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Journalism of Courage
Essar FRN meet inconclusive
MUMBAI: The meeting convened by Essar Steel in London on Wednesday to convince holders of its 250-million floating rate notes FRNs ended inconclusively, with the company not being able to hammer out a solution on the rollover issue. The options, which the company had outlined early in October, included an extension of maturity of the loan by five years during which period the notes will continue to be unsecured, extension of maturity by 12 years during which the notes will be on par with secured creditors and a third exit option to be negotiated. Holders of Essar Steel8217;s overdue FRNs have sought more details on the options offered by the company.
Hoechst Marion net profit up 62 pc
MUMBAI: Hoechst Marion Roussel HMR has registered a 62 per cent increase in net profit at Rs 4.7 crore for the quarter ended September 1999 as against Rs 2.9 crore in the corresponding period of the previous year. Net sales increased by 12.07 per cent to Rs 153.2 crore as againstRs 136.7 crore