Tata Steel gives Corus' shareholders loan note option
Kolkata: Tata Steel UK has given the shareholders of Corus a loan note option as an alternative to cash as consideration for tendering their holdings.

The proposed redeemable loan notes bear an interest rate of 1 per cent below Libor.

A shareholder, who opts for this alternative, will get loan note worth £1 for every £1 of cash consideration.

According to the proposal, "The loan notes will constitute direct, unsecured and unsubordinated obligations of Tata Steel UK and will be guaranteed as to payment of principal and interest by a reputable financial institution". It also says that the Libor-related interest rate would be "1 per cent below six-month sterling Libor, to be determined on the first business day of each interest period".
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Citibank acquires 5.75-per cent stake in Ansals
New Delhi: The Citibank group through its affiliates — CBC Bahrain and Citigroup Venture Capital International Growth Partnership Mauritius Ltd — would pick up 5.75-per cent stake in Ansal Properties & Infrastructure Ltd.

Ansal Properties would issue 28,83,149 equity shares of Rs5 face value at a price of Rs610 per share to the Citi group affiliates involving an investment worth Rs175.8 crore on a preferential basis as per the guidelines of the Securities and Exchange Board of India.

The company has also approved the issue and allotment of 819,659 Zero Coupon Secured Redeemable Optionally Convertible Debentures of Rs100 each for cash to HDFC Venture Trustee Company Ltd to be convertible at around Rs610 per share aggregating to Rs50 crore, on preferential basis.
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Muhurat trading held on Diwali day
Mumbai: Investors mainly brokers ushered in Samvat 2063 with much fanfare on Dalal Street on Saturday evening, in the presence of some of the top citizens from the Indian financial space, the BSE opened its special 75-minute trading at 6.15 pm and the sensex ended the day 27 points higher.

The market opened with a 100-plus points rally as sensex opened about 80 points up and rallied to touch a high at 12,837, about 120 points higher from Friday's close. The close was at 12,738.

The end-of-the-session selling pulled the sensex down due to profit taking.

Day's trading was dominated by local brokers and retail investors as most of the institutions were closed. Before the start of the muhurat trading, the Bombay Stock Exchange felicitated 10 top brokers who had contributed to the bourses turnover in the last financial year in a big way.
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