Ispat capital recast

Ispat Industries has revised the equity share capital according to the reconstruction and amalgamation scheme sanctioned by the high courts of Calcutta and Mumbai. Under the scheme, 40 per cent of its existing equity share capital has been converted into 0.01 per cent cumulative redeemable preference shares of Rs 10 each, the company has informed the stock exchanges. The existing equity capital of Rs 69.25 crore will be reorganised as 4.55 crore shares of Rs 10 each and the rest reorganised as 0.01 per cent CRPS.

Prime move

Prime Textiles will merge its subsidiary companies with itself and will invest Rs 380 crore to increase its spinning capacity to 100,000 ring spindles and set up a textile manufacturing unit in Andhra Pradesh. The new facility will be set up with fabric processing capacity of 110,000 meters a day and weaving capacity 30,000 meters a day.

MSK Projects

MSK Projects India has approved a $10-million foreign currency convertible bonds issue. The company has also decided to increase its authorised equity capital to Rs 19.50 crore from Rs 15 crore at present. The shareholders of the company have approved the issue, it has informed the stock exchanges. The FCCB issue will have a green-shoe option of $2 million.

Hutch offer

Hutch has announced a lifetime validity scheme for its prepaid subscribers at Rs 999. Hutch prepaid users across the country can now go mobile for life by making a one-time payment of Rs 999. They will also get full talk time for all subsequent recharges (net of applicable service tax). This recharge cannot be combined with any other promotional offer, the company said.

Genus issue

Genus Overseas Electronics has raised $10 million by way of foreign currency convertible bonds to be listed on the Luxembourg Stock Exchange.

BV pact

BV Biologicals has entered into a joint venture with Bhartiya Agro Industries Foundation to bring quality livestock management systems and effective disease control programmes to small and marginal farmers.