Tuesday, September 22, 1998
UTI offers to bear exchange risk on Millennium scheme
The Unit Trust of India is prepared to bear the exchange risk on the Millennium scheme in case the government does not do so, chairman PS Subramanyam said on Monday. He further stated that UTI, which is giving finishing touches to the scheme, will target a $500-million mop-up under the scheme being offered to non-resident Indians.
UTI agrees to stretch Essar Steel debenture tenure yet again
The Unit Trust of India (UTI) has quietly revised the servicing terms of Essar Steel's 20%, seven-year, Rs 300 crore non-convertible debentures (NCDs) by extending the redemption period to 2005 from 2001 at a coupon rate of 19%. This is the fourth time in an equal number of years that UTI has altered the servicing-terms of Essar Steel's NCDs issued in 1994 carrying a coupon of 16%.
Corn Products Company may dilute equity base to fund acquisitions
Corn Products Company (India) is likely to go in for equity dilution to fund the "Captain Cook" acquisition. The company is in the process of tying up funds through a mix of debt and equity, chairman and managing director Salil Punoose said at the extra-ordinary general meeting (EGM)held on Monday.
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