LIC arm lines up global float

Mumbai, Dec. 16: The board of LIC Housing Finance Ltd will consider a proposal to go for a global depository receipts (GDR) issue at its meeting scheduled on December 23. The board had earlier approved a proposal to issue one crore shares on preferential basis to investors, including FIIs, but investment bankers have now suggested a GDR issue also, company chief executive S. C. Jain said.

Crisil move

Mumbai, Dec. 16: Crisil is considering an acquisition as part of its business growth plans, the proposal for which would be considered by the company board at a meeting scheduled for tomorrow.

Income tax bill

New Delhi, Dec. 16: The Rajya Sabha today passed the Taxation Laws (Amendment) Bill, 2003 that lowers the rate of interest paid on income tax refunds to 6 per cent.

Satnam stake

New Delhi, Dec. 16: Merchant banker Merrill Lynch has acquired 10 lakh shares of leading basmati exporter Satnam Overseas, thus acquiring 5.1 per cent of the total equity capital of the company.

Hardware sops

New Delhi, Dec. 16: Mait representatives, who met finance minister Jaswant Singh today, demanded that the excise duty on IT hardware should be halved to 8 per cent to provide necessary tax incentives to the sector. They also wanted depreciation rate to be increased to cent per cent from the present level of 60 per cent and withdrawal of 4 per cent special additional duty.