Wednesday, June 2, 1999
Essar knocks on IDBI door for FRN bailout
Essar Steel--the flagship company of the Ruias--has sought a long-term loan from the Industrial Development Bank of India (IDBI) to redeem its $250 million floating rate note on July 13.
Government to pare its equity in CMC to 51 per cent
The Government has decided to reduce its equity in the public-sector Computer Maintenance Corporation (CMC) to 51% by allowing the company to raise an additional equity of Rs 9.85 crore from the market.
Exports growth slides to 2.09% in April; trade deficit shrinks
After peaking at a double digit growth rate last month, exports slid to 2.09% in April 1999. Trade deficit during the month, however, shrunk to $523.76 million compared with $876.80 million in 1998.
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