Sterling Cellular plans Rs 500 cr core bonds with Rs 100 cr greenshoe option
Sterling Cellular, the cellular services operator for Delhi, will tap the market shortly with a Rs 500-crore infrastructure bond issue that has a greenshoe option of Rs 100 crore. Three types of bonds will be offered through the private placement route, bearing coupon rates of 9.75%, 10.25% and 10.50%. Infrastructure bonds are tax-free. The promoters of the company are currently in talks with the Union Bank of India (UBS) to stand guarantor for the issue.
Baroda Rayon spins out restructuring plan
The Rs 353 crore Baroda Rayon has chalked out a comprehensive restructuring plan in association with its management consultant, Arthur Andersen. The restructuring plan includes doubling the production capacity at its nylon tyre cord plant, diversifying into new ventures and commencement of production at its polyster filament yarn unit.
Fresh cabinet note submitted on Tata-Raytheon plan
The Union civil aviation ministry has submitted a fresh cabinet note on the Tata-Raytheon airport project. The note is likely to be cleared by Union civil aviation minister C M Ibrahim and minister of state Jayanthi Natarajan on January 20. The note would be in succession to the one that was withdrawn by Ibrahim allegeing that the civil aviation secretary M K Kaw failed to make any major changes.
State Bank may enter cross-border leasing
The State Bank of India (SBI) is contemplating entering the field of cross-border leasing in the near future. SBI will verify certain financial parameters like the spread, exchange rate and the laws of the particular country before it seeks RBI approval. The bank will also press into service both its domestic as well as foreign branches to service the international operations.
Centre divestment move threatens Balco recast plans
The government's proposed disinvestment drive has jeopradised the ongoing plans of the public sector giant Bharat Aluminium (Balco). The centre is scouting for an eligible suitors to take over 40% of the equity in Balco and retaining the the remaining with itself. However the government will aslo transfer the managing control along with the deal.
Voltas leases LPG business unit to Andhra Cylinders
Voltas, the Tata group company, has leased out its liquified petroleum gas (LPG) cylinder business to Andhra Cylinders. The move is in adherence to the company policy of ammassing the higest returns possible from its assets.
