GOVT SHOOTS DOWN GE CAPS PLAN TO ACQUIRE COUNTRYWIDE
Article Abstract:
The government has denied permission to GE Capital Services (GECS) to acquire a 100 percent stake in Countrywide Consumer Financial Services (CCFS). GECS, which holds a 55 percent stake in CCFS, wanted to acquire the stake held by Housing Development Finance Corporation, but the government has stated that it would not be permitted to continue with non-banking finance activities if it acquires a 100 percent stake in any venture. Acquiring a 100 percent stake in CCFS will convert it into a holding company but the norms permit holding companies only to route investments and not to take part in any commercial activities. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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IA TO DIVEST WITH SBI CAPS AS ADVISORS
Article Abstract:
The government is going ahead with its disinvestment plan for Indian Airlines and SBI Capital Markets has been appointed to advice the company on the necessary modalities for an initial public offer (IPO), including the choice of instruments and the time frame for implementation. The IPO, which is to be made by offering a Rs10 share at a premium of Rs30, is expected to yield Rs760 crore. The Kelkar Committee has recommended that the government reduce its stake to 49 percent in the airline through a two-phase financial restructuring. (khr)
Comment:
The government is going ahead with its disinvestment plan for Indian Airlines and SBI Capital Markets has been appointed to advice the company on the necessary modalities for an initial public offer (IPO), including the choice of instruments and the time frame for implementation.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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