Poor response to IOC issueMUMBAI: Indian Oil Corporation's Rs 300 crore debt issue has bombed. The private placement programme, scheduled to close on February 6, has been deferred till March.
This is perhaps the first instance of a triple-A (AAA) rated company failing to garner funds from the debt market. "No money came in for the issue because of the interest rate uncertainty," a merchant banker handling the issue admitted. "We have decided to defer the placement as market conditions are extremely volatile and interest rate movements unpredictable," the source said.
Industry sources cited the RBI's tight money measures -- unleashed on January 16. as the reason for the interest rate uncertainity.
BoB branch
MUMBAI: Bank of Baroda opened its second international business branch at Kandivli in Mumbai. This is the first international business branch of the bank in the western suburbs of Mumbai and the tenth in the country. This is in addition to its 15 authorised branches dealingexclusively in foreign exchange in Mumbai.
The new international branch will provide a wide range of services to its customers to conduct international businesses closer to their place of work. The branch is fully computerised with ATM facility (which will also be shortly connected to Shared Payment Net-Work Systems) and will cater to the foreign exchange needs of the bank's branches from Jogeshwari to Dahisar.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
