GAIL GDR lists at $9.67
New Delhi : The global depository receipts issue of the Gas Authority of India Ltd, which was oversubscribed over 2.3 times was listed on the London Stock Exchange at $9.67. This is expected to generate Rs 945 crore for the Indian government, for 22.5 million GDRs or 16 per cent of its stake, down from 83.3 percent to 67.3 per cent.

At the prevailing exchange rate, it converts at Rs 70 a share, at a discount of abut 11.3 per cent to the domestic rate of Rs 79 per share.
Back to News Review index page 

Rolling settlements may get delayed
Mumbai : It is likely that the promised rolling settlement in A group shares that was slated for introduction by the fist week of December may get delayed.

The delay is caused by the non-availability, as yet, of a mechanism for daily badla under the rolling settlement regime. The J R Varma panel, which is evolving such a mechanism, had its first meeting on Thursday, and plans to have its next meeting only towards the end of November. It is expected that another month will go by before a mechanism is put in place.

Rolling settlement can be effectively implemented only after the introduction of an appropriate badla mechanism.
Back to News Review index page 

SCHIL to sell Dundee MF schemes
New Delhi : Dundee Mutual Fund has tied up with the Stock Holding Corporation of India to sell the Dundee MF schemes. SCHIL will also help unit holders redeem their units through the SCHIL network.

Dundee will be leveraging the strength of SCHIL’s 70 centres across the country for its distribution work. It sees SCHIL as an appropriate organisation to help widen its servicing capability.

Initially, nine of SCHIL’s centres will be deployed, which will be extended to its other centres.
Back to News Review index page 

Birla MF has more software stocks
Mumbai : Birla Advantage Fund, a Birla mutual fund has increased its exposure to software stocks from levels of 33.7 per cent weightage to 42.4 per cent during the July-September 1999 quarter. The new stocks added to the portfolio include Fujitsu ICIM, Digital Equipment, Sierra Optima, Citicorp Securities and Subex Systems.

Simultaneously, the Fund has reduced its exposure to FMCG and pharma stocks, including heavyweights like Glaxo, Hoechst Marrion and Burroughs Wellcome.
Back to News Review index page