News Flashes

RBI hikes reverse Repo rate by 25 basis points (bps)

3rd May 2005: The RBI has hiked the Reserve Repo rate by 25 basis points (bps). It is now 5.0% from 4.75%. The aim is to maintain price stability in the country. However, the fixed repo rate under LAF will continue to remain at 6%. "The overall stance...will continue to be...provision of appropriate liquidity to meet credit growth and support investment and export demand in the economy while placing equal emphasis on price stability," the RBI said in a statement.

The Bank Rate has remained untouched at 6%. The CRR has been left at 5% following the review of the current liquidity situation though the central bank would continue to pursue the mid-term objective of reducing the CRR to minimum statutory level of 3%. The latest need of the day is to mend the existing guidelines for finances of the SSIís which constitute an important part of the economic growth. The RBI is reviewing all its existing guidelines on financing small scale sector. Similarly, the sectors of debt restructuring, nursing of sick units are also going to be taken under consideration with a view to rationalising, consolidating and liberalising them.

GTL Committee of Board to consider conversion of FCCBs

2nd May 2005: GTL Ltd has informed BSE that a meeting of the Committee of the Board will be held on May 02, 2005, to consider allotment of 19,91,308 equity shares of Rs 10/- each for cash at a premium in terms of the offer document to Foreign Currency Convertible Bond (FCCB) holders, consequent upon the exercise of right to convert FCCBs worth Swiss Francs (SFr) 55,00,000/-.

Dishman Pharmaceuticals Board to consider FCCB

2nd May 2005: Dishman Pharmaceuticals & Chemicals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 08, 2005, to review and consider, inter alia, the unsecured Foreign Currency Convertible Bonds (FCCB).

Himachal Futuristic - Conversion of FCCBs

30th April 2005: Himachal Futuristic Communications Ltd has informed BSE that the Company has on April 29, 2005, converted 31 Foreign Currency Convertible "C" Bonds (FCCBs) of US $ 50,000 each into 5795939 equity shares at the price of Rs 11.70 per share.

CCL Products gets shareholders' nod for FCCB issue

30th April 2005: The shareholders of CCL Products (India) Ltd, formerly known as Continental Coffee Ltd, have at the extraordinary general meeting held on Friday approved a resolution to raise funds to the tune of $20 million through issue of foreign currency convertible bonds (FCCBs) with a right to retain excess subscription to the tune of $2 million.

The EGM has also approved a proposal to enhance the borrowing powers of the board of directors to Rs 200 crore and authorised the board to create charge on the immovable and movable properties of the company to the extent of new borrowing limits of the board. Further, they approved an increase in the authorised capital of the company to Rs 20 crore; the company informed the stock exchanges.

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