SBI Capital Markets has been appointed the sole advisor and arranger to the Rs 40-crore bonds by the Sikkim Power Development Corporation Ltd (SPDC). The secured, non-convertible seven-year instrument will be privately placed. It will carry both call and put options

Repo auction

RBI has announced a three-day six per cent fixed rate repos in Government of India dated securities on July 21 1999 for parties holding SGL account and current account with it in Mumbai.

Gilts firmer

Indian government securities were firmer in the Tuesday evening trade on buying at lower levels, recovering from intra-day lows hit in morning deals on profit-taking, dealers said. "In the absence of any bad news, traders see no reasons to hold back...the outlook is stable so buying should continue," a dealer at a large brokerage said.

Lee Tae-Shik is Allianz Life chief

First Life, Allianz and Cho Yang group closed their transaction by transfering 72 per centof first life shares to the leading Europrean insurer Allianz. The outstanding 28 per cent will be transferred by August mid. At an extraordinary shareholder's meeting held by First Life, former president Lee Tae-Shik was elected as chairman and Allianz's Life former country manager Micheal Campeanu was elected First Life President.