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Bharti
03-04-2006: Bharti Tele-Ventures has appointed York Chye Chang as nominee director to fill the casual vacancy caused by the resignation of Lim Toon. Arun Bharat Ram has been appointed as an independent director to fill the casual vacancy caused by the resignation of Lung Chien Ping.

22-03-2006: The company has sought shareholders approval through postal ballot by way of special resolution for change in the name of the company from Bharti Tele-Ventures to Bharti Airtel as specified in the Notice of Postal Ballot dated January 23,2006 read with the Explanatory Statement attached thereto. The votes cast “FOR” the resolution is 99.9% approx of the total polled and consequently the special resolution as mentioned in the notice of the postal ballot dated January 23, 2006 for change in the name of the company is passed.

21-03-2006: Bharti Tele-Ventures has launched the largest mobile music retail initiative.

VSNL
04-04-2006: Tata Sons has acquired 4,651,000 shares aggregating to 1.63% of the total paid up capital of VSNL on March 29,2006.The mode of acquisition is open market/inter transfer and the shareholding of Tata Sons after the said acquisition is 10,360,497 shares aggregating to 3.63% of the total paid up capital of VSNL. Panatone Finvest has sold shares of VSNL as follows: a)5,310,143 shares(1.86%) in August 2005 in the open market; b) 4,651,000 shares (1.63%) on March 29,2006 through a single transaction in the separate window provided by the Stock Exchange for 'Block Deal' and c) 2,550,000 shares (0.89%) on March 31,2006 in the open market. The shareholding of Panatone Finvest after the said sale is 115,738,857 shares aggregating to 40.61% of the total paid up capital of VSNL.

03-04-2006: Panatone Finvest has informed the Exchange that they have sold to its holding company, Tata Sons, 4,651,000 equity shares aggregating to 1.63% of the paid up capital of VSNL through a single transaction in the separate window provided by the stock exchange for 'Block Deal' on March 29,2006. Tata Power Company (PAC for the purpose of the acquisition of VSNL shares from the Government of India as well as under mandatory open offer) has acquired 2,575,837 equity shares of VSNL from the secondary market on March 31, 2006. 

RCVL
22-03-2006: Reliance Communication Ventures has informed the exchange regarding the initial disclosures made by the directors and designated employees of the company as follows: Anil D. Ambani, chairman holds 1,859,271 shares of Reliance Communication Ventures;

22-03-2006: Reliance Communication Ventures has informed the exchange that the Company has completed an offering of Foreign Currency Convertible Bonds (FCCBs) in the international markets, on the following terms: Instrument: 500,000 FCCBs each of US$ 1,000; Amount: $500 mn; Tenor: 5 years and 1 day; Conversion Price: Rs 480.68 per share, representing a premium of 50 % to the closing price of the shares on March 21,2006; Coupon: Zero Coupon; Yield to maturity: 4.65% per annum; Listing: Singapore Stock Exchange (expected).

MTNL
18-04-2006: In an effort to right-size the organization, the company has embarked on operating voluntary retirement scheme (VRS) for its employees. Having been encouraged by the response on the previous occasions, MTNL in its third round of VRS opened for non-executives (Group C&D employees), around 1,300 employees have already sought voluntary retirement. These employees, whose cases are approved by the management, will be relieved from the rolls of the Company w.e.f. June 01, 2006.

04-04-2006: Pursuant to the introduction of executive voluntary retirement scheme (VRS) in MTNL, 612 executives who had sought VRS have been relieved from the services of the company w.e.f. April 01,2006.

Equipment Vendor

Subex Systems
10-04-2006: Subex Systems has officially listed 1,109,878 Global Depository Receipts (GDRs) on the Euro MTF market of Luxembourg Stock Exchange since April 07, 2006.

10-04-2006: The allotment committee of the board of directors of Subex Systems has considered and approved on April 07, 2006 the allotment of 26,942 equity shares pursuant to exercise of ESOPs by eligible employees under the ESOP Scheme 2000. The company has further informed the exchange that consequent to the above allotment the paid up equity share capital of the company has gone up from 22,867,446 equity shares of Rs.10 each aggregating to Rs.228,674,460  to 22,894,388 equity shares of Rs.10 each aggregating to Rs 228,943,880.

10-04-2006: Subex Systems has informed the Exchange that the GDR committee of the BODs of the company considered and approved on April 07, 2006, the allotment of 1,109,878 equity shares as underlying shares to the depositary, The Bank of New York, consequent to the issue of Global Depositary Receipts (GDRs) aggregating to US$10 mn issued by the company. Consequent to the above allotment the paid up equity share capital of the company has gone up from 21,757,568 equity shares of Rs.10 each aggregating to Rs. 217,575,680 to 22,867,446 equity shares of Rs.10 each aggregating to Rs. 228,674,460.

Sasken Communication 
17-04-2006: Sasken full year revenues for FY 2005-06 stood at Rs.308.13 crore, an increase by 27% y-o-y; annual EBITDA increase of 36%.

17-04-2006: The BODs at its meeting held on April 14, 2006 have recommended a dividend of 30% per share on the equity capital of the company for the financial year ended on March 31, 2006, subject to the approval of the shareholders.

05-04-2006: Sasken Communication Technologies has acquired Integrated SoftTech Solutions.

20-03-2006: Sasken Communication Technologies has informed the Exchange that on March 17, 2006 the company has allotted 50,434 equity shares of par value of Rs.10 per share to the individual optionees under the Company's Employees' Stock Option Plan on receipt of payment of the subscription monies aggregating to Rs.7,239,352. Following is the price break up: 12,035 shares at exercise price of Rs.80; 27,359 shares at exercise price of Rs.160; 5,491 shares at exercise price of Rs.168; and 5,549 shares at exercise price of Rs. 176.

