PNB offers first public issue
Jaipur: Punjab National Bank has announced its first public issue of Rs 5.31-crore equity shares of Rs 10 each for cash at a premium of Rs 21 per share to be opened on 21 March.

The public issue will augment the long term resources of the bank and the capital base to meet its future capital adequacy requirements.
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Sebi set ups panel on demutualisation
Mumbai: Securities and Exchange Board of India (Sebi) has constituted a seven-member group headed by former chief justice of India M H Kania to recommend measures for demutualisation and corporatisaton of stock exchanges in the country.

The group, drawn from the fields of law, accountancy, finance, company law affairs and taxation, would review the present structure of bourses including those set up as a company and un-incorpoarted bodies.

It would also examine the legal, financial and fiscal issues involved in corporatising and demutualising the stock exchanges, Sebi said here in a statement.

The panel, expected to submit its report within two months of the first meeting, would suggest steps to implement the proposals and advise on the consolidation and merger of the stock exchanges, it said.

The other members of the panel are former Justice M Chandurkar, eminent chartered accountant Y H Malegam, DSP Merrill Lynch chairman Hemandra Kothari, J M Morgan Stanley chairman Nimesh Kampani, Chief commissioner of income tax G Ananthanarayan and Dept of Company Affairs joint secretary Rajiv Meharshi.
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