IFC TO INVEST MORE IN GTB, STAKE MAY GO UP TO 32%

Article Abstract:

International Finance Corporation, a unit of the World Bank, has decided to increase its stake in Global Trust Bank. The holding may go up to 32 percent depending upon the conversion rates of the debentures being issued by GTB to IFC. IFC currently has an 8 percent stake in GTB which amounts to Rs104 crore of the bank's equity. GTB plans to issue 25 lakh convertible debentures, at Rs60 each, to IFC. These debentures are to be convertible after 4 years. (khr)

Comment:

Has decided to increase its stake in Global Trust Bank for undisclosed amount

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RBI CLEARS IFC'S PLAN TO HIKE STAKE IN GTB

Article Abstract:

IFC of USA has secured the approval of the Reserve Bank of India (RBI) for raising its stake in Global Trust Bank (GTB). It proposes to raise its stake in GTB to around 32.12 percent from 9 percent. The Foreign Investment Promotion Board (FIPB) will be considering the IFC's proposal on August 22, 1998. The proposal involves the issue of 25 lakh convertible debentures to IFC at Rs60 each. The debentures will be converted after 4 years. (ag)

Comment:

Gets approval of Reserve Bank of India for raising stake in Global Trust Bank to around 32.12% from 9%

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CHASE TO PICK NATWEST STAKE IN HDFC BANK

Article Abstract:

Chase Manhattan Corporation of the US is all set to acquire the 20 percent holding of Natwest Bank in HDFC Bank. The holding may be acquired through Chase Capital Partners, the bank's private equity division, and Chase International, its international banking division. The acquisition deal will result in Chase taking a more active interest in India and may even consider bringing in credit cards and other financial products. (khr)

United Kingdom, National Westminster Bank PLC (London, England), Chase Manhattan Corp., CMB, HDFC Bank Ltd.

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