|
News: Business | GHMC may not buy L&T shares in Hitex
HYDERABAD: The Greater Hyderabad Municipal Corporation has expressed its inability to purchase the L&T Infocity Limited equity share holdings in the Hyderabad International Trade Expositions Limited (Hitex) situated at Madhapur in the city.
The L&T Infocity Limited has mooted disinvestment of its shares from equity holdings in the Hitex. It has 98.85 lakh equity shares (each of Rs 10) accounting for 58.11 percent holding in Hitex and served notice of Rights of First Refusal (ROFR) to purchase its equity holding in Hitex to all the shareholders of Hitex.
The National Academy of Construction (NAC) has 30 lakh shares (17.64 pc), Hyderabad Metropolitan Development Authority (HMDA) 20 lakh (11.76 pc), GHMC 11.25 lakh (6.61 pc) and the department of tourism 10 lakh shares (5.88 pc) in Hitex.
GHMC officials told that they were not interested in purchasing the shares offered by L&TIL for want of funds and capacity to handle such issues.
The L&TIL had issued notices of ROFR for purchasing the equity holdings in Hitex to all the above shareholders a few months ago.
Already, NAC and HMDA have expressed their inability to buy the shares as do not have the needed resources and the municipal corporation has now shown disinclination to buy shares as they do not have the required Rs 67.30 crore.
The issue was referred to the GHMC Standing Committee on Thursday and was adjourned to the next meeting for want of more information.
Recently, L&T Infocity Limited has requested the GHMC to communicate the decision on ROFR before June 10. The GHMC has written a letter to the principal secretary (R&B) to intimate its decision to it at the earliest and the decision is awaited from the department.
NAC has requested the state government to consider providing funds of Rs 67.30 crore to it to purchase the shares but the government decided not to provide any budgetary support to NAC.
The GHMC has written several letters to the government to communicate the decision taken on the issue of exercising the Right of First Refusal but the response is awaited.
News Posted: 21 June, 2013
| | Headline News | | Chandrababu lays foundation for Google AI Data center | | | South Coast Railway Zone to be officially notified on June 1: Union Minister | | | Chandrababu Naidu to lay foundation for Google AI hub in Visakhapatnam | | | AP emerging as leading destination for investments, says Vice-President | | | APCM to lay foundation for Rs 5400 cr ReNew Energy plant in Anakapalli district | | | Andhra University that shaped India's leaders, artistes and scientists | | | Chandrababu to receive Business Reformer of the Year Award on Saturday | | | Amaravati to be developed as a growth engine for Andhra Pradesh:CM | | | CM to lay foundation for Rs 5400 cr ReNew Energy Global plant in Anakapalli district | | | Visakhapatnam district tops Swachh Andhra rankings, ASR district ranks last | | | Amaravati, Polavaram contribute significantly for wealth creation: AP CM | | | Veligonda Stage-1 works to be completed by June end, says CM | | | A quantum leap for Andhra Pradesh | | | Chandrababu seeks support for Women's Reservation Bill, writes to MPs and parties | | | Simplify policies to ensure speedy setting up of industries, AP CM tells officials | | | More Headline News... | | Entertainment | | Teja Chillara in Crown & Conflict | | | Riya Sen debuts Hollywood with Highway 905 | | | Prabhas as Salaar - Trailer | | | Kamal Haasan as Bharateeyudu 2 - An Intro | | | Pushpa 2 - The Rule Trailer | | | Katrina joins Rohit Shettys Cop Universe | | | Nitin Chandra to Promote Local Regions | | | Nani's Jersey confirms April 19 release | | | Mahesh Babu's Maharshi postponed | | | Chandamame Video Song from 118 | | | More Entertainment... | | Crime News | | Hyderabad woman dies in Texas shooting | | | 172 minors booked for driving | | | Eight killed in road accident in Nalgonda | | | Jayaram case shifted to Hyderabad Police | | | Action assured in Kamatipura Rape Case | | | Four persons commit suicide | | | Banker injured in firing | | | Rs 2K fake notes seized, six arrested | | | Two convicts escape from Warangal prison | | | 'Humiliation' drives two women to suicide | | | More Crime News... | | Special Stories | | Sanjeevini Old Seeds Festival on April 28, 29 in Araku | | | Akshay Sharma wins DP World Players Championship | | | Akshay Sharma, Dhruv share lead in round two at World Players golf meet | | | NBM Law College adjudged Best Affiliated College at AU centenary fete | | | Shubhankar establishes commanding lead in round three of Boulders Classic 2026 | | | Shubhankar Sharma takes two-shot lead at Boulders Classic 2026 | | | Boulders Classic 2026 gets under way | | | Khalin Joshi surges ahead, Dhruv slips to second spot on day two of Andhra Open | | | Colourful performances enthral audience on day two of AU cultural fest | | | Ganta's assurance to Tarluvada farmers | | | More Special Stories... |
|
|
|
| Advertisements |
|
|
|
|
| Advertisements |
|
|
 |
|
(C) 2000-2025 TeluguPeople.com, All Rights Reserved.
|
|
| |
