Reliance revokes interim dividends
Mumbai: The Reliance Group companies have decided to revoke interim dividends.

The group, including Reliance Industies, Reliance Petro and Reliance Capital, decided to seek revocation of interim dividend decision following Sebis directives.

In a notice to the Bombay Exchange, these companies said they would be securing the directors consent through circular resolution for revocation of the interim dividend declared by their respective boards.

RPL and RIL had declared five per cent and 47.5 per cent interim dividend for 2001-02 entailing outgo of Rs 287 crore and Rs 551 crore respectively.

In the wake of the fiat by Sebi, other companies too have begun to reverse their intention to announce interim dividend for 2001-02.

The boards of Wipro, EIH, BSES and Exide are among some of the corporates, which have decided not to proceed with declaration of an interim dividend. HDFC too had decided against announcement of such dividend.

Punjab Tractors has cancelled the board meeting scheduled for 9 March to consider interim dividend proposal.
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RIL, ITC, HLL top US-64 portfolio
New Delhi: Reliance group companies constitute a large slice of 17.8 per cent in the Rs 18,800 crore equity portfolio of UTI's flagship scheme US-64.

The top 10 holdings of US-64 include Reliance Industries, ITC, Reliance Petro, Hindustan Lever, Infosys, HDFC, Bharat Petroleum, SBI, Tisco and Larsen & Toubro.

The portfolio disclosed by UTI reveal that US-64's exposure was largest in Reliance Industries at 12.92 per cent amounting to about Rs 1,704.94 crore till January 2002.

The country's largest mutual fund scheme also had 4.83 per cent equity investment in Reliance Petroleum amounting to Rs 636.56 crore, while it was 0.05 per cent in Reliance Capital.

US-64's holding in BSES, in which Reliance group is a major stakeholder, is also as high as 0.23 per cent.
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ICRA downgrades Birla Global Finance rating
New Delhi: Credit rating agency ICRA has downgraded the long term rating of Birla Global Finance (BGFL) while retaining the highest safety in short term for the Rs 200 -crore short term borrowing programme of Bharti Electronics (BEL).

The revised rating of BGFL from LA to LA-indicates that the relative degree of safety regarding the timely servicing of interest and interest as per terms has declined marginally since the earlier rating of adequate safety was assigned, an ICRA release said.

The rating downgrade takes into account the decline in profitability in the main business segments of BGFL, intensifying competition, expected pressure on spreads and low capitalisation but appreciates financial flexibility enjoyed by BGFL in the form of A V Birla group support.
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PNB plans $33.8 mn IPO
New Delhi: Punjab National Bank (PNB) plans to raise up to $33.8 mn in a public offering, the second for domestic primary markets this year.

PNB, the country's second-largest bank by number of branches, will issue 53.061 mn shares at Rs 31 each, which includes a premium of Rs 21, raising up to Rs 1.65 bn. Of the offer, 10 per cent will be reserved for employees.

The 106-year-old PNB, currently wholly-owned by the Indian government, has over 4,250 branches and counters and serves some 30 million customers. The government will retain an 80 percent stake in PNB's post-issue equity capital of Rs 2.65 bn.
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Gesco raises Rs 75 cr through preferential issue
New Delhi: Great Eastern Shipping Company has mopped up Rs 75 crore after curtailing the preferential share issue from the original Rs 95 crore.

HDFC Bank subscribed to Rs 35 crore of the privately placed issue of non-convertible preference shares, while United Trust of India and Standard Chartered Bank subscribed to Rs 20 crore of shares each.
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