The board of directors of Star Ferro and Cement has fixed April 24 as the record date to identify eligible shareholders for the proposed demerger. The Meghalaya High Court has approved the scheme of arrangement whereby the ferro alloys division will be demerged to Shyam Century Ferrous. The remaining business interests of Star Ferro and Cement, including manufacturing of cement, will continue to remain with the company. The entitlement ratio will be one equity share in the resulting company for one equity share held in the demerged company. Shares of Star Ferro edged up 1.56 per cent at ₹175.4 on the BSE.
The board of Samtex Fashions has considered a proposal to shift the company’s manufacturing facilities and dispose off partial assets. The board has asked Atul Mittal, Joint Managing Director, to explore prospective avenues for further consideration. Shares of Samtex Fashions tumbled 4.94 per cent at ₹58.75 on the BSE.
Surana Telecom and Power has made up to 51 per cent of equity investment in Arhyama Energy Private Ltd, which has proposed to set up a 10-MW solar power plant at Nalgonda in Telangana. The total investment outlay is estimated to ₹82.80 crore. The project company has entered into a long-term PPA with an MNC for supply of power under open access route. The project is expected to be commissioned by December. Besides, Surana Telecom exited from its equity holding of 49 per cent in the joint venture Radiant Alliance. Shares of Surana Telecom edged up 2 per cent at ₹14.50 on the NSE.