The Financial Express -- News

Thursday, May 29 1997

300 Glaxo India Worli unit workers opt for handshake

Over 300 workers at drug multinational Glaxo India's Worli unit have opted for the company's latest voluntary retirement scheme (VRS). The VRS is part of the company's ongoing restructuring exercise before its merger with Burroughs Wellcome. The development is also seen as a step towards the eventual closure of the Worli formulations unit.

Infrastructure Bond Issue

Bank of Gujarat told to submit new list of promoters before licence

The Reserve Bank of India has put on hold the in-principle licence given to the proposed Bank of Gujarat, promoted by three Gujarat government undertakings along with five private sector partners. The apex bank has directed the promoters to submit a fresh proposal indicating the new shareholding pattern following the pullout of two private sector partners.

IFCI to float Rs 200-cr bond issue

Close on the heels of IDBI and IRFC, the Industrial Finance Corporation of India (IFCI) plans to tap the private placement market with a Rs 200-crore bond issue. The step-up liquid bonds have a tenure of three years with a put option after every year. The coupon rate for a one-year investment is 12% which goes up to 12.5% for a two-year period.

Corporation Bank net up 20%; plans Rs 266-cr public issue

Ports handle record 227.13 mn tonnes cargo