MTNL to offer GDR at market price
New Delhi: The Mahanagar Telephone Nigam Ltd's global depository receipt issue will be offered at the prevailing market price at the time of the issue. Currently, the company’s GDRs are quoted around $10. At this price, the government can raise Rs.400 crore, as per its plans to divest 1.9 crore shares or 3 per cent of MTNL.

The GDR issue of another public sector company, the Gas Authority of India Ltd., is expected to precede the MTNL issue. Both issues are slated to be completed by the end of 1999.

The bankers to the MTNL issue will be Goldman Sachs, HSBC Investment Banking and Merrill Lynch, which were the global co-ordinators for MTNL's first GDR issue in November 1997.
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Pantaloon changes plans
Mumbai: Pantaloon Retailing has altered its plans to come out with the Rs.16 crore private placement issue with Mauritius-based venture capital funds. Now it will decrease the number of shares to be issued from 4.5 million shares to 4 million shares and increase the price per share that will be made to foreign institutional investors and mutual funds.

The company has decided to change its original plans as it was unclear about the policy issues regarding foreign direct investment in the retailing industry.
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Derivatives to be only traded in the exchange
New Delhi: Index-based futures and options trading can take place only on the exchanges, so that the deals would come within the purview of the exchange. According to a high level committee on derivatives trading, the earlier plans were to keep it open for trades to be done through any form of derivatives trading.
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TV-18 plans issue
New Delhi: Television software company TV-18 will come out with a Rs.45-crore public issue at around Rs.180 per share. The prospectus will be filed with the Securities and Exchange Board of India by next week.
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