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Business Briefs

FIPB clears IGL flotation

New Delhi, Nov. 11: Indraprastha Gas Ltd, the sole supplier of CNG in Delhi, said today it has obtained the approval of Foreign Investment Promotion Board for transfer of equity shares to non-resident Indians, foreign institutional investors and foreign venture capital funds in its proposed initial public offer. “The selling shareholders, IL&FS, Infrastructure Development Co LTD and Unit Trust of India, will be selling half of their shares, which amounts to 4 crore shares (in the IPO),” an IGL release said. It will not receive any proceeds from this IPO, as this is an “offer for sale of the equity shares” held by FIs.

IndoNext plan

New Delhi, Nov.11: The Bombay Stock Exchange and the Federation of Indian Stock Exchanges will submit a detailed plan on IndoNext to Sebi in 15 days.

Andrew Yule

Calcutta, Nov. 11: Andrew Yule and Co Ltd has reported 56.80 per cent rise in net loss to Rs 19.55 crore in the second quarter of this fiscal from Rs 12.47 crore in the corresponding previous quarter.

Wipro pact

Mumbai, Nov. 11: Wipro Technologies has signed a strategic alliance and reseller pact with Metasolv Software Inc, under which the companies will jointly deliver operations support system solutions to global service providers.

Special trading

Mumbai, Nov. 11: The NSE and BSE would conduct a special trading session on November 15 to maintain uniformity in trading mechanism.


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