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Dubai financial exchange set for launch
Abu Dhabi: The Dubai International Financial Exchange (DIFX), is ready for an official launch on September 26.

Lynton Jones, the chairman of the exchange, feels the Dubai centre could serve as a significant intermediate global financial centre for Indian firms and financial institutions seeking access to international markets and has generated a lot of interest among Indian companies and financial institutions.

Jones indicated that in a year's time, more than half a dozen Indian companies would have listed Depository Receipts, at the DIFX.

DIFX listing rules indicate that companies should have a minimum market capitalisation of $50 million and have three years' accounts prepared to or reconciled with IFRS rules. The exchange is primarily looking at companies capitalised at between $50 million and $150 million, and could go up to $500 million and $700 million.

DIFX has been established at Dubai's free zone financial district - the Dubai International Financial Centre and is set up on the lines of the London and New York exchanges.

DIFX 's operations would be complementary to leading international bourses including the Mumbai exchange, Jones said.
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Gangotri Textiles goes in for stock split: bonus
Coimbatore: Gangotri Textiles' shareholders have approved the move to award a 1:1 bonus issue and also go in for a 2:1 stock split (two shares of face value of Rs5 for every share of face value of Rs10). This will provide greater liquidity to the stock traded in the BSE under Group T.

The company is planning to come out with a public issue.

The company has an equity base of Rs4.80 crore and its reserves and surplus as on March 31, 2005 stood at Rs27.05 crore.
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