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.
Sugar panel sets 2-year time-frame for decontrol
The BB Mahajan panel has set a two-year time-frame for total decontol of sugar prices. The panel, however, opined that the government controls over sugar supplies should continue to contain market volatility and ensure adequate supplies at affordable prices.
Govt divestment to offer stock option scheme to AI pilots
Air India's pilots, for the first time in the airline's history, will be offered a stock option scheme when the government disinvests in the national flag carrier. The stock option is part of the new wage agreement approved by AI's board of directors on Wednesday. The Indian Pilots Guild, (IPG), the representative union of AI's pilots, has already agreed to the proposal.
Eight-year paper devolves on PDs
About 59% of the Rs 4,000-crore 8-year government paper auction on Wednesday devolved on primary and satellite dealers as the coupon (cut-off yield), set by the RBI, failed to meet market expectations. In a strategic move to see the issue through, the RBI came to the rescue of six primary dealers (PDs) and 25-and-odd satellite dealers (SDs) by hiking their underwriting fees by 19 paise.
Reliance Petro revises refinery project cost to Rs 11,230 crore
The project cost of Reliance Petroleum's refinery at Jamnagar in Gujarat has been revised from Rs 9,686 crore to Rs 11,230 crore following an increase in the capacity from 15 million to 18 million tonnes per annum. The company has already tied up financing for the entire project has and it is expected to be commissioned in the second half of 1999.
Saurashtra Cement preferential allotment lacks transparency: SEBI
SEBI has found a "prima facie" lack of transparency in the manner in which Saurashtra Cement has made the preferential allotment to the promoters of the company. In a related move, the Bombay Stock Exchange has decided not to list the new shares allotted through the preferential allotment following a response by the company stating that it was a "postal delay" that led to a delay in the information reaching the stock exchanges.
