GRASIM, INDIA RAYON AGREE ON 3:10 SWAP
Article Abstract:
The shareholders of Indian Rayon (IR) are likely to get 3 shares of Grasim Industries (GI) for 10 shares held in IR. The merger of IR with GI is likely to be effective from September 1, 1998. IR's debts of Rs437 crore are being transferred to GI. The gross profit of GI is likely to increase by Rs20 crore per annum. GI is likely to become the sixth biggest company in the private sector with sales of Rs4,845 crore. GI's capacity has increased to 10.6 million tonnes per annum. The promoters' stake is likely to decrease to 20 percent from 22 percent in GI due to the cancellation of cross-holdings. IR's profit is likely to fall to Rs261 crore from Rs428 crore. IR and GI make cement and other goods. (rk)
Comment:
Shareholders of Indian Rayon are to get 3 shares of co for 10 shares held in Indian Rayon, in merger deal effective from 9/1/98
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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INDIAN RAYON NET SLIPS 20 PER CENT
Article Abstract:
The net profit of Indian Rayon has declined by 20 percent to Rs81 crore in the first half of 1998-99 (Rs101 crore in the first half of 1997-98). It posted a turnover of Rs901 crore (Rs853 crore). The decline is attributed to losses sustained in its sea water magnesia business. It produced 7,330 tonnes of viscose filament yarn, 25,247 tonnes of carbon black, 11,957 tonnes of insulators, 12.4 tonnes of grey cement, 98,977 tonnes of white cement and 8,914 tonnes of sea water magnesia in the first half of 1998-99. Its cement business it to be transferred to Grasim. Indian Rayon has commissioned a 35,000 tonnes per annum carbon black plant at Gummidipoondi near Chennai in September 1998. (vv)
Comment:
The net profit of Indian Rayon has declined by 20 percent to Rs81 crore in the first half of 1998-99 (Rs101 crore in the first half of 1997-98).
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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INDIAN RAYON IN TALKS TO BUY BRC UNIT FOR Rs82 CR
Article Abstract:
The Indian Rayon Corporation Ltd (IRCL) proposes to buy the rayon unit of Baroda Rayon Corporation (BRC). It intends to acquire the unit in Fatehnagar for Rs82 crore. IRCL is also expected to buy the 10 mw captive power plant and the 21,600-tonne sulphuric acid unit. This acquisition will enable IRCL to raise its capacity to 30,000 tonnes per annum from 15,000 tonnes per annum. (ag)
Comment:
Proposes to buy rayon unit of Baroda Rayon that is based in Fatehnagar for Rs82 crore
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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