DoD Meets SteelMin, Merchant Bankers On SAIL Disinvestment
Kick starting the process of 5% stake sale in SAIL, the Disinvestment Department yesterday held meeting with merchant bankers and steel ministry officials to move ahead with it. "It was a preliminary meeting to discuss the process. No timeline has been decided as yet," sources said. The sale of 5% stake or about 20.65 crore shares at the current market price would fetch the exchequer about Rs 1,900 crore. SAIL shares yesterday closed at Rs 93.10, down 0.85% on the BSE. Government holds 80% stake in SAIL. A 5% dilution would help the government meet the minimum 25% public shareholding norm of market regulator Sebi.
ICVL Team In Mozambique To Tap Coal Assets For Acquisition
A senior level delegation from the International Coal Ventures (ICVL) is currently touring Mozambique to assess some of the coal assets which are currently under its radar for acquisition. ICVL has been set up as a Joint Venture Company with the SAIL, CIL, RINL, NMDC and NTPC as promoter companies, for securing metallurgical coal and thermal coal assets in overseas territories. NTPC later decided to opt out of the consortium as it was seeking thermal coal blocks, while other members were keen on coking coal.
FinMin, DIPP Officials To Discuss Revised BIPA Model Today
Officials of the finance and the commerce and industry ministries are scheduled to discuss various issues related to Bilateral Investment Promotion and Protection Agreement (BIPA) including the revised model of the pact today. "The working group will examine the various issues relating to BIPA. The revised model of BIPA will also be discussed," an official told PTI. Worried over frequent invocation of investment protection pacts by MNCs, the Commerce and Industry Ministry is in favour of gradually phasing them out saying that they hurt India's interest. "The BIPAs are not serving the interest of India. They are damaging the country's interest. Several countries are cancelling such treaties," the official added.
CMAI’S 59th National Garment Fair Begins
The Clothing Manufacturers Association of India (CMAI) has organized “India’s largest Ever Apparel Trade Show – The 59th National Garment Fair” which opened on 23rd June, till 25th June at Bombay Exhibition Centre. This Fair was inaugurated by Santosh Kumar Gangwar, Minister of State for Textiles, Govt. of India yesterday. Zohra Chatterji, IAS, Union Textile Secretary was the Guest of Honor. This B2B Fair was spread over approx. 4.50 Lakh square feet, covering all the Halls at the Bombay Exhibition Centre. There are 697 stalls displaying over 737 Brands. Approx. 40,000 Retailers from all over India were expected to visit this B2B Fair.
Havells India Plans Sub-Division Of Equity Shares
Electrical goods manufacturer Havells India is planning sub-division of its equity shares for which it will seek board approval next week. "A meeting of the Board of Directors of the Company will be held on June 30, 2014, to consider and approve the sub-division of the nominal value of Equity shares of the Company," Havells informed BSE. The company however did not elaborate on the plans. When contacted, Havells spokesperson declined to comment. Havells India scrip closed at Rs 1,103.45, down 0.01% on the BSE.
Sebi Strengthening International Cooperation With Global Peers
As Indian markets attain a larger global character, regulator Sebi is strengthening cooperation with its global peers for exchange of information in key cases and to implement global standards in its regulatory functions. A full-fledged 'International Affairs' team has been put in place at the capital markets regulatory body, while Sebi is also working on a 'comprehensive study' to understand the surveillance mechanism of regulators in developed markets like the US, UK, Australia and Hong Kong, a senior official said.