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Binny to issue 35 crore preference shares to promoters
Mumbai: Binny plans to issue 35 crore cumulative redeemable preference shares on private placement basis to its promoters the company informed the BSE.

The shareholders have approved the issue to allot up to a maximum of 35 crore cumulative redeemable preference shares of Rs5 each, amounting to Rs175 crore on private placement basis to the promoters. The company will also increase the authorised share capital of the company from Rs100 crore to Rs187 crore.

The increased authorised share capital will be divided into 2.28 crore equity shares of Rs5 each and 11.80 lakh cumulative redeemable preference shares of Rs5 each with dividend rate at 9.75 per cent per annum payable by the company.
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Asia stocks rise on Bernanke appointment
Hong Kong: Asian stocks reacted well to the nomination of White House economic adviser Ben Bernanke as the next Federal Reserve Chairman. Wall Street also jumped, as the nomination removes all uncertainty about the transition when Alan Greenspan steps down in January.

Tokyo stocks were up 1.07 per cent, while Australian stocks advanced 1.21 per cent.

On Wall Street, blue chips posted their biggest gains in six months, pushing the Dow Jones industrial average up 1.66 per cent, while the tech-heavy Nasdaq Composite Index climbed 1.61 per cent.
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SICAL restructures Rs.118 crore debt
Mumbai: Sical which provides bulk cargo logistics services has completed the restructuring of a Rs118 crore debt by swapping the original structure with a low cost, long tenure alternative.

The swap has enabled the company to restructure one-third of its total debt of Rs367 crore as on March 31, 2005 in secured and unsecured loans, according to a company release.

The restructured debt has been syndicated with HDFC, IDFC and Yes Bank, it said. The annual interest rate is 8.75 per cent against the 15.50 per cent annual interest on the earlier loan provided by IDBI, LIC and Canara Bank, it added.
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