After Trading Hour News
SAIL approves 6 projects worth Rs 670 cr
The Steel Authority of India has accorded in-principle approval for five projects costing Rs 670 crore during October 2006, the Lok Sabha was informed on Monday.
Sail has approved the Rs 279 crore installation of 650 tonnes per day Air Separation Unit and the Rs 28 crore installation of electro-magnetic stirrer at Bhilai Steel Plant, Minister of State for Steel Akhilesh Das said in a written reply.
Modernisation and capacity enhancement of Merchant Mills at Durgapur Steel plant would be undertaken at a cost of Rs 119 crore, while Rs 20 crore would go into construction of new coke oven gas holder at Rourkela Steel Plant and Rs 124 crore for installing a turbo blower at Bokaro Steel plant, he said.
The projects would be funded through internal sources and money would be raised from the market to meet any balance funds, he said adding that efforts would be made to keep the overall debt to equity ratio to 1:1.
In another written reply, Das said:
SAIL: SAIL has submitted proposals for renewal of mining leases for Chiria iron ore mines. Three of the six leases are under deemed extension and the other three are under litigation between SAIL and the Jharkhand government.
Orissa: The government of Orissa has signed 42 Memoranda of Understanding with steel companies to set up steel plants in the states. However, no public sector company has set up steel plants in the state upto August 2006.
Mineral: The Central government would revise the rates of royalty in respect of any mineral after October 13, 2007, he said.
Cairn fixes price band of Rs 160-190 for IPO
Cairn India Ltd will raise a minimum of Rs 5,260.8 crore by offering 32.88 crore equity shares in an initial public offering (IPO), the price band of which was set at Rs 160 to Rs 190 a share.
Pantaloon Retail India declares 25% dividend
Pantaloon Retail India has declared a dividend of 25% at its 19th annual general meeting held on November 17, 2006.
The members have considered the re-appointment of Shailesh Harihhakti & S Doreswamy as directors and NGS & CO Chartered Accountants as statutory auditors to hold office from the conclusion of this meeting until the conclusion of next annual general meeting.
The members have given approval for increasing the borrowing powers of the company from Rs 10 billion to Rs 25 billion under Section 293(1)(d) of the Companies Act, 1956.
The members have also given approval for subdivision of equity shares from the face value of Rs 10/- per equity share to the face value of Rs 2 per equity share and carrying out necessary changes in the memorandum and articles of association of the company to this effect.
The Steel Authority of India has accorded in-principle approval for five projects costing Rs 670 crore during October 2006, the Lok Sabha was informed on Monday.
Sail has approved the Rs 279 crore installation of 650 tonnes per day Air Separation Unit and the Rs 28 crore installation of electro-magnetic stirrer at Bhilai Steel Plant, Minister of State for Steel Akhilesh Das said in a written reply.
Modernisation and capacity enhancement of Merchant Mills at Durgapur Steel plant would be undertaken at a cost of Rs 119 crore, while Rs 20 crore would go into construction of new coke oven gas holder at Rourkela Steel Plant and Rs 124 crore for installing a turbo blower at Bokaro Steel plant, he said.
The projects would be funded through internal sources and money would be raised from the market to meet any balance funds, he said adding that efforts would be made to keep the overall debt to equity ratio to 1:1.
In another written reply, Das said:
SAIL: SAIL has submitted proposals for renewal of mining leases for Chiria iron ore mines. Three of the six leases are under deemed extension and the other three are under litigation between SAIL and the Jharkhand government.
Orissa: The government of Orissa has signed 42 Memoranda of Understanding with steel companies to set up steel plants in the states. However, no public sector company has set up steel plants in the state upto August 2006.
Mineral: The Central government would revise the rates of royalty in respect of any mineral after October 13, 2007, he said.
Cairn fixes price band of Rs 160-190 for IPO
Cairn India Ltd will raise a minimum of Rs 5,260.8 crore by offering 32.88 crore equity shares in an initial public offering (IPO), the price band of which was set at Rs 160 to Rs 190 a share.
Pantaloon Retail India declares 25% dividend
Pantaloon Retail India has declared a dividend of 25% at its 19th annual general meeting held on November 17, 2006.
The members have considered the re-appointment of Shailesh Harihhakti & S Doreswamy as directors and NGS & CO Chartered Accountants as statutory auditors to hold office from the conclusion of this meeting until the conclusion of next annual general meeting.
The members have given approval for increasing the borrowing powers of the company from Rs 10 billion to Rs 25 billion under Section 293(1)(d) of the Companies Act, 1956.
The members have also given approval for subdivision of equity shares from the face value of Rs 10/- per equity share to the face value of Rs 2 per equity share and carrying out necessary changes in the memorandum and articles of association of the company to this effect.
posted by SY at 8:12 PM
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