IDBI Bank maiden issue cleared: The Securities & Exchange Board of India (SEBI) has cleared IDBI Bank's maiden public issue. The bank, which proposes to enter the market with a Rs 68-80 crore equity issue in February is yet to finalise the premium on its equity offer.

Dhampur Sugar Mills debt downgraded: Crisil has downgraded three non-convertible debenture programmes of Dhampur Sugar Mills Ltd amounting to Rs 35.68 crore to the default grade from triple-B. The company's Rs 37.79-crore secured convertible premium notes and Rs 11.81 crore deep discount bonds have alsobeen downgraded to the default category. The Rs 20-crore commercial paper programme has been downgraded to P5 and the fixed deposit programme to FD, both indicating default. The revision in ratings is on account of the increased pressures on profitability and the relatively high financial leverage which have impacted the company's cash flows and interest coverage ratios.

Housing exhibition: A three-day exhibition on housing, housing finance and banking system was opened at SIES High School on Friday. Organised by South Indian Education Society, the exhibition has participation from leading institutions like RBI, SBI, GIC Housing, LIC Housing, Bank of Baroda, New India Assurance, Nabard, Corporation Bank, HDFC Bank and MTNL. The exhibition was inaugurated by Satish Mehta, general manager, HDFC. BoB CMD, K Kannan will deliver the valedictory address on `banking in the new millennium'.

IFCI bond issue garners Rs 250 crore: Industrial Finance Corporation of India's ongoing unsecured bonds issuehas already raised Rs 250 crore from the market. The issue which opened for subscription on December 15, has a triple-A rating and is in the nature of a promissory note. The bonds issue is being lead-managed by Badar Financial Services, a part of the Darashaw group.

Widia (India) rating reaffirmed: The P1+ rating assigned to the Rs 10-crore commercial paper programme of Widia (India) has been reaffirmed by Crisil. The rating continues to factor in the company's strong market presence and sound financial position, as well as its significant dependence on the performance of the automobile and engineering sectors and the vulnerability in raw material prices.

Indo Flogates debentures downgraded: The rating assigned to the Rs 0.65 crore non-convertible debenture programme of Indo Flogates Ltd has been downgraded to C from BB+, indicating substantial risk. The revised rating reflects the sustained downturn in the refractory industry and the consistent deterioration in the company's business andfinancial risk profile as reflected by its stagnating sales, weakening accruals and strained liquidity.

20th Century opens new branches: 20th Century Finance Corporation Ltd has opened branches in Erode and Vellore and Pondicherry. The emphasis of these branches will be to provide two-wheeler financing. The branches will provide customers various flexible options for two-wheeler financing.

IDBI results on Jan 25: The board of directors of the Industrial Development Bank of India will meet on Monday, January 25, 1999 to consider the financial results of the institution for the quarter ended December 31, 1998.