25 more in Z group
Mumbai: The Bombay Stock Exchange has added 25 more companies to the list of 125 companies shortlisted to be included in the Z group in five days. The companies are being shifted to the Z group for their failure to comply with the exchange’s listing norms.
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MTNL to seek ICICI help for NYSE listing
New Delhi: Mahanagar Telephone Nigam Ltd. will engage ICICI to help it get listed on the New York Stock Exchange. MTNL feels ICICI has gained the necessary expertise during its own recent listing process on the New York bourse. ICICI is expected to prepare the documentation and handle all the legal issues. MTNL has already started to change its accounting procedures to conform with US generally accepted accounting principles, or GAAP. The listing is planned for sometime in February 2000. MTNL is planning to offload 19 million shares via the ADR route.

MTNL is also planning a Rs 2,000-crore bond issue over the Internet, the first of its kind since it had started issue of bonds in 1986. The organisation is finding out how institutions and individuals can apply for the bonds and complete the entire transaction online. The bond issue is to supplement the department of telecommunications’ internal accruals.
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ICICI withdraws bond issue
Mumbai: ICICI has withdrawn its public issue of safety bonds planned for launch on 17 January. The reason: the change in the interest scenario in the country. The company said the bonds will need to be re-priced according to movements in interest rates.
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IPO by Elder Pharma
New Delhi: Elder Pharmaceuticals, the Rs 180-crore pharmaceutical company, is coming out with a Rs 50-crore initial public offering to fund its modernisation and upgradation programme. The company intends to issue shares of Rs 10 each at a premium of Rs 90 to Rs 110 per share.

Elder Pharmaceuticals is engaged in the making of calcium deficiency, wound healing/care, dermatological,  diuretic and cardiac products and nutrients.
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Indian Oil’s GDR float by 9 March
New Delhi: The government has directed the Indian Oil Corporation to make its global depository receipt float by 9 March 2000. The directive is part of the government’s plan to raise funds to bridge its fiscal gap;   the divestment is expected to bring in about Rs 2,000 crore. Some 78 million shares of the public sector oil major will be available under the divestment scheme.

The government owns 82 per cent of the total equity of the company. Post-divestment that share will decline to 72 per cent. Nearly10 per cent of the total shares to be divested will be available to retail investors.
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IL&FS MF launches two plans
Mumbai: IL&FS Mutual Fund has launched IL&FS eCom Fund to invest in e-commerce ventures and technology sectors like information technology, telecom, media and entertainment.

The fund has set a minimum subscription target of Rs one crore. The minimum application amount will be Rs 10,000 under two plans –  Dividends Plan and  Growth Plan. The offer closes on 31 January.
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