Financial Daily from THE HINDU group of publications
Saturday, Dec 25, 2004
Financial Daily from THE HINDU group of publications Saturday, Dec 25, 2004 |
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Corporate
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Announcements Tata Chem plans to hike capital Our Bureau
Mumbai , Dec. 24 TATA Chemicals Ltd (TCL) plans to increase its authorised share capital from Rs 235 crore to Rs 270 crore. An EGM of the company has been scheduled for January 18, to seek shareholders' approval for this proposal as well as the one related to raising $150 million and another assigning a new borrowing limit of Rs 3,500 crore for its board. In a separate development, Hindustan Lever has sold a portion of the residual stake it held in the erstwhile Hind Lever Chemicals (HLCL). Sold in the form of TCL shares, most of it was bought by Tata Sons. In January 2003, their respective boards had approved the proposal to merge Tata Chemicals and HLCL. The merger became effective June 1, 2004. As per information on the BSE, HLL on Friday sold 30,00,000 shares of TCL at an average price of Rs 166.01. Tata Sons, the Tata Group's main holding company, bought 28,94,672 shares at an average price of Rs 166. When contacted, Mr P.K. Ghosh, Chief Financial Officer, TCL, said that the reported sale involved a portion of the residual stake held by HLL and would have reduced their holding in TCL from 8.01 per cent to around 6.6 per cent. For the quarter ended September 30, 2004, its promoters had a 25.76 per cent stake in TCL. This would have risen by 1.34 per cent owing to the current share purchase.
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