The Telegraph
Since 1st March, 1999
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Business Briefs

Salomon adviser to UTI Bank

Mumbai, Aug. 27: UTI Bank Ltd today decided to appoint Salomon Smith Barney (SSB), a Citibank group investment banking outfit, as an adviser to select a strategic investor, who will bring in about Rs 200 crore to subscribe to the bank’s preferential issue. The bank will sign an agreement with SSB in a week’s time regarding the mandate and expects to complete the entire process in six months. The fresh capital will be used to shore up the bank’s capital adequacy ratio.

Stock auction

Mumbai, Aug. 27: The Reserve Bank of India today received an overwhelming response for the auction of two government stocks aggregating Rs 7,000 crore. The 15-year GoI stock of notified amount of Rs 5,000 crore received 260 competitive bids totalling Rs 8,840.90 crore and 26 non-competitive bids aggregating Rs 108.34 crore.

Tata Power MD

drevala will take over as the managing director of Tata Power Company (TPC) from September 1. Vandrevala, who is currently the deputy managing director of the company, will replace Adi Engineer who retires as MD on August 31, TPC informed the Bombay Stock Exchange today.

Steel dumping

Washington, Aug. 27: A key US trade body today said it had found no evidence to back complaints of steel dumping against India, Australia, Japan, Sweden and Thailand.

Dabhol power

New Delhi, Aug. 27: The Centre will accord top priority to restart generation from the Dabhol Power project, promoted by US energy giant Enron, for which ‘right steps’ will be taken within two months, new power minister Anant G. Geete said.

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