The Financial Express -- News

Wednesday, November 5 1997

Authorised dealers given more powers

The Reserve Bank of India (RBI) has announced a series of changes in its exchange control regulations giving more powers to authorised dealers. The changes relate to the credit of refund of earnest money from government housing boards to non-resident Indians, travel to neighbouring countries by land and release of foreign exchange for sports activities.

State Bank sets new benchmark; takes Grasim debt offer on its books

The State Bank of India (SBI) kicked off a war of investment portfolios by grabbing the Rs 200-crore non-convertible debenture issue of the AV Birla flagship, Grasim Industries. It is a rare "direct deal", with the State Bank underwriting the entire NCD issue. The paper, carrying an average lifespan of six years, will be placed at 12.25%, setting a new benchmark for corporate debt since the announcement of busy-season credit and monetary policy.

Tata Teleservices, DoT sign licence pact for AP circle

Tata Teleservices signed the licence and interconnect agreement for the Andhra Pradesh circle with the Department of Telecommunications (DoT) yesterday evening. The company has deposited the first year's licence fee of Rs 120.20 crore along with the penal interest of Rs 2.06 crore for failing to make the payment within the stipulated date.

Skoda delegation to visit Shendre on November 7

State Bank of Bikaner hikes capital to Rs 100 cr