Kaashyap Technologies to raise $6 mn

The Press Trust of India Ltd. (accessmylibrary)
Mumbai
May 25, 2007

(PTI) Kaashyap Technologies Ltd., IT consulting services provider, today said it will raise six Million dollars (over Rs. 24 crore) through issue of Global Depository Receipts (GDRs).

The Committee of Board of Directors (CoD) approved the allotment of three lakh GDRs at 20 dollars (Rs. 807.04) each, the company informed the Bombay Stock Exchange (BSE).

These GDRs represent 9.9 crore equity shares of Re. 1 each that would be issued at a price of Rs. 2.50 per shaRe.

Ahluwalia Contracts bags projects worth Rs. 90 cr Ahluwalia Contracts India today said it has bagged three civil constructions contracts worth Rs. 90 crore, including a Rs. 26 crore order from Reliance Communication.

The Reliance Communication order is for civil and structural work of a corporate office at New Delhi. The second project of Rs. 41.32 crore is from Saluja Construction Co Ltd for construction of a Residential Complex at Gurgaon. Agilent Technologies has engaged the company for construction of an IT campus at IMT Manesar, Haryana for Rs. 22.45 croRe.

With these orders the order book position of the company stands at Rs. 1,740 crore, Ahluwalia Contracts said in a communique to the Bombay Stock Exchange.

Escorts gets shareholders nod for 49 pc investments by FIIs * Escorts today said it has received shareholders approval for 49 per cent investment by Foreign Institutional Investors (FII) along with their securities and sub-accounts in the equity share capital of the company. The shareholders today approved for investment by FIIs, the company informed stock exchanges.

The company said FIIs can acquire shares, convertible debentures or any other securities from the company or through open market under the Portfolio Investment Scheme.

However, the total holding of all FIIs put together would not exceed 49 per cent of the paid up equity capital.