AllBank?s no-frill account

Allahabad Bank is offering ?no-frill? savings account which can be opened with a minimum of Rs 5 and there will be no incidental charges on fall of minimum balance and non-operation of accounts. The bank has also announced that a savings bank account holder can use a cheque book and ATM card facilities keeping Rs 250 as minimum balance. It has also hiked the interest rates for NRE term deposits by 0.30 per cent and lowered it for NRE savings deposits by 0.70 per cent.

Forbes Gokak

Forbes Gokak has approved the scheme of amalgamation of FAL Industries Ltd with itself. The equity shareholders and unsecured creditors of the company have approved the scheme at a court-convened meeting, the company has informed the stock exchanges. FAL, earlier known as Facit Asia Ltd, is engaged in manufacturing of office automation products.

Nectar issue

Nectar Lifesciences will raise $100 million by issuing either foreign currency convertible bonds or global depository receipts. The company has also decided to increase its authorised share capital to Rs 35 crore from Rs 20 crore at present. Its board has also proposed to increase the borrowing limits of the company up to Rs 1000 crore.

RTG pact

ReadyTestGo has signed a two-year software testing agreement with EscrowTech India. Under the agreement, while EscrowTech will provide software escrow, source code escrow and technology escrow services to its clients, RTG will provide technical verification, compilation and testing of escrowed materials.