Wednesday, November 12, 2008
The board of directors of McNally Bharat Engineering Company, a B.M. Khaitan group company, has approved a scheme of arrangement for reconstruction of the company and its subsidiary McNally Sayaji Engineering Limited (MSEL) which it had acquired sometime back. Under this recast, the products division of MBECL engaged in manufacturing or procuring equipment will be transferred to McNally Sayaji. This will be effective from April 1, 2008.
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Reliance Infrastructure has bought-back 16 Lakh equity shares of the company in less than two weeks. Since the commencement of the buy-back on March 25, the company has so far bought back 72.60 lakh equity shares aggregating Rs. 711 crore. The shareholders of Reliance Infrastructure have approved the buy back of equity shares of the company to Rs. 2,000 crore.