Monday, August 24, 1998
State Bank to deploy Rs 5,000 cr resurgent bonds mopup in gilts
State Bank of India is likely to deploy about Rs 5,000 crore collected through the issue of Resurgent India Bonds' in government securities. The multi-currency five-year instrument, which is expected to close on August 24, is expected to mop up about $3.5 billion. Till the weekend, the five-year bond, aimed at tapping non-resident Indians the world over and overseas corporate bodies, mopped up close to $3.4 billion.
Kudremukh Iron capital recast in offing
Kudremukh Iron Ore Company Limited (KIOCL), a Rs 523-crore iron-ore export-oriented unit selected for a `strategic sale' by the government, will undergo capital restructuring before being offered to prospective investors. A scheme worked out by the union steel ministry attempts to convert part of the zero-debt company's Rs 635-crore equity capital into government loans.
European Commission scuttles export-thrust plans
Four of the country's export promotion schemes have been struck down by European Commission on grounds that they were indirect subsidies to exporters that hit the European industry. The schemes on which the commission has given its adverse ruling are the duty entitlement passbook, export promotion capital goods, export processing zone/export oriented units and income-tax exemption.
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