| |
 |
|
|
|
|
|
| |
Cybermate
plans Rs 6 cr rights issue next month
Dilip Bisoi
Bhubaneswar, Jan 2: French aluminium major Pechiney has
set its sights on the Kuturmali-Sijumali bauxite mines in Orissa.
The international aluminium company has already approached the
state government offering to take those mines on lease.
The Kuturmali-Sijumali mines, spread over two districts of Rayagada
and Kalahandi in Orissa, were given to L&T for prospecting.
The state government had said a mining lease will be extended,
provided the company sets up a one million-tonne alumina plant
near the mines site.
Later the state government turned down L&T’s request for
a mining lease as the domestic engineering giant failed to set
up the alumina plant.
The matter is now pending with the Central Tribunal of the ministry
of mines as L&T has approached it. The company had failed
to get favourable orders from the high court and the Supreme
Court against the state government decision.
"Pechiney and some other Indian companies have applied
for the mines," a senior official of the state government
confirmed. "But, we have to wait for the Central Tribunal’s
opinion before we pick up a new company for grant of lease of
the mines," he added.
Besides Pechiney, Oswal Chemicals & Fertilisers is also
interested in the bauxite mines. The mines promise about 300
million tonne of bauxite reserves.
In fact, L&T was trying to set up the alumina refinery in
a technological collaboration with Pechiney. However, the tie-up
did not materialise. Pechiney has advantages in putting up an
alumina plant in Orissa. It has gained experience in project
work in the state as it was associated with the Nalco aluminium
complex.
It was Pechiney which supplied the manufacturing technology
to Nalco in the late 1970s. uOur Corporate Bureau Hyderabad,
Jan 2
CYBERMATE Infotek, a company engaged in developing web-enabling
technologies and intranet products, proposes to raise Rs 6 crore
through rights issue.
The mop-up will be used to fund expansion and to meet the working
capital requirements.
Pursuant to the shareholders’ approval at the recently held
annual general meeting, the company’s board has proposed rights
issue of 48,70,650 equity shares of Rs 10 each at a premium
of Rs 2.50 per share. The issue will be floated with a price
band of 20 per cent on the issue price to the shareholders in
the ratio of 1:2. The present working capital is Rs 1.50 crore.
According to managing director of Cybermate Infotek PC Pantulu
the company is expected to file the offer document with the
Securities and Exchange Board of India in the next week. UTI
Bank and CIL Securities are expected to be the lead managers
to the issue, he said. A major portion of the proceeds would
be invested for expanding the operations of its 100 per cent
US subsidiary.
The remaining amount will be used to meet the working capital
requirements, besides the issue expenditure, Mr Pantulu said.
He said the issue is slated for mid-February. Following the
adoption of fixed-price contracts, Cybermate’s US operation
has recorded a 10-fold growth in 2001 over the previous year,
Mr Pantulu said. The company has already bagged orders for 2002.
So, Mr Pantulu felt it was prudent to expand the US operations
by setting up two new marketing offices in Atlanta and California.
He said the manpower there would also be doubled.
The board also allotted shares to the employees under the Employee
Stock Purchase Scheme (ESPS) for a total number of 3,42,000
equity shares of Rs 10 each at a premium of Rs 5 per share.
The company has a staff strength of 120 at present.
Cybermate recently tied up with the US-based Consortium Group,
a major printing vendor, to offer vertical solutions for Merrill
Lynch, HSBC and Coopers, he said.
The domestic operations have been affected by the slowdown in
the US and the terrorist attack there on September 11 attack.
However, the US arm could manage to overcome the crisis and
could even bring in projects for the development centre here.
|
| |
|
|
| |
| |
|
|
|
|
|
|
|
