Saturday, August 29, 1998
Spic to buy back foreign bonds, retire $120m floating-rate note
Southern Petrochemical Industries Corporation (Spic) plans to buy back its overseas bonds as a part of its debt-restructuring. Spic had floated a $120-million floating rate note (FRN) three years ago to raise resources for investments in its overseas Jordanian fertiliser business and local expansion plans.
Indian Hotels' New York Chicago units up for sale
Indian Hotels, flagship of the Tatas-controlled Taj group of hotels, has finalised its plan to sell off its hotels in New York and Chicago. The company did not reveal the price and names of the buyers. Sale proceeds will be used in repaying the massive outstanding liablities of the group's international operations.
Jindal Vijaynagar Steel promoters to hike stake
The Jindal Vijayanagar Steel promoters are set to hike their holding in the firm by 9 per cent from 38.22 per cent to 47.20 per cent. They will pick up 27.60 crore equity shares of Rs 10 each via a preferential allotment. The Rs 276 crore thus raised will be utilised to finance the firm's expansion plans.
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