AAIFR OKAYS MUNAK CHEM'S REVIVAL PLAN
Article Abstract:
The revival scheme of Munak Chemicals (MC) of Punjab, a sick company, has been approved by the Appellate Authority of Industrial and Financial Reconstruction of Delhi. The Rs9.74 crore revival scheme involves one-time payment of Rs8.04 crore to the creditors of MC. MC produces SSP, sulphuric acid, oleum and sodium silica fluoride. The rest will be used as working capital. The promoters will be infusing Rs6.20 crore into the company in the form of unsecured loan or equity to fund the revival plan. The cost of the revival plan will also be met through internal accruals of Rs3.29 crore and allotment of Rs25 lakh worth of equity shares. (ag)
Comment:
Reports that its Rs9.74 crore revival scheme, that involves one-time payment of Rs8.04 crore to its creditors, is approved
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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GOVT TO DIVEST ICI INDIA STAKE VIA OPEN AUCTION
Article Abstract:
Indian government plans to sell off 9.2 percent stake in ICI India (ICI) through an open auction. ICI Plc (ICIP) of UK which has 51 percent stake in ICI plans to buy an additional 37.6 lakh shares of ICI, proposed to be sold by the Indian government. The government plans to use the proceeds of divestment to part finance the revival of public sector fertilisers units. (gs)
Comment:
Is likely to see sale of 9.2% stake controlled by Indian govt through open auction
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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