ICICI set to acquire Anagram Finance
The Ahmedabad-based Arvind group is likely to finalise a deal with the Industrial Credit and Investment Corporation of India (ICICI) to hive off its stake in Anagram Finance Limited (AFL). The present ICICI offer is said to be around its current book value. The final deal is likely to be struck between Rs 30 to 35 per share.
BSE wants hike in creeping acquisition limit to 5%
The Bombay Stock Exchange (BSE) has asked for an enhancement in the creeping acquisition limit from the current permissible level of 2% to 5%. As per the existing laws, promoters of a company can buy 2% of its equity capital every year -- upto 51% -- without attracting the open offer clause.
M&M in talks with Ford to buy-back equity
Mahindra and Mahindra (M & M) is talking with Ford Motor Company for buying back equity in their joint venture Mahindra Ford India Ltd (MFIL). Mahindra said that the two companies planned to approach the FIPB next month to enable Ford to increase its stake in the joint venture.
MFs seek tax concessions
In a bid to revive the sagging fortunes of the mutual fund sector, the Association of Mutual Funds In India (AMFI) has sought various concessions in this year's budget to ensure greater investor participation in mutual funds. AMFI had submitted its recommendations to the Union finance minister earlier this week.
DoT to re-examine telecom licence fee structure
The Department of Telecom (DoT) would take another look at the licence fee structure for value added telecom services, based on the recent findings of the Bureau of Industrial Cost and Prices, according to telecom secretary A V Gokak. Gokak stated that the bidding for high licence fees was done in an "over enthusiastic mood" and that the system needed to be changed.
US states plan suit against Microsoft
A coalition of states, seeking to stop Microsoft Corp from releasing its new Windows 98 software, is set to bring an antitrust lawsuit against the software giant, Connecticut Attorney General Richard Blumenthal said. About a dozen states are in on the case with more likely to join soon.
