Mallya picks up gauntlet, "ready" to buy 40% Chhabria stake in Herbertson's
United Breweries group chairman Vijay Mallya is "ready" to buy Kishore Chhabria's 40% equity stake in liquor firm Herbertson's to ensure that the company stays within the group fold. The payout is slated to be around Rs 40 crore, less than half of Rs 100 crore Chhabria had claimed. Mallya and the board of Herbertson's will, however, not transfer the shares to Chhabria till the deal is sorted out.
Reliance pleads for more time to dispatch bonus shares
Reliance Industries Ltd (RIL) has sought more time from the Bombay Stock Exchange (BSE) to despatch bonus shares to its shareholders. RIL has already written to the BSE seeking an extension of the despatch date to January 31. The BSE has also reportedly agreed to the company's request.
Tisco decides against reserve creation for bonds redemption
The Tata Iron & Steel Co (Tisco) has decided to forego creation of a redemption reserve to spread its laibility. Tisco took this decision in light of the predicted outflow of over $98 million in 1999 owing to non-conversion of foreign currency convertible bonds (FCCB) issued by the company in 1994.
ICICI plea on Parasrampuria hearing rejected
The times do not seem to be good for India's premier investment agency, ICICI. Close on the heels of last week's reversal when the Delhi high court dismissed ICICI's application for an injunction to bar Parasrampuria Synthetics (PSL) from approaching BIFR comes another setback for ICICI. This time, it is the BIFR which has rejected ICICI's plea for postponing the first hearing of PSL's case scheduled for Monday.
Ministry mulls cut in DAP subsidy by Rs 250 per tonne
The ad-hoc subsidy on diammonium phosphate (DAP) fertiliser is likely to be cut by Rs 250 per tonne, if the plans of the Union agriculture ministry materialise. The ministry is currently deliberating upon a proposal to this effect. The proposal is however facing a lot of flak from the agricultural industry.
Haldia Petrochemicals foreign equity to be stepped up to 71%
Haldia Petrochemicals Ltd (HPL) is raising the foreign shareholding in its upcoming naphtha-based petrochemicals complex by nearly 50%. The foreign stake, which currently stands at 21.9%, is being hiked to 70.84%, following the company's inability to raise the required funds from the domestic market.
