Wednesday, November 18, 1998
I&B Ministry to lower foreign equity cap
The Ministry of Information and Broadcasting proposes to scale down the foreign equity cap of 49% in the existing Broadcasting Bill to 20% in the forthcoming winter session of Parliament. A Cabinet note on the amended Broadcasting Bill will be prepared by Ministry officials.
Hoechst to split into two listed cos
German chemicals group Hoechst AG said it was splitting into two listed companies, one focusing on life sciences and one on its industrial chemicals activities. Hoechst said that the two companies would be called Hoechst AG and Celanese AG.
FIs, banks get 60% of Concor
Indian financial institutions and banks have garnered more than 60% of the disinvestment of 90 lakh Container Corporation of India (Concor) shares while the rest is being shared by mutual funds, FIIs and smaller banks. The issue of 90 lakh was launched with the book-building method and was priced at Rs 250 for each share.
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