Bank of Baroda to issue GDR/ADR
Mumbai: Bank of Baroda is planning to come out with an international equity offering through a GDR or an ADR issue. The proceeds will be used to provide capital cushion for the bank's 39 international branches. Executive director of Bank of Baroda P.S. Shenoy said the bank's international operations accounted for about 20 per cent of its business.

The bank will, however, wait for the State Bank of India to approach the international markets. The government of India has to decide to reduce its equity stake in public sector banks below the 51 per cent level. The government has a stake of 66 per cent in Bank of Baroda.

Mr Shenoy said the bank will be able to raise only $80 million if the 51 per cent stake has to be kept intact.
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MTNL plans to take Trai to court
New Delhi: Mahanagar Telephone Nigam Ltd will take the Telecom Regulatory Authority of India to court over the delay in clearing its cellular phone service based on the wireless in local loop technology.

S. Rajagopalan, chairman and managing director of MTNL,   said the company will sue Trai as it has a valid licence issued in 1997 for operating a CDMA-based mobile network.
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IDBI to give Rs 200 crore loan to GSPC
Ahmedabad: The Industrial Development Bank of India is to provide Rs 200 crore as debt to the Gujarat State Petroleum Corporation for its 160 MW gas-based power project at Hazira. GSPC is the lead promoter for the Rs 560-crore project.

Apart from IDBI, Power Finance Corporation, banks and other financial institutions will provide another Rs 200 crore as debt. The balance Rs 160 crore is expected to be raised through equity.
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Bank deposits fall
Mumbai: Bank deposits fell by Rs 1,048 crore in the fortnight ended on 10 September compared to a growth of Rs 6,929 crore in the previous fortnight. The cash-deposit ratio has gone up during the fortnight to 10 per cent from 9 per cent of the previous fortnight.

Analysts attributed this to heavy withdrawals for election purposes.
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