News Flashes

EPF to get you 9.5% interest now

29th April 2005: The salaried class has some reason to cheer. The Government on Friday issued the much-awaited notification on payment of an enhanced rate of Employees Provident Fund (EPF) of 9.5 per cent for the year 2002-03 and 2003-04. What this simply means is that the four-crore odd subscribers of EPF will be paid a higher interest rate on their provident fund corpus, to which a compulsory deduction is made each month by the employer. So, if you left your job anytime during the past two years and have not made a claim for the PF amount due to the uncertainty on the interest rate, now is the time to do so. You will now be paid back your PF amount at an interest of 9.5% instead of the interim 8.5% that you would have got earlier.

Videocon Industries members approve GDR Issue

27th April 2005: Videocon Industries Ltd has informed BSE that the members at the Extra Ordinary General Meeting of the Company held on April 13, 2005 have approved issue of Global Depository Receipts (GDR) and/or Equity Shares through Prospectus/Letter of Offer or Circular and/or by Private Placement on preferential basis and/or on Rights basis, and/or any combination of any or all these methods, for an amount not exceeding Rs 20000 million including premium, if any at such time, price, manner and on such terms as the Board may, in its discretion deem fit and appropriate in one or more tranches.

Further the Company has informed that in first tranche the Company has proposed to issue Global Depository Receipt with underlying equity shares wherein each GDR will represent one equity shares. The aggregate amount of the proposed issue of GDR, the pricing of GDR and number of GDR to be issued will be decided in a fortnight.

The allotment and listing of equity shares pursuant to proposed GDR will be prior to allotment of equity shares pursuant to the Merger of Petrocon India Ltd with the Company.

HDFC raises Rs 125 cr via issue of bonds

27th April 2005: Housing Development Finance Corporation has raised Rs 125 crore through an issue of bonds, debt dealers said on Wednesday.

Arvind Mills to raise $40mn via GDRs

27th April 2005: Arvind Mills today reported a 29% increase in consolidated net profit at Rs 117.38 crore for the year ended March 31, 2005 as against Rs 91.21 crore in FY04. According to a release issued by the company to the BSE today, total consolidated income increased to Rs 1,972.25 crore for the year ended March 31, 2005 from Rs 1,579.74 crore in FY04. The board has recommended a dividend @ 10%. The board also approved a proposal to issue up to 14 million shares to raise approximately $30-40 million via GDRs.

Patni Computer to consider ADR offering in June this year

27th April 2005: Patni Computer Systems Ltd has announced that it is planning an American Depositary Shares (ADS) issue, which is likely to hit the market by second or third quarter of the calendar year. The purpose for this issue is to generate proceeds for construction and development of new infrastructure facilities in India and for other general corporate purposes. The company disclosed that it would register with the Securities and Exchange Commission (SEC) of US, after receiving shareholders' approval. The ADR offering is subject to a number of factors like stock market conditions and the company's and underwriters' decision of an appropriate time. A decision on the number of shares to be tendered is also yet to be taken.

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