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Business Briefs

Mukand issue at par

Mumbai, Aug. 4: Mukand Ltd has decided to make a rights issue of about Rs 50 crore at par to its existing shareholders. The ratio for the rights issue would be such as may be approved by the general body. The decision regarding re-classification of a portion of existing equity shares of the company has been deferred pending certain clarification/s to be received from the CDR empowered group, it added.

RIB scheme

New Delhi, Aug. 4: State Bank of India plans a roadshow in September to woo investors of Resurgent India Bonds to put their money in a special deposit scheme, which is now being examined by the Reserve Bank.

Jute act

Calcutta, Aug. 4: Union textiles ministry is planning to move the Supreme Court against a Calcutta High Court ruling that had directed it to cancel a notification on dilution of Jute Packaging Material Act and issue a fresh notification within four weeks for compulsory use of jute bags for packing of foodgrains and sugar.

ECGC pact

Mumbai, Aug. 4: Corporation Bank will export insurance products of Export Credit Guarantee Corporation of India through its network following the signing of a corporate agency pact between them.

Daimler plan

New Delhi, Aug. 4: DaimlerChrysler India today said it would come out of the purview of the Board for Industrial and Financial Reconstruction within this fiscal and wipe out its total accumulated losses of Rs 300 crore within the next three to five years.


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