Open offer for Modi Rubber at Rs 80 per share
Mr VK Modi and Dr BK Modi of Modi Fashions and Securities and Modikem Ltd in concert with Witta International and Sidh International, are making an open offer to acquire up to 87,64,186 fully paid-up equity shares of Rs 10 each of Modi Rubber Ltd (MRL). The acquisition, constituting 35 per cent of the outstanding equity share capital (and voting rights) of MRL, is to be made at Rs 80 per share, a notice to the BSE said. The acquisition consortium along with persons deemed to be acting in concert holds 58,58,661 equity shares of MRL, representing 23.4 per cent of the paid-up capital of the company. The specified date for the open offer has been fixed at March 31. The offer will remain open from May 16 to June 14.Kotak Mahindra Finance to set up bank
Kotak Mahindra Finance Ltd (KMFL) has become the first institution to announce its decision to set up a bank after the Reserve Bank of India issued revised guidelines for setting up banks. KMFL board of directors met on Wednesday and took an in-principle approval to foray into banking, KMFL executive director Deepak Gupta said.
Hike in small savings interest rates likely
The Centre is likely to marginally hike the interest rates on small savings schemes. An indication to this effect was given by finance minister Yashwant Sinha on Wednesday.
Harshad seeks adjournment again
Harshad Mehta, who was slated to be heard by Sebi chairman DR Mehta in the BPL, Videocon and Sterlite price rigging case on Wednesday, did not turn up and asked for further adjournment of the hearing. "We have granted several adjournments earlier, and it's not possible to give any more," Mr Mehta said.
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