BSES borrows $ 120 m
BSES Limited has said that it has completed its inaugural credit enhanced $ 120-million foreign currency convertible bond (FCCB) issue. The net proceeds from the FCCBs will be used by BSES to invest in assets related to its core business, retire certain obligations as well as for general corporate purposes. The bonds carry a low coupon rate of 0.5 per cent per annum and investors have the option of converting them into global depository receipts. The bonds have a maturity date of October 2007. The deal was managed by Standard Chartered Bank and other participating banks were Credit Agricole Indo-Suez, DBS, Emirates Bank International, Rabobank International and others.
Centurion Bank has tied up with Visa International to accept the latterís cards at its ATMs spread across the country. Currently, the private sector bank has 139 ATMs and this alliance would give 55 lakh visa card holders access to funds and other transactions.
Fitch Ratings India has withdrawn the rating assigned to the term deposit programme of Bombay Burmah Trading Corporation Limited (BBTCL) upon prepayment of deposits by the company. BBTCL has confirmed that there is no debt outstanding against the rated instruments.
Kotak Mahindra Mutual Fund has declared dividend of Re 0.0750 per unit and Re 0.0121 per unit under the dividend option of the K Bond Short Term Plan and K Liquid respectively.
The agro machinery division of Bengal Tools Limited, a Shrachi Group Company, dealing in Zhejiang Sifang brand of power tillers, has sold more than 1,000 power tillers in the first six months of operations. It is set to surpass its annual target of 1,500 power tillers.
ICICI OneSource, a member of the ICICI group, has been appointed as Prudentialís implementation partner for the latterís India offshore strategy.
Zodiac has launched a scheme in Calcutta under which one can bring any old shirt to the store and get Rs 200 off on the purchase of a new Zodiac shirt or trouser worth Rs 1,200 or more. The scheme is on till October 31. All shirts collected during this period will be handed over for charity.
Sundaram Gilt Fund has declared a dividend of 4 per cent (or Re 0.40 per unit of Rs 10).
Godrej Consumer Products Ltd has re-launched www.fairglow.com, the website for its fairness brand.
Arrow has launched the Unstainables range of shirts, a press release said.