Friday, September 11, 1998
Shareholders force NIIT to withdraw resolution to hike foreign funds' limit
The shareholders of NIIT have forced the promoters of the company to withdraw a resolution seeking to hike the ceiling on investments by foreign institutional investors from from 24 to 30 per cent at its extraordinary general meeting in New Delhi on Thursday. Agitated shareholders, including many employees, argued that there was no need to allow FIIs to increase their stake in the company when the scrip price had dropped to Rs 1400-1450 compared with the 52-week high of Rs 1764.
Sebi cracks its whip on the `kapli' system
The Securities & Exchange Board of India (Sebi) has asked the Bombay Stock Exchange to do away with the `kapli' system with immediate effect. A decision to this effect was taken at a meeting between BSE and Sebi officials on September 9.
SBI Caps bags mandate to manage Rs 350-crore irrigation bonds issue
The Maharashtra irrigation department has appointed SBI Capital Markets to lead-manage the Rs 350-crore bond issue proposed to fund the multiple state irrigation projects. The issue, with a provision for Rs 150-crore greenshoe option, opens on September 14.
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