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IFCI board okays converting R923-cr govt bonds to equity

The Industrial Finance Corporation of India (IFCI) on Thursday said its board has decided to proceed with the conversion of government bonds worth R923 crore into equity. With this, the direct shareholding of the government will increase to 55.57%. The board of directors of the company has decided to proceed with the conversion of optionally convertible debentures held by the Central government for Rs.400 crore and financial assistance of R523 crore, IFCI said in a filing to the BSE. IFCI, a term lender, is promoted by financial institutions and banks including, LIC. In August, the Union Cabinet approved conversion of R923 crore of debentures held by it in IFCI into equity. Post conversion of the optionally convertible debentures (OCDs), the holding of government will become 55.57%, and including the holding of banks/FIs, it will be 68.31%, making it a government company.

Rating agency Care gets Sebi go-ahead for IPO

Domestic rating agency Credit Analysis & Research (Care) has got a go-ahead from the Securities and Exchange Board of India (Sebi) for its proposed initial pubic offer. Care had filed its draft red herring prospectus (DRHP) with Sebi about a year ago for the proposed public offer, which would comprise sale of about 72 lakh shares by its shareholders. While the exact size of the offer is yet to be determined, the shares to be sold would constitute 25.22% of the company's post-offer equity capital.

Plea of two financiers against Sebi order rejected

The Securities Appellate Tribunal (SAT) on Thursday dismissed an appeal by two financiers — Dushyant N Dalal and Puloma Dushyant Dalal — against Sebi's order that had imposed a penalty of R14 crore on them for allegedly making gains in the IPO scam. "The appeal stands disposed of ...," SAT said. Sebi had slapped a fine of R14 crore on the two chartered accountants in June last year for alleged unlawful gains made during the infamous IPO scam of 2003-05.

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