News Flashes

Tata Teleservices allotted equity shares on conversion of FCCBs

6th May 2005: Tata Teleservices Maharashtra Ltd has informed BSE that the Finance Committee of the Board of Directors of the Company has approved the issue and allotment of an aggregate of 37,36,417 Equity Shares of Rs. 10/- each to various investors who have exercised their right to convert FCCBs of US$ 2,100,000 held by them into Equity Shares. The Equity Shares have been issued and allotted at a premium of Rs, 14.96 per Equity Share (i.e., at a Issue Price of Rs.24.96 per share) in accordance with the terms of the FCCB Issue. The deemed date of allotment of the Equity Shares is April 29, 2005. It may not be out of place to mention that out of the total FCCBs of USD 125 million issued by the Company in June 2004, FCCBs aggregating USD 49.06 million have so far been converted into 8,72,89,834 equity shares (including 6th Tranche) of the Company at a premium of Rs.14.96 per share.

GTL - Conversion of FCCBs

5th May 2005: GTL Ltd has informed BSE that the Company has allotted 1,991,308 equity shares on May 02, 2005 on conversion of Foreign Currency Convertible Bonds (FCCBs) of CHF 5.5 million. The Company had launched its FCCB issue for CHF 80 million in August 2004, with an option to the bondholders to convert into equity shares anytime from November 22, 2004 upto August 20, 2009 at a fixed conversion price of INR 103/- per equity share. With the conversion of FCCBs as above on May 02, 2005, the foreign shareholding in the Company has gone up to 28.74% of the Company's expanded capital.

Royal Airways to raise Rs 9 cr via FCCBs

4th May 2005: Royal Airways Ltd. said today its board has approved raising upto Rs 9 crore by way of foreign currency convertible bonds (FCCBs) to buy additional aircraft, a company spokesman said. "The board has approved raising up to Rs 9 crore through FCCBs to buy aircrafts," the official said. Royal Airways, which has recently got regulatory approval to change its name to SpiceJet Ltd., proposes to launch a budget airline called SpiceJet soon.

Arvind Mills to seek shareholders' nod for GDR issue

4th May 2005: Arvind Mills is seeking shareholders' approval to issue upto 14 million Global Depository Receipts (GDRs) and related securities. An extra ordinary general meeting of the shareholders of the company would be held on May 30 to consider and approve issue of GDRs and related securities, including green shoe option, if any, Arvind Mills informed the Bombay Stock Exchange today.

Will RBI face service tax now?

4th May 2005: If the government has its way, then Reserve Bank of India is soon to face the pinch of service tax. At present, the central bank is only exempt from income tax under the RBI Act.

However, it is noticed that the RBI Act came into existence in 1949 when there was no service tax. One industry source states that, therefore, the Act has not provided for an exemption from service tax.

The RBI handles the government business such as distribution of pension, manages subscription to government bonds, collection of direct and indirect taxes, it is also considered a storehouse of financial data.

The Centre has budgeted service tax collections for 2004-05 at Rs 14,150 crore. The reduction of tariff and duty structure including the decreasing of the rate of corporate tax last year has led the government to balance the loss of revenue by heightening service taxes.

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