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Infy
pays $94.1 a share to participants in AD issue
Bangalore: Bringing down the curtains on its secondary
American Depository Share (ADS) issue, Infosys Technologies
has paid out the proceeds to those who had participated
in the issue. Shareholders who tendered their shares were
paid Rs 4,333.16 or $94.1 per share. The price was arrived
at after deducting the issue expense which was $11.7m
(3.8%) of the total issue size.
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Patent
pact stir up pharma stocks
Mumbai: Pharmaceutical companies were in limelight
in the markets yesterday after the landmark agreement
between US and a group of countries including India that
would relax patent regulations on some drugs.
Brokers
and analysts said if this agreement were approved by WTO,
it would be very positive for the Indian pharmaceuticals
companies.
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Luxottica
to make open offer for Ray Ban India
Mumbai: The Securities Appellate Tribunal today
asked Luxottica Group SpA to make an open offer to the
shareholders of Ray Ban Sun Optics India Ltd, makers of
Ray Ban brand eyewear, to buy 20 per cent equity of the
company with April 28, 1999, as the reference date for
calculating the offer price. Stock dealers estimate that
the price would work out to about Rs 105 per share excluding
interest.
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JM
Mutual to launch two new funds
Hyderabad: Moving away from the traditional practice
of introducing plain vanilla schemes, JM Mutual Fund,
one of the country's leading funds in the private sector
with assets under management of around Rs 4,000 crore,
is now getting ready to tap the market with index fund
and an aggressive equity fund during the current fiscal.
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LIC
Mutual moots floating rate fund
Kolkata: LIC Mutual Fund has mooted a floating
rate fund that will, under normal circumstances, allocate
a minimum 40 per cent of its assets to floating rate securities
or fixed rate securities swapped for floating debt or
money market instruments.
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