SBI TOPS CONCOR BUYER LIST WITH Rs50 CRORE BID
Article Abstract:
State Bank of India has bid the highest amount of Rs50 crore for Container Corporation's (Concor) flotation which forms part of the government's disinvestment plan. Nearly 40 investors have bid for the issue including 15 overseas financial institutions. The Unit Trust of India and Life Insurance Corporation have bid Rs25 crore each. Industrial Development Bank of India has bid Rs20 crore and General Insurance Corporation Rs5 crore. Other banks and financial institutions such as Citicorp Finance and Morgan Stanley have also bid for Concor. Though the exact allocation is to be decided, the offers may close with 70 percent being held by domestic institutions and 30 percent with foreign institutional investors. (nr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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CENTURION BANK PLANS TO ACQUIRE TCFC'S BUSINESS
Article Abstract:
The Centurion Bank (CB) intends to acquire the operating business of the 20th Century Finance Corporation (TCFC), one of its main promoters. Now, both the companies are analysing the proposal, which involves the acquisition of TCFC's assets and liabilities by CB. The proposal will enable TCFC to raise its branch network by 54 percent. It will also be able to increase its retail business. After the acquisition, TCFC will be a mere holding company and will be holding shares in Zurich Mutual Fund (ZMF), General Motors Auto Finance Company (GMAFC) and CB. Now, it has a 26 percent stake in ZMF, 49 percent in GMAFC and 30 percent in CB. (ag)
Comment:
Intends to acquire operating business of 20th Century Finance Corp, one of its main promoters
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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CANARA BANK MAY INCREASE ITS EQUITY IN CANFIN HOMES
Article Abstract:
Canara Bank is keen on raising its stake in CanFin Homes Ltd, its housing finance subsidiary. Now, it holds 30 percent stake in the Rs68 crore equity of CanFin Homes Ltd. Canara Bank is ready to offer low-cost funds to CanFin Homes Ltd, if needed. Till now, CanFin Homes Ltd has offered individual housing loans totalling Rs1,200 crore. In 1998-99 till date, it has offered loans of Rs130 crore (Rs137 crore in 1997-98). CanFin Homes Ltd proposes to give Rs180 crore loans by the end of 1998-99. (ag/kvr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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