Sebi completes probe into price rigging
Mumbai: The Securities and Exchange Board of India has completed its investigations into the alleged price manipulation in the stocks of BPL, Videocon and Sterlite leading to a payments crisis in the Bombay Stock Exchange in June 1998. Harshad Mehta, former stockbroker and alleged scamster is involved in the case. The Sebi inquiry has claimed a number of casualties, including former president of Bombay Stock Exchange, J.C. Parekh, who had to resign from his post.
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Glenmark issue oversubscribed 53 times
Mumbai: Glenmark Pharmaceutical’s initial public offering has mobilised Rs 1,300 crore, meaning the issue has oversubscribed by 53 times. The company wanted to raise Rs 53.54 crore through issue of shares of Rs 10 at a premium of Rs 190 per share. It intends to set up a research and development centre and a soft gel capsule manufacturing facility.
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GE announces stock split
New York: General Electric has announced that it is planning a stock split. The company said it will split the stock three-for-one and it boosted its market capitalisation above $500 billion mark for the first time. The plan is to take effect in May 2000.
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