IndusInd plans overseas issue
Bangalore: With Basel-II norms on the anvil, IndusInd Bank is planning to come out with an overseas issue which is expected to hit the market in the second half of the current financial year.

The implementation of Basel-II will have an 80 basis points impact on the bank's capital adequacy ratio as one basis point is one hundredth of a percentage point. The bank's capital adequacy ratio (CAR) as on December 2004 stood at 12.75 per cent.

The bank plans to raise over $50 million.

The Basel-II accord will come into force in 2007-08.
The total foreign holding in IndusInd Bank stands at around 45.58 per cent.

Currently, the bank's capital adequacy ratio as on March 31, 2005, stood at 12.66 per cent.
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Crisil puts GM, Ford's debt ratings on watch list
Mumbai: Crisil, the Indian credit rating agency has placed a watch on the outstanding ratings given on the debt programmes of Ford India and GMAC Financial Services India. This follows revision of ratings of their parent companies Ford Motor Company (FMC) and General Motors by international rating agency Standard and Poor's (S&P).

Crisil said it was in dialogue with FMC to understand the implications, if any post S&P's rating action on Ford India's operations, and would announce the eventual rating after reviewing the implications.

S&P's had revised the ratings of US parent FMC's outstanding rating to 'bb+/negative/b-1' from 'bbb-/negative/a-3.'
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Century Enka to acquire Acordis stake
The euro-620 million foreign conglomerate Acordis is exiting Century Enka, the joint venture it had with the B K Birla group. Acordis has a 38.24 per cent stake in the company.

According to the scheme of arrangement, Century Enka would buy back and extinguish the shares of the foreign group. In the process, the B K Birla group's direct holding in the reduced paid-up capital of the company may go up to 22 per cent from the existing 13.25 per cent.

Foreign holding in the company, including that of GDR holders, is 39.98 per cent.

With the closure of the buyback, subject to permissions from the authorities concerned, the Birla group will snap its 40-year-old ties with the company.

The details of the buyback are likely to be announced this week.

The Century Enka stock has been hovering around Rs 150.

The BK Birla group holds a 13.25 per cent stake in the venture while other major shareholders are Life Insurance Corporation (4.28 per cent), Oriental Insurance Company (1.18 per cent) and New India Assurance (1.13 per cent). The public shareholding stands at 26.83 per cent.
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