Govt seeks IPO before BPCL divestment
New Delhi: The central government is planning to seek the nod of the union cabinet for launching an IPO of BPCL, aggregating Rs 1,000 crore, prior to the planned disinvestment in the company.
The ministry of petroleum and natural gas had recently moved a cabinet note mooting a primary market offering. The IPO will be preceded by a stock split involving conversion of each share having a face value of Rs 10 into 10 shares, each having a face value of Re 1.
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SBI IT plan to affect many employees
Mumbai: State Bank of India will be shedding more flab with a second VRS. It also embarks on an aggressive IT plan, comprising seven major projects, involving an investment of Rs 500 crore over the next 40 months covering all outlets.
SBI managing director Y Radhakrishnan said the seven major projects that form part of its IT initiative are: Internet banking, ATMs, networking of 1,500 branches all over the country, asset-liability management, treasury management, core-banking solutions and trade finance.
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Govt disregards Coke plea for IPO waiver
New Delhi: The government has rejected Coca-Colas plea for waiver of mandatory disinvestment of up to 49% equity in Indian operations made on the ground of adverse market conditions and companys accumulated losses.
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Gold reaches new heights on global rally
Mumbai: International gold prices have been on a short burst of a bullish phase, mainly because the precious metal provides safety in the backdrop of uncertainties globally, economic as well as political.
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Foreign firms may stop contribution to Seamens PF
Mumbai: Foreign shipping companies employing Indian seamen may stop contributing to the gilts scam-tainted Seamens Provident Fund, which has reportedly lost Rs 100 crore to rogue traders in the government securities market.
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