Shot in arm for banks
New Delhi, May 28:The government today said banks would be allowed to return equity at face value and there is no proposal of attaching a premium. ďAs of now, there is no proposal from the government to charge a premium on equity returned by banks. The banks will be allowed to return equity at par value,Ē a finance ministry spokesperson said. The ministry clarified the issue as there were reports that the Centre may ask banks to return equity at market value instead of face value.
Mumbai, May 28:Trading in the 6.75 per cent tax-free tradable bonds, issued in lieu of UTIís US-64 units, will commence on the National Stock Exchange and Over the Counter Exchange of India from June 16.
Mumbai, May 28:The board of Aptech Ltd has decided to acquire the education and training business of SSI Ltd. It is also planning a public issue to tap either the domestic or the international market for up Rs 10 crore.
Mumbai, May 28:Consumer indifference has forced Procter & Gamble Hygiene and Healthcare, the Indian subsidiary of American consumer goods major Procter & Gamble, to discontinue the test marketing of Vicks Action 500 Night.
Calcutta, May 28:MetalJunction.com, a joint venture of Tata Steel and SAIL, has set a business target of Rs 1,500 crore for this financial year compared with last yearís Rs 700 crore.