PRUDENTIAL TO HOLD 26% STAKE IN JV WITH ICICI
Article Abstract:
ICICI Ltd and Prudential of the UK will change their memorandum of understanding for the joint venture for life insurance and pension following the government's decision to limit foreign holding to 26 percent in new insurance ventures. Prudential will now hold a 26 percent stake in the joint venture against 49 percent planned earlier while 74 percent will be held by ICICI Ltd. The two partners have decided to start with a higher than stipulated capital as the indicated solvency margins and business growth prospects will need an increase in capital to about Rs300- 400 crore levels. The IRA Bill had stipulated that the minimum start-up capital for new insurance companies should be Rs100 crore. (khr)
Comment:
ICICI Ltd and Prudential of the UK will change their memorandum of understanding for the joint venture for life insurance and pension following the government's decision to limit foreign holding to 26 percent in new insurance ventures.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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DAIMLER-TELCO DEAL EXEMPT FROM DIVIDEND NORM
Article Abstract:
The dividend balancing condition for Daimler Benz AG (DB) of Germany to increase its stake in Telco from 9.70 percent to 10.30 percent has been waived by the Government of India. DB has sought the permission of the Government to increase its stake in Telco through a purchase of 6.57 lakh shares from the open market and 10,000 shares from the Tata group of companies. The proposal was facing problems from a long time as the Government had stipulated that the approval will be subject to the condition that balancing of dividends will be for 7 years from the commencement of production. (gsh)
Comment:
Dividend balancing condition for this German co to up stake in Telco from 9.70% to 10.30% is waived by Government of India
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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