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To: Mohan Marette who wrote (9434)	11/7/1999 1:14:00 PM
From: Mohan Marette	Respond to of 12475

Larsen and Toubro picks up 2% equity stake in DLF Cements DLF Group dlf-group.com dlf-group.com L&T larsentoubro.com Larsen & Toubro has picked up 2 per cent stake in the Jaipur-based DLF Cements Ltd by virtue of converting debentures into equity. L&T exercised the option on 3.92 lakh fully convertible debentures issued by DLF Cements at Rs 35 each. Following conversion, the company now holds 33.35 lakh shares of Rs 10 each (13.73 lakh shares allotted during the year on conversion of 3.92 lakh debentures), which is valued at Rs 1.37 crore. An L&T spokesperson confirmed the development in a faxed response. The spokesperson, however, clarified L&T does not plan to increase its stake in DLF Cements in the near future. "It is only an investment decision," he explained. However, analysts said since L&T has plans to expand its cement capacity through both organic and inorganic means, it may evince an interest in increasing its stake in DLF Cements in the future. L&T is the largest manufacturer of cement with a capacity of 12 million tonne per annum. The cement division contributed 28 per cent to the company's turnover during the first of the current fiscal. The cement division achieved a 43 per cent growth in net profit with sales realisation increasing by five per cent during the period. Its sales rose to Rs 925 crore during the period from the previous Rs 658 crore. L&T's cement factories are located in Gujarat Maharashtra and Andhra Pradesh. L&T in 1998-99 had acquired the loss-making 1.6 million tonne Narmada Cements at around Rs 268 crore and is in the process of delisting the company from stock exchanges. It has made an open offer for buying out 11 per cent stake that's remaining with the public. Financial institutions including the ICICI, IDBI IFCI had in July undertaken a debt restructuring exercise in DLF Cements by transferring 70 per cent outstanding debt of Rs 130 crore to its parent company DLF Universal. The International Finance Corporation had also implemented a financial restructuring for its outstanding debt of around Rs 107 crore. DLF Cements, which reported a loss of Rs 9.39 crore during the first quarter ended September 30, 1999, is expecting to post an operating profit of Rs 10 crore during the second quarter. Source : MI Nov 6, 1999

To: Mohan Marette who wrote (9434)	11/7/1999 1:24:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

Promoters buy out ICI's stake in Asian Paints at Rs 406 per share Asian Paints asianpaints.com ICI Ltd India iciindia.com 05-11-1999 17:23:14 The three remaining promoters of Asian Paints Ashwin Dani, Abhay Vakil and Ashwin Choksi bought over 4.5% stake from ICI plc UK at a price of Rs406 per share this morning. The deal was signed this morning and the Asian Paints board approved of the transfer of 18,33,200 shares from Atul Choksey and associates to Dani, Vakil, Choksi & associates. With this their stake has gone up to 45%. The transfer at Rs406 represents 6% premium to the closing price of yesterday of Rs384. Reacting to the news of the promoters consolidating their stake in Asian Paints, the stock price hit an upper circuit and closed at Rs414.7. With this, the entire 9.1% Atul Choksey stake sold by him to ICI, Plc has been bought out, removing the stock overhang. A few months ago, UTI bought out 4.6% of the ICI stake from Kotak Mahindra Capital Company.