News Flashes

No plans yet to issue American Depositary Receipts (ADRs): Wipro

17th May 2005: Wipro Ltd. has no immediate plan to issue ADRs, its chief financial officer said on Monday. "There is no such proposal under consideration," said Suresh Senapaty. "The company has not taken any decision (on the issue)." New York-listed Wipro is 84% owned by billionaire Azim Premji.

Fortis Financial divested entire equity shareholdings in its Wholly Owned Subsidiaries (WOS)

16th May 2005: Fortis Financial Services Ltd has informed BSE that the Company has divested its entire Equity Shareholding in its WOS Fortis Securities Ltd and Fortis Comdex Ltd. The Company has realized Rs 280 million from divestment of 40,00,000 fully paid up Equity Shares of Rs 10 each of Fortis Securities Ltd & Rs 7.50 million from divestment of 7,50,000 Equity shares of Rs 10 each of Fortis Comdex Ltd. This has resulted in a gain of Rs 240 million to the Company.

IDBI to raise Rs 15 cr via bonds

13th May 2005: Industrial Development Bank of India has modified the term of IDBI Omnibonds launched today from 10 years 3 months to 7 years. IDBI will be raising Rs 15 crore through the Tier II bonds; it informed the National Stock Exchange today.

Bajaj Hindustan raises $10 mn FCCBs

13th May 2005: Bajaj Hindustan has raised $10 million through the issue of Foreign Currency Convertible Bonds (FCCBs) on exercise of greenshoe option. With these $10 million convertible bonds, the overall size of convertible bonds issue has increased to $50 million, the company informed the Bombay Stock Exchange today. Earlier, the company raised $100 million through the issue of 2.08 crore Global Depository Receipts (GDRs) aggregating $60 million and $40 million through the issue of FCCBs (both excluding the greenshoe), it said. The GDRs, each representing one underlying share, were priced at $2.88 each (Rs 125 per share). The zero-coupon convertible bonds have a tenor of five years. The GDRs and the convertible bonds will be listed on the Luxembourg Stock Exchange, it said. Citigroup acted as the sole book-runner & lead manager to this transaction, it added.

Bank of India (BoI) plans to raise $250mn

13th May 2005: BoI aims to raise between $250 million and $300 million through 5-year medium term notes (MTN) in June or July to fund its expansion overseas, a senior bank official said on Thursday. "The bank has planned to raise up to $1 billion to fund the growth in its overseas operations, and this is the first tranche," said G Narayanan, general manager, Treasury. Bank of India has mandated Deutsche Bank, HSBC and Barclays Capital for the offering, he said. Investors are likely to be from Europe and Asia. Narayanan said the bank had not fixed a time for raising the entire $1 billion.

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