ICICI to reduce exposure in power sector
New Delhi: According to a report in the Business Standard, ICICI Ltd., one of India’s largest financial institutions, will cut its power sector exposure by around 50 per cent. K V Kamath, managing director, ICICI, said that the move is on account of an expected decline in the country's power requirements.

This is a fallout of a Central Electricity Authority survey that has projected a 10 per cent fall in power requirements. ICICI will now prune its exposure to 20 power projects.
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SBI Act provision to be changed
Calcutta: According to a ruling by the Calcutta High Court, the State Bank of India Act provision that states that shareholders holding less than 50 shares are eligible for only only one vote, has been struck down. The bank currently has 61,935 shareholders holding more than 7 per cent of the share capital of the bank, who will now be able to have the enhanced voting rights. The order comes into effect from 1 January 2000.
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FIPB approves Satyam ADR, AES JV, others
New Delhi: Satyam Infoway has secured  the approval of the Foreign Investments Promotion Board to increase its American depository receipts issue size from 4.8 million shares to 6.45 million shares. The issue premium has gone up from Rs.490 per share to Rs.790 per share and the target amount from around Rs.240 crore to Rs.516 crore.

The FIPB has also approved the US-based AES Corporation’s joint venture proposal with Jyoti Structures in the power sector. Bank Brussels Lambert, part of the ING group, has been allowed to increase its stake in Vysya Bank to 20 per cent from its current 9.9 per cent, at a cost of Rs.33 crore, through a preferential issue.
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HDFC cuts interest rates
Mumbai: Housing Development Finance Corporation will cut its housing loan rates by one per cent to 13.5 per cent, for loans ranging from Rs.5 lakhs to Rs.10 lakhs, according to report in the Economic Times. This will be effective from 1 September 1999.

HDFC currently has two slabs of Rs.2 lakh to Rs.5 lakh and Rs.5 lakh to Rs.10 lakh. These will now be merged into one slab of Rs.2 lakh to Rs.10 lakh. This slab will be charged a rate of 13.5 per cent. Loans over Rs.10 lakh will be charged an interest rate of 14.5 per cent.
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