Finolex Cables
07-04-2006: Finolex Cables has informed the exchange that FMR Corp and its direct and indirect subsidiaries and Fidelity International and its direct and indirect subsidiaries have acquired 31,207 shares aggregating to 0.10% of the total paid up capital of Finolex Cables on March 28, 2006. The mode of acquisition is through open market and the shareholding of FMR and its direct and indirect subsidiaries and Fidelity International and its direct and indirect subsidiaries after the said acquisition is 1,532,841 shares aggregating to 5.01%  of the total paid up capital of Finolex Cables.

GTL
10-04-2006: The committee of the board at its meeting held on April 10, 2006 has considered and approved allotment of 1,991,309 equity shares of Rs.10 each for cash at a premium in terms of the offer document to FCCB holders, consequent upon the exercise of right to convert FCCBs worth Swiss Francs (SFr) 5,500,000.

05-04-2006:  The nomination and remuneration committee of the board of directors of the company at its meeting held on April 05,2006 considered and approved: Allotment of 225,875 equity shares of Rs 10 each for cash at a premium in terms of the ESOP Schemes; upon exercise of option for conversion of warrants, as detailed below: Employees' Stock Option Scheme - 2001 - 21,842 equity shares; Employees' Stock Option Scheme - 2002 - 193,183 equity shares; Employees' Stock Option Scheme - 2002 subsidiary - 10,850 equity shares. Allotment of 39,000 warrants, as detailed below: 1) Employees Stock Option Plan-2002 - 39,000 warrants. 

22-03-2006: Global Assets Holding (formerly known as GECS Holdings) has acquired 1,570,000 shares aggregating to 1.91% of the total issued capital of GTL as under:  65,000 shares on March 14, 2006; 1,285,000 shares on March 16, 2006; and 220,000 shares on March 17, 2006. The mode of acquisition is through open market and the shareholding of Global Assets Holding (formerly known as GECS Holdings) after the said acquisition is 12,912,533 shares aggregating to 15.72 % of the total paid up capital of GTL.

21-03-2006: Ind Global Corporate Finance, managers to the open offer has informed the exchange that Global Assets Holding Corporation (the “Acquirer”/”GHC”) along with the person acting in concert (Finav Securities, Makan Investments & Trading Co, Safari Mercantile, and Manoj Tirodkar) have acquired more than 5 % of the paid up capital of the GTL Ltd during the financial year 2005-06. In the circumstances, the acquirer, a company incorporated under the Companies Act, 1956 along with the PACs is making the open offer under the SEBI Takeover Regulations to the shareholders of GTL to acquire from them 16,420,841 equity shares of Rs.10 each (representing 20 % of the voting capital of GTL) at a price of Rs151 per share for each fully paid up equity share of GTL payable in cash as per regulation 11(1) of SEBI Takeover regulations. The offer is not subject to any minimum level of acceptance and is not a conditional offer. The schedule of activities pertaining to the offer is given below:  (1) Specified Date(specified date is only for the purpose of determining the names of shareholders as on such date to whom the letter of offer would be sent and owners(registered or unregistered) of the shares (except the acquirer and PACs) are eligible to participate in the offer anytime before the closure of the offer) - April 14, 2006. (2) Date of opening of the offer - May 11, 2006. (3) Date of Closure of the offer -May 30, 2006.

Sterlite Optical Technologies   
06-04-2006:  Dr Anand Agarwal, CEO and wholetime director has acquired 10,000 shares of Sterlite Optical Technologies on March 28, 2006. The mode of acquisition is through market purchase and the shareholding of Dr Anand Agarwal after the said acquisition is 12,000 shares aggregating to 0.021 % of the share capital of Sterlite Optical Technologies.

Aksh Optifibre
21-03-2006: DK Jain (Acquirer) alongwith Luxor Infotech (PAC) has acquired 74,953 shares aggregating to 0.3401 % of the total paid up capital of Aksh Optifibre on March 07, 2006. The mode of acquisition is open market and the shareholding of DK Jain (Acquirer) along with Luxor Infotech after the said acquisition is 3,149,046 shares aggregating to 14.2892 % of the total paid up capital of Aksh Optifibre.

HFCL
12-04-2006: Goldman Sachs Investments (Mauritius) has acquired 1,460,000 shares aggregating to 0.41 % of the share capital of Himachal Futuristic Communication on April 05, 2006. The mode of acquisition is through market purchase and the shareholding of Goldman Sachs Investments (Mauritius) after the said acquisition is 18,887,500 shares aggregating to 5.39% of the share capital of Himachal Futuristic Communication. 

12-04-2006: The second & final tranche amounting to $10 mn (100 FCCBs of $100,000 each) of HFCL's $43 mn FCCB Offering has been alloted on April 10, 2006. The offering opened on April 5, and closed on April 7, 2006, in London. The first tranche of $33 mn was alloted on March 7, 2006, as communicated on the same date. This completes HFCL's FCCB fund raising programme, split into two tranches of $33 and $10 mn, respectively, aggregating to $43 mn.

30-03-2006: The media reports on March 29, 2006 that Himachal Futuristic Communication may be taken over by Anil Ambani-owned Reliance group. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. Himachal Futuristic Communication has vide its letter inter-alia stated, “We would like to inform you that the company has not put out the said news. It is nothing but baseless speculation and it is the company's policy not to comment on incorrect market rumors and speculative news items.”

Pravin Prashant
pravinp@cybermedia.co.in