures are floated to ensure that no unregulated entities are present within the structure.

RBI has, instead, suggested a bank holding company (BHC) or a financial holding company model in which bank and non-bank subsidiaries in a banking group will be owned by the holding firm.

Centurion Bank of Punjab announced that it has received the Reserve Bank of India’s approval for the merger of Lord Krishna Bank with it. The merger is effective from 29 August 2007 and Centurion will issue seven shares in itself for every five held in Lord Krishna, the bank said.

Net profit of Centurion Bank of Punjab rose 14.90% to Rs 33.01 crore on 75.84% rise in total operating income to Rs 445.60 crore in Q1 June 2007 over Q1 June 2006.

Centurion Bank of Punjab’s principal activities are to provide banking and other financial services to corporate and private customers. It provides personal banking, cash management, retail loans and other financial services.