IOC-IBP swap ratio revised to 110:100
New Delhi: The merger proposal of IBP Co with its parent Indian Oil Corporation may finally become reality as the board of IndianOil has suggested a fresh swap ratio of 110:100 for the proposed merger of IBP with the parent.

This would mean that 110 shares of IndianOil would be issued for every 100 shares of IBP.

Earlier, the boards of the two companies had approved a swap ratio of 125 shares of IndianOil for every 100 IBP shares over which the Finance Ministry expressed reservations saying that IBP had been over-valued.

It had also voiced concern that the proposal needed a review, as it was not favourable to the Government and that it would result in a loss in the Government's stake in IndianOil following the merger.
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Stock exchanges want cos to stick to Dec 31 deadline
Mumbai: BSE and NSE have said that companies would have to comply with the Clause 49 of the Listing Agreement relating to the appointment of independent directors on their boards from January 1.

It may be possible that stock exchanges might relax or extend the time for appointing independent directors especially for public sector companies. This is due to the inability of various companies to find suitable professionals who can be appointed as independent directors.

Clause 49 will not be applicable for company with paid-up capital of less than Rs 3 crore or net worth of less than Rs 25 crore.
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ICSA India to increase authorised capital
Hyderabad: ICSA India has decided to increase the authorised capital from Rs 7.5 crore, divided into 75 lakh equity shares of Rs 10 each, to Rs 10 crore, divided into 1 croreequity shares of Rs 10 each.

ICSA also decided to issue of 13.3 lakh fully convertible warrants (FCWs) at the issue price of Rs 400 per warrant, payable 10 per cent (Rs 40) per warrant on application and the balance 90 per cent (Rs 360) within 18 months from the date of allotment on preferential allotment basis.

Out of this, 5 lakh FCWs will be allotted to the promoters and their associates and 8.3 lakh FCWs (as against 8.4 lakh FCWs) to the corporate bodies and others. The company plans to issue 60,000 options on preferential basis under ESOS/ESOP to its employees.
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IICM awards paper on capital markets
Hyderabad: The Indian Institute of Capital Markets has adjudged the paper entitled `Information leadership and volatility spill over across countries: A case of Indian and other Asian Markets', written by Kedarnath Mukherjee and Prof. R.K. Mishra of the Institute of Public Enterprise here, as outstanding paper for the 9th Capital Market Conference held in Mumbai recently.
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