LVB to up tier-II capital by Rs 50 cr
Chennai: Karur-based The Lakshmi Vilas Bank Ltd (LVB) is planning to raise its Tier- II capital by adding another Rs 50 crore. The bank is currently in talks with various merchant bankers for arranging the issue. The issue is slated to open sometime in June.

The bank has posted a net profit of Rs 34.16 crore during the year-ended March 2003, as against the previous year’s performance of Rs 30.22 crore. Total income was Rs 355.21 crore (Rs 357.47 crore). Business volume of the bank has gone up to Rs 4,610 crore. Deposits rose to Rs 2,770 crore while advances increased to Rs 1,841 crore. The bank is targeting a business volume of Rs 5,200 crore during the current fiscal. Deposits should be Rs 3,150 crore while advances should be Rs 2,100 crore.”
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Syndicate Bank net up 37 per cent, to pay 15 per cent dividend
Bangalore: Manipal-headquartered Syndicate Bank has posted a net profit of Rs 344.13 crore in FY03 registering a growth of 37.35 per cent as against Rs 250.55 crore in FY02. The operating profit of the bank has shown an increase of 74.19 per cent to touch Rs 618.79 crore as against Rs 355.24 crore in the previous period. The bank has declared a dividend of 15 per cent for FY03.

Addressing a press conference here, Syndicate Bank chairman Michael Bastian said the bank is targeting a 20 per cent growth in business in the current fiscal. Mr Bastian also said that the bank has got the permission to raise Rs 100 crore Tier-II capital and it plans to pay back Rs 100 crore to the government by bringing down the government stake in the bank to around 65 per cent. The pay-back is likely to take place in June.
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Oriental Bank revises interest rates, margins on SSI advances
Hyderabad: Intended at giving a filling to small-scale industrial (SSI) units, Oriental Bank of Commerce, the New Delhi-based premier public sector bank, has announced revision in interest rates and margins on advances to SSI sector. In a press release here, the bank said the SSI accounts with credit limits above Rs 2 lakh and up to Rs 25 lakh would now be charged PLR rate of 11 per cent only as against the earlier rate of PLR plus two per cent. According to the bank, the interest rate for SSI borrower with credit limits of above Rs 25 lakh and up to Rs 50 lakh was also brought down by 50 basis points to 13 per cent from 13.5 per cent.
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Andhra Bank cuts deposit rates
Hyderabad: Andhra Bank has announced a 50 basis points reduction across the board in the interest paid on domestic and NRE term deposits. The new rates would come into effect from May 19. While the rate on domestic term deposits of 15 days to 45 days has now come down to 3.75 per cent from 4.25 per cent, the rates have been pruned down on deposits of 46 days to 179 days at 4.75 per cent (5.25 per cent), 180 days to 364 days at 5.25 per cent (5.75 per cent), one year to less than three years at 5.75 per cent (6.25 per cent) and for deposits of three years and above at six per cent (6.5 per cent).
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`AAA' rating for Tata Sons' Rs 75-cr NCD issue
Mumbai: Crisil has assigned `AAA' rating to Tata Sons Ltd's Rs 75-crore non-convertible debenture issue. The ratings continue to reflect Tata Sons' leading business position in the Indian software industry as well as its significant financial flexibility arising from its status as the principal holding company of the large and diversified Tata group. Crisil has also reaffirmed the existing ratings of its Rs 1,750-crore worth non-convertible debenture issues, fixed deposit programme and Rs 150-crore commercial paper programme.
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