The Financial Express -- News

Wednesday, November 12 1997

HC stays Cochin Stock Exchange's move to slash conversion fee

The Cochin Stock Exchange's move to improve the solvency of its members by abetting corporatisation drive has run into rough weather with the Kerala high court staying the implementation of the resolution which reduces the conversion fee from Rs 25,000 to Rs 1,000. In an interim order issued on Monday, the high court directed the Securities and Exchange Board of India (SEBI) and the CSE not to implement the resolution until further orders.

IPCL plans $300m Yankee bond issue

The Indian Petrochemical Corporation (IPCL) is considering a Yankee bond float: a combination of 10-year $100 million and a 20-year $200 million offerings. IPCL has already initiated talks for the $300 million Yankee bond float with leading international investment bankers. Among the investments bankers who have made a pitch for the deal are ANZ Investment Bank, BankAm, ABN Amro Bank, Union Bank of Switzerland and Goldman Sachs.

Crompton Greaves signs pact with NEC

Crompton Greaves has signed a joint venture with NEC Corporation of Japan to manufacture and market microwave digital radio equipment for shorthaul and longhaul applications. Crompton Greaves will hold 49% in the Rs 17-crore venture styled NEC CG Telecom System. NEC will also provide technical knowhow in design, production and manufacturing.

Bank of India first-half net profit jumps 5% to Rs 221 crore

SBI reinstates two officers tainted in urea scam