GE CAPS TAKES CONTROLLING STAKE IN CCFSL

Article Abstract:

Multinational GE Capital(GEC) has taken over the management of the Countrywide Consumer Finance Services Ltd (CCFSL) from the Housing Development Finance Corporation (HDFC). The GEC has bought 20 percent stake of the CCFSL from HDFC, thus enhancing its holdings to 75 percent. The GEC paid about Rs20 crore at Rs30 per share for Rs10 share. After the deal HDFC still holds 25 percent shares in CCFSL. HDFC wants to sell off its entire stake and one of the clauses in the agreement stipulates GEC to make arrangements for buying the rest of the 25 percent stake of HDFC by 2000. HDFC is planning to start its own consumer finance products. (ranga)

Comment:

Multinational GE Capital(GEC) has taken over the management of the Countrywide Consumer Finance Services Ltd (CCFSL) from the Housing Development Finance Corporation (HDFC).

United States, Foreign operations, Consumer Finance Institutions, General Electric Capital Corp., Housing Development Finance Corp., Countrywide Consumer Finance Services Ltd.

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FIPB DEFERS DECISION ON IFC'S STAKE IN GTB

Article Abstract:

The International Finance Corporation (IFC) of USA had planned to increase its stake in the Global Trust Bank (GTB) of India. The Foreign Investment Promotion Board (FIPB) has postponed its decision on the proposal. IFC, holding 8 percent stake in GTB, is likely to get 25 lakh convertible debentures from GTB. The debentures are priced Rs60 with a maturity of 4 years. This will raise the stake of IFC by 3-4 percent. It is not clear whether the calculations are based on the Rs10 face value of the share or the offer price of Rs60. IFC's holding in GTB's equity after 4 years is likely to increase by 32 percent. (rk)

Comment:

Plans to increase its stake in Global Trust Bank

Commercial Banks, Commercial Banking, International Finance Corp., Global Trust Bank Ltd.

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WIPRO FINANCE ISSUES PREF SHARES TO PROP UP SINKING BOTTOMLINE

Article Abstract:

Wipro Finance, which incurred losses of Rs13.80 crore in 1997-98, has issued preference shares worth Rs25 crore to ICICI Ltd to boost its bottomline. The preference shares have been issued at par and has helped the company to write off losses amounting to Rs50 crore and maintain its net worth at Rs43 crore. Before the write off, the non-performing assets of the company had touched 15 percent of its total loan portfolio. In Wipro Finance, 96 percent of the stake is held by Wipro Ltd and the remaining 4 percent is with Commonwealth Development Corporation. (gsh)

Comment:

Wipro Finance issues preference shares worth Rs25 crore to this firm to boost its bottomline

Personal Finance Companies, Industrial Credit and Investment Corporation of India, Wipro Finance

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