$300 million syndicated loan for Reliance Info
Mangalore: Reliance Infocomm Ltd (RIC) has concluded a syndicated term loan facility of $300 million, lead arranged by ABN Amro NV, Australia and New Zealand Banking Group, Bank of Baroda, BNP Paribas, DBS Bank, ICICI Bank, Mashreqbank and Rabobank.

A Reliance Infocomm press release said that the loan has a final maturity of seven years and is the company's first ever cross border borrowing.
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Broking licence of Pegasus Insurance suspended
Hyderabad: The Insurance Regulatory and Development Authority (IRDA) has suspended the broking licence of the Mumbai-based Pegasus Insurance Brokers Pvt Ltd (PIBPL) for its failure to adhere to the norms pertaining to disclosure and conduct of business prescribed by the Authority.

According to IRDA, though the Principal Officer of the broking firm, Bhaskar De, expired in January this year, the broking company failed to bring this fact to the notice of the Authority and functioned without a Principal Officer.

In a suspension notice issued on Wednesday, IRDA has also said the broking company functioned without trained manpower as required.
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Andhra Bank to distribute Tata MF products
Hyderabad: Andhra Bank has entered into an alliance for third party distribution of products with Tata Asset Management, which manages the Tata Mutual Funds. The Andhra Bank has set an ambitious target of selling mutual fund products worth Rs500 crore during the current fiscal.

The bank, which tied up with Principal Mutual Fund and SBI Mutual Fund recently, sold over 8,900 mutual fund products worth over Rs48 crore in just over a month. The bank plans to achieve Rs50 crore turnover from selling the products of Tata Mutual Fund alone in the second half of current fiscal.

Tata AMC has said that it has set a target of achieving at least 100 per cent growth in assets under management (AUM) to Rs8,000 crore by the current fiscal-end.
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Magma Leasing H1 up 65 per cent
Kolkata: Magma Leasing Ltd. has recorded a growth of over 65 per cent (volume terms) in its disbursements for the first half of the current financial year (ended September 30, 2004) at Rs577.75 crore, against Rs360 crore achieved in the corresponding period of 2003-04.

The total income of the company for the first half of this fiscal increased by 21 per cent to Rs45.55 crore against Rs37.67 crore for the same period last year.

The company said that 12,000 new customers have been financed in the first half, up from 7,700 last years for the same period.
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