Badla rates go up
Mumbai: The badla rates on the Bombay Stock Exchange moved up to 19 per cent. This has been mainly on account of increase in carry forward volume. Badla rates for the previous week had remained at 11.35 per cent.

Zee Telefilms attracted 18.5 per cent badla and it had the highest carryforward volume of 3.24 lakh shares. It was followed by Ranbaxy Laboratories with 18.1 per cent badla and a carryforward volume of 15.6 lakh shares.
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Melstar plans share offer
Bangalore: Melstar Information Technologies will come out with a public offer of shares in the price range of Rs 60 to Rs 70. The company, one of the largest business partners for IBM in India with an exclusive software facility for IBM’s global services, will issue 22.61 lakh shares of Rs 10 each. The funds raised will be used to expand software development centres in India. These centres will focus on areas of client/server applications and e-business.
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SBI issue in August
New Delhi: State bank of India will come out with a simultaneous offer of shares in the domestic and overseas market in July-August 2000 to mobilise some Rs 3,000 to Rs 4,000 crore. G.G. Vaidya, chairman of the bank, said the SBI Act will be required to be amended to reduce the Reserve Bank of India’s holding in the bank from the current 59.4 per cent to below 55 per cent. He said as the RBI will not be subscribing to the issue, its shareholding will come down to 40 per cent after the issue.
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