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SEBI rejects NEPC offer
The attempt by the Khemkas of the NEPC group to take over ModiLuft has flopped with the Securities and Exchange Board of India (SEBI) rejecting the offer made by the group. According to SEBI, NEPC’s offer was conditional and, therefore, not valid. The Substantial Acquisition of Shares and Takeovers Regulations 1994, framed by SEBI, say that a public offer should be made to acquire an aggregate minimum of 20 per cent of the total shares of the company to the shareholders.
Industrial growth rate up 11.3% in December
The index of industrial production for December 1995 as compared to the same month in the previous year has increased by 11.3 per cent. According to the estimates of the Central Statistical Organisation (CSO), the index for December 1995 stood at 303.5. The base year for the index is 1980-81. The sector-wise growth rate for the month of December is as follows: mining 8.7 per cent (1994-95) and 1.4 per cent (1995-96), manufacturing 4.5 per cent (1994-95) and 14.5 per cent (1995-96), electricity 13.2 per cent (1994-95) and 3.4 per cent (1995-96).
Philips set for 51% stake in Elcompo
Philips India Ltd is poised to acquire a 51-per cent stake in the Madras-based Elcompo Electronic Industries Pvt Ltd (Elcompo). When the on-going exercise of Philips and Elcompo in this direction is completed, Elcompo will become a joint venture. Equipped with the requisite production facilities and capabilities, Elcompo is into the manufacture of wire wound components such as line output transformers and deflection yokes for colour as well as monochrome TV/monitor applications.
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