United Western Bank has decided to issue bonus shares in the ratio of 1:5, or one share for every five shares held. The bank will also issue rights shares in the ratio of 1:2. The bank?s board has approved the bonus and the rights issue, the bank has informed stock exchanges. Its board has decided to raise capital through a rights issue in the ratio of one equity share for every two equity shares held on post bonus holding at a price of Rs 24 per share with a face value of Rs 10 each.
BSNL and HCL Infosystems have joined hands together to launch the BSNL-HCL personal computer for the state-run telecom service provider?s Data One broadband customers. The BSNL broadband service initially consists of high speed Internet service (256 kbps and above) and simultaneous phone service on the same telephone line.
Grandix Pharmaceuticals has tied up with Chromogenix of Italy to market its chromogenic substrates in India. Chromogenic substrates, a synthetically made peptides that react with proteolytic enzymes in the human body, is used in pharmaceutical and research laboratories, biotech companies, blood banks, clinical laboratories and hospitals for diagonistic purposes.
SBI Mutual Fund has said it was focusing on smaller towns as a matter of strategy and would continue to strengthen its distribution network in the coming years. At presently, SBIMF has an investor base of over 10 lakh spread over 16 schemes and a network of over 35 collection branches and 26 investor service centres. It has assets under management in excess of Rs 8,000 crore.
Bank of India has tied up with SAS Motors for giving cheaper loans to farmers buying its small tractor, Angad, priced at Rs 99,000. For small farmers, the initial cost of getting a tractor will come down to less than Rs 18,000 as the rest will be financed by BoI under the new scheme, BoI-Angad Farm Mechanisation Tractor Scheme, which will be offered by 174 dealer of SAS Motors.
Kajaria Ceramics will raise $30 million through the issue of global depository receipts or foreign currency convertible bonds for capital expenditure. The company has also decided to split its equity shares having face value of Rs 10 each into shares with a face value of Rs 2 each, subject to shareholders? approval. This, in other words, means that each share of Rs 10 will be divided into five shares of Rs 2 each.
La-Z-Boy of the US has appointed Stanley Seating as its sole licensee for selling its furniture and upholstery products in the Indian subcontinent. Stanley Seating will market La-Z-Boy?s products in Sri Lanka, Pakistan, Bangladesh and Nepal.
