Telco raises $ 100m
Mumbai, July 24: Tata Engineering and Locomotive Company Limited (Telco) has raised $ 100 million through foreign currency convertible bonds (FCCB) from the international market. The money would be used for product development and to prepay part of debt. The issue for bonds of $ 90 million with a green shoe option of $ 10 million opened for subscription yesterday and was oversubscribed several times, Telco’s executive director Pravin Kadle said here today.
New Delhi, July 24: Disinvestment minister Arun Shourie today said that disinvestment in Nalco was not being pursued at the current juncture although the government had earlier decided in 2001 to sell its equity through domestic and overseas public offer and strategic sale.
Calcutta, July 24: Spooked by stagnant business at the Calcutta Stock Exchange, a large number of brokers have started surrendering their C-star terminals. Most CSE members have now taken NSE terminals .
Honda Siel plan
Mumbai, July 24: Honda Siel Cars India Ltd may set up a second plant by 2007-08 when it expects sales of its premium cars to touch 50,000 units per annum. “We are currently producing 20,000 units at Noida against a capacity of 30,000 units and we expect to touch 50,000 units in four years and set up a second unit by 2008 with internal accruals,” president and CEO Hajime Yamada said.
Uco crop loans
Calcutta, July 24: Uco Bank has further lowered its interest rate on crop loans to 9 per cent.