MUMBAI: Gautam Singhania (32) is taking over the reins of the Rs 2000-crore Raymond group from his father Vijaypat Singhania (62) under whose stewardship the group became a force to reckon with in the textile and steel businesses. At a meeting of the board of directors of Raymond Ltd held in Mumbai on Wednesday, Vijyapat Singhania stepped down as the managing director of the company paving the way for his son. However, Vijayapat Singhania will continue to remain executive chairman of the group.

AMEX Information Tech plans IPO

MUMBAI: Amex Information Technologies Ltd is planning to enter the capital market shortly with a public issue of 12.50 lakh equity shares of Rs 10 each at a premium of Rs 45 per shares to part finance its expansion, setting up its subsidiaries and listing shares on the stock exchanges. G S Chandrashekar, MD, said it is expanding its software development in Mumbai at total outlay of Rs 19.99 crore. It also proposes to set up subsidiaries ata total cost of Rs 240.72 lakh. In addition, Rs 233.43 lakh has been earmarked for augmenting long term working capital resources. It registered a turnover of Rs 8.48 crore and a profit after tax of Rs 2.23 crore for the year ended March 1999.

Sterlite redeems $ 95 mn FCCB issue

MUMBAI: Sterlite Industries has fully redeemed its outstanding FCCBs aggregating $95.34 million. The company had raised $100 million through FCCBs in 1993 at a coupon of 3.5 per cent. As the conversion price at Rs 561.07 a share was far below Sterlite's ruling market price, there has not been much conversion.