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Tuesday, December 25, 2007

Corporate developments

Coimbatore, Dec. 17 Global Broadcast News Ltd's Board of Directors has approved the acquisition of 13,47,231 equity shares, constituting 10.01 per cent of the issued and subscribed share capital of Jagran TV Pvt Ltd, the owner of the 24-hour general Hindi news channel IBN 7, from New Vernon Private Equity Ltd, a Mauritius-based private equity fund, for an agreed price of Rs 20 crore.

Petron Engineering Construction Ltd has received two Letters of Intent from Utility Energytech Engineers Pvt Ltd, and Reliance Energy Ltd, for erection, testing, commissioning, trial operation and handling over of Boiler Proper (2 Units) for 2 x 300 MW Rosa Thermal Power Project (RTPP), UP, valued at Rs 38.99 crore and for 2 x 600 MW Hisar Thermal Power Project (HTPP), Haryana, valued at Rs 59.88 crore .

Rajesh Exports Ltd has said that the members at the EGM held on December 15 have approved increasing the authorised share capital of the company to Rs 30 crore, subdivision of equity shares of Rs 2 each to Re 1 each, and issue of bonus shares in the ratio of 2:1 (2 bonus shares for every 1 share held).