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Business Briefs

Shot in arm for banks

New Delhi, May 28:The government today said banks would be allowed to return equity at face value and there is no proposal of attaching a premium. ďAs of now, there is no proposal from the government to charge a premium on equity returned by banks. The banks will be allowed to return equity at par value,Ē a finance ministry spokesperson said. The ministry clarified the issue as there were reports that the Centre may ask banks to return equity at market value instead of face value.

US-64 bonds

Mumbai, May 28:Trading in the 6.75 per cent tax-free tradable bonds, issued in lieu of UTIís US-64 units, will commence on the National Stock Exchange and Over the Counter Exchange of India from June 16.

Aptech plan

Mumbai, May 28:The board of Aptech Ltd has decided to acquire the education and training business of SSI Ltd. It is also planning a public issue to tap either the domestic or the international market for up Rs 10 crore.

P&G move

Mumbai, May 28:Consumer indifference has forced Procter & Gamble Hygiene and Healthcare, the Indian subsidiary of American consumer goods major Procter & Gamble, to discontinue the test marketing of Vicks Action 500 Night.

MetalJunction

Calcutta, May 28:MetalJunction.com, a joint venture of Tata Steel and SAIL, has set a business target of Rs 1,500 crore for this financial year compared with last yearís Rs 700 crore.


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