TCFC, CBL CLEAR DECKS FOR DEMERGER, MERGER
Article Abstract:
The 20th Century Finance Corporation (TCFC) plans to de-merge its investment business to TCFC Finance Ltd. It also plans to amalgamate its operating business with Centurion Bank Ltd (CBL) after the de-merger of the investment business. Both TCFC and CBL have finalised and approved the swap ratios. While the de-merger will have a swap ratio of 10:6, the merger will have the ratio of 1:1. The merger scheme also involves the amalgamation of TCFC Holdings with TCFC Finance Ltd. The composite de-merger and merger scheme is expected to effected by the end of March 1999. The investment business of TCFC includes all strategic investments, bought-out equity transactions, private equity investments and market investments. TCFC proposes to transfer investments worth Rs110 crore to TCFC Finance Ltd. It will also be transferring real estates worth Rs2 crore and loans and advances worth Rs7.8 crore to the group subsidiaries. (ag)
Comment:
The 20th Century Finance Corporation (TCFC) plans to de-merge its investment business to TCFC Finance Ltd.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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RELIANCE CO BUYS MUMBAI FLAT FOR Rs10.6 CR
Article Abstract:
Oragori Fabrics, part of the Reliance group, has bought a 5,200 square feet residential flat in Woodlands Building for Rs10.6 crore at Rs20,300 per square foot. The Reliance group had earlier booked 65 flats in the Chaitanya Towers, which is located inside the premises of Standard Mills in Prabhadevi. The promoter, Vallabh Thakkar, was shot down 2 years ago and the project has come to a standstill. The Reliance group plans to take over the project and complete it. It has bought 2 more flats in the Chaitanya Towers for Rs99 lakh each at Rs9,900 per square foot. (rk) (kvr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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