Sun Pharma to delist from 4 bourses
Mumbai: The promoters of Sun Pharmaceutical Industries plan to make an open offer to shareholders before delisting the company from four stock exchanges.

The open offer is at Rs 600 a share, a discount of 10.58 per cent to the current price on the Bombay Stock Exchange.

The exchange said Sun planned to delist from the stock exchanges at Ahmedabad, Calcutta, Madras and Delhi.

The open offer is for shareholders in the states of Gujarat, Delhi, Haryana, West Bengal and Tamil Nadu and the centrally administered territory of Pondicherry.
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Zee not to hike Padmalaya offer price
New Delhi: ZEE Telefilms has said it had no plans to increase the offer price of Rs 148.50 per share for acquiring 20 per cent stake in Padmalaya Telefilms.

ZEE's open offer for 20 per cent more shares of Padmalaya Tele is slated to open on 5 May.

The offer follows acquisition of 34 per cent stake in PTL by ZEE's subsidiary Padmalaya Enterprises and envisages ZEE's stake in PTL to cross the crucial 51 per cent mark.
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Bharat Bio aims Nasdaq listing
Mumbai: The Hyderabad-based Bharat Biotech has begun the process for listing itself on the Nasdaq. Nasdaq has invited the company to make a presentation on its corporate credentials.

The presentation would be made at an event hosted by Nasdaq on 4 April 2002 by Firstcall India Equity Advisors (FIEA) who have been mandated by Bharat Biotech for their corporate advisory services.

Bharat Biotech is considering raising equity in the international market for setting up a plant to produce human insulin. The company, in collaboration with Centre for Biotechnology (CBT), has completed R&D at pilot plant level for insulin.
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UTI Bank issue reaffirmed A1+
New Delhi: Credit rating agency, ICRA, has reaffirmed the A1+ rating to the certificate of deposits programme of UTI Bank Ltd. The rating indicates highest safety in the short-term.

According to a statement issued by ICRA, the short-term rating takes into account the steady improvement in asset quality and the consistent high growth in deposits.

The rating also factors in the strategic investment of 26 per cent by CDC Capital Partners in UTI Bank during December 2001 and the proposed preferential placement of shares to domestic insurance companies and AIG Sector Equity Fund
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PNB public offer gets Rs 690 cr
New Delhi: The recently concluded initial public offering (IPO) of Punjab National Bank (PNB) has garnered an oversubscription of over 300 per cent with total subscription touching about Rs 690 crore against the issue size of Rs 164.49 crore.

The IPO has received 1,50,000 applications from investors.

The PNB issue, which would result in the government holding in the bank coming down to 80 per cent from the earlier 100 per cent, was open for subscription from 21 March to 28.
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RBI to sell Rs 7,000 cr worth govt stocks
Mumbai: The Reserve Bank of India will conduct a 'uniform price auction' of two government stocks aggregating Rs 7,000 crore on 4 April.

RBI would conduct sale of a new seven-year government stock of Rs 3,000 crore and a 10-year G-sec of Rs 4,000 crore.

Under the 'uniform price auction' method, competitive bids offered at rates up to and including the maximum rate of yield as determined by RBI would be accepted at the maximum rate of yield so determined.
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