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Markets
decline
Mumbai: The Bombay Stock Exchange index
of 30 shares closed at 4,731 on 14 September 1999, down
29 points from the previous close of 4,760 recorded on
10 September 1999. The National Stock Exchange index of
50 shares closed at 1,370, down 20 points.
Shares
of Zee Telefilms, Cipla, Global Telesystems and SSI moved
up. Heavyweights such as Tata Steel, Hindustan Lever and
Ranbaxy fell, thus leading the sensex downwards.
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14
shares moved to A group by BSE
Mumbai: From the B1 group, the Bombay
Stock Exchange has shifted 14 shares to the A group. Nine
stocks have been moved to the B1 group from the A group.
Upon completion of an ongoing reshuffling exercise at
the exchange, the A group will comprise 140 shares.
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ICICI
issue oversubscribed
Mumbai: ICICI Ltd., which made a public
issue aggregating Rs.275 crore, has collected more than
Rs.500 crore, which means an over-subscription in the
region of 82 per cent. ICICI will retain ten per cent
of the over-subscription. This means that the actual amount
accruing to the company through the issue will be Rs.302
crore.
During
September 1999 alone, ICICI raised Rs.802 crore, including
through the public issue. The other Rs.500 crore was raised
through a preferential offer to the Life Insurance Corporation
of India, Unit Trust of India and General Insurance Corporation
of India. Next in line is an American depository issue
for $15 million.
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Merchant
bankers earning lesser
Mumbai: The merchant banking fee charged
for the Videsh Sanchar Nigam Ltd. issue is 0.4-0.6 per
cent. This is considered the lowest ever fee charged by
merchant bankers in India. Merchant banking companies
are concentrating more on corporate restructuring, mergers,
takeovers and project financing, where fees charged are
slightly higher.
When
the capital markets were booming, merchant banking fees
used to be close to 3-3.5 per cent. During the years 1994
to 1999, they averaged 2 per cent.
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RPL
issues Rs.100 crore NCDs
Mumbai: Reliance Petroleum Ltd. has raised
Rs.100 crore, through a 13 per cent non-convertible debenture
issue with a tenure of five years. The issue has neither
been listed nor rated. The interest will continue to accumulate
for five years, after which Reliance Petroleum will pay
the interest along with the principal.
Financial
institutions such as IDBI and ICICI raise funds with five
year tenures at around 12-13 per cent. Considering this,
Reliance Petroleum has definitely got a good deal.
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CSE
to accept small bourses as members
Calcutta: The Calcutta Stock Exchange
board has decided that it will allow smaller stock exchanges
as its members. The board has gone a step ahead by reserving
four cards to be given to regional stock exchanges on
first come first served basis. These cards are most likely
to go to the Ludhiana, Cochin, Coimbatore and Vadodara
stock exchanges.
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