India Cements' open offer for Raasi put off till month-end
The Securities & Exchange Board of India (SEBI) has asked India Cements Ltd (ICL) to furnish a revised offer incorporating details on the negotiated buyout of the promoters' stake in Raasi Cement. As a result, ICL's public offer for a 20% equity stake in Raasi Cement, originally scheduled to open on April 15, has been deferred till the month-end.
ICICI slashes PLR; long-term rate at 14%
The Industrial Credit & Investment Corporation India (ICICI) on Wednesday slashed its prime lending rate (PLR). It has revised its long-term prime rate (LTPR) to 14%, while both the short-term prime rate (STPR) and medium-term prime rate (MTPR) have been fixed at 13.5%.
BIFR declares Modistone sick for the second time
Modistone has been declared sick for the second time in the last three years by the Board for Industrial and Financial Reconstruction (BIFR). BIFR on Wednesday appointed Industrial Finance Corporation of India (IFCI) as the operating agency (OA) to decide the fate of the company. The promoters have been directed to present a rehabilitation proposal within eight weeks.
BPL group plans to increase stake in Kleer Industries to 90%
The BPL group is planning to increase its stake from 70 % to 90% in the US-based Kleer Industries Inc. Kleer Industries is the US-based subsidiary of the company set up with a view to increase BPL's presence in the American markets. The modalities of the proposal are being worked out and a formal decision is expected soon.
Bata to review industrial relations with Bengal govt
The management of Bata India Ltd will meet officials of the West Bengal government next week to review the industrial relations at Batanagar following the strike by the Bata Mazdoor Union last Monday. Bata officials asserted that speculation on shifting the corporate headquarters from the region was far-fetched at the moment.
Pure Drinks and Cadbury Schweppes settle distribution row
Cadbury Schweppes Beverages India has settled its prolonged tussle with Pure Drinks by buying distribution rights for Delhi from the latter. Pure Drinks will now limit itself to only bottling the Cadbury Schweppes brands - Crush, Canada Dry and Schweppes Lemon. The entire distribution for Delhi will be handled by Cadbury Schweppes Beverages India.
