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Capital Int to buy 50% stake in LIC MF
New Delhi: Leading FII investor Capital International is expected to buy
a 50-per cent stake in LIC Mutual Fund, which has a total corpus of Rs 2,264
crore. An MoU to this effect is expected to be signed in June 2002.
Negotiations are on between the two
companies to decide on various modalities of the prospective joint venture.
Capital International will be paying a hefty premium to buy out a 50-per cent
stake in LIC MF, one of the oldest mutual funds in the industry, reports say.
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Bharat
Overseas Bank net up 30 per cent
Mumbai: Bharat Overseas Bank has posted a net profit of Rs 22.8 crore
for the year ended 31 March 2002 an increase of 30 per cent over the Rs
17.5 crore reported in the previous year.
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RS fails
to take up Cable TV Bill
New Delhi: The
Cable Television Networks (Amendment) Bill, 2002, which would pave the way for
a conditional access system in the broadcasting sector, will have to wait, as
the Rajya Sabha could not take up the Bill for discussion and passage on 18
May.
As there were "other important issues" for discussion, this Bill
could not be taken up. The Bill will now be taken up only in the monsoon
session. But if there is a substantial increase in subscription rates, the
government could issue an ordinance to protect the interests of the consumers.
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UTI
Bank to raise paid-up equity base
Mumbai: UTI Bank is planning
to raise its paid-up equity by 10-to-15 per cent in the second half 2002. It is
also looking at buying up loan portfolios of other financial institutions.
UTI Bank CMD P J Nayak said: "We plan to raise the paid-up equity by
10-to-15 per cent in the second half of the year, which works out to Rs
20-to-30 crore. The capital adequacy ratio will go above 11 per cent by the end
of this financial year. The money raised will depend on the premium charged.
The market conditions will determine the manner in which the money would be
raised. The paid-up equity of the bank is currently Rs 191 crore."
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Urea units
look abroad for cheaper naphtha
New Delhi: In a bid to counter arbitrary and ad hoc pricing
of feedstock by domestic petroleum refineries, leading naphtha-based urea units
are planning to join hands and float a composite international tender for the
purchase of naphtha at `competitive' prices.
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DCA to
track down firms that duped investors
New Delhi: The department of company affairs is in hot pursuit of
companies that duped gullible investors by floating public issues and vanished
subsequently, said DCA secretary Vinod Dhall, Secretary, DCA.
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Maharashtra
seeks help to tackle water scarcity
Mumbai: The Maharashtra government has sought Rs 500 crore from the
central government to tackle water scarcity.
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