TATA FIN PLANS Rs100-CR INFUSION VIA RIGHTS, CCPS
Article Abstract:
Tata Finance (TF) proposes to mobilise Rs100 crore by floating a rights issue and by private placement of convertible cumulative preference shares (CCPS). This move of TF is aimed at raising its net worth and complying with the rules of the Reserve Bank of India (RBI). TF will be offering CCPS having a face value of Rs100 each under the rights share issue. The CCPS will be offered at the rate of 1 CCPS for every 10 equity shares held. TF will be converting these shares at the end of 3 years either at a premium of Rs25 per share or the average price of the TF share quoted on the stock exchange, subject to a minimum of Rs10 per share. It will also be offering 5,921,000 CCPS of Rs100 each. These shares will have a coupon rate of 11 percent and will be offered on a preferential basis to foreign institutional investors, financial institutions, banks, non-resident Indians and companies on a private placement basis. The CCPS will be converted after 18 months at a price higher than the conversion price of the present rights share. (ag)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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`UCO BANK WILL RAISE PROFITS BY Rs100 CR'
Article Abstract:
In an interview, the Chief Executive Officer of United Commercial (Uco) Bank, Sharda Singh, has said that the bank is expected to achieve a net profit of Rs100 crore after the completion of its three-year turnaround programme by March 2000. Once the three- year plan is fully implemented, its non performing assets (NPA) level which is at 14 percent at present, will decline to below 9 percent. The bank has already achieved a turnaround and targets to achieve a net profit of Rs100 crore in the third year of the turnaround programme. In 1997-98, the bank recovered Rs157 crore in cash and wrote off around Rs120 crore as bad debt. (gsh)
Comment:
CEO Sharda Singh says that bank is expected to achieve net profit of Rs100 crore after its 3-yr turnaround program by 3/2000
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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BoI's Rs100-CR DEBT ISSUE FAILS
Article Abstract:
The Rs100-crore subordinated debt issue of the Bank of India (BoI) has failed, with almost nil subscription. The issue was made to shore up the capital adequacy of the bank. The issue was qualified as Tier-II capital and carried a Rs100 crore green-shoe option. The issue failed as BoI forced a lower-than market coupon of 12.5 percent on wholesale investors. The bonds were rated AA+ with a coupon rate of only 12.5 percent compared to the triple A rated papers of ICICI and IDBI, which offered coupon rate of 13.5 percent. (gsh)
Comment:
Reports that its Rs100-crore subordinated debt issue failed, w/ almost nil subscription
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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