BIDDER FOR IPCL STAKE WILL HAVE TO MAKE OPEN OFFER FOR 20% MORE

Article Abstract:

Banks feel that according to the provisions of the take over code, the successful bidder for the government's 25 percent stake in IPCL will have to make a public offer for another 20 percent at the same price to all shareholders of IPCL. This means that the successful bidder will be able to increase its stake in IPCL to 40.5 percent. The government, which now holds a 59.5 percent stake in IPCL, is expecting to get Rs600 crore from sale of the 25 percent stake. (khr)

Comment:

Banks feel that according to the provisions of the take over code, the successful bidder for the government's 25 percent stake in IPCL will have to make a public offer for another 20 percent at the same price to all shareholders of IPCL.

Banking Institutions, Depository Credit Intermediation, DEPOSITORY INSTITUTIONS, Banks (Finance), IPCL

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UTV SET TO GO PUBLIC

Article Abstract:

United Television (UTV) is planning a public offer during 1999. UTV has presence in software production, broadcasting and animation. It is currently negotiating with the underwriters as well as the merchant bankers for deciding on the timing and other details of the public issue. The scrips of UTV will be listed on the leading Indian stock exchanges and the Nasdaq. UTV plans to become an Asian media power house. (ag)(psr)

Television Broadcasting, Television broadcasting stations, Television broadcasting industry, UTVI, United Television Inc.

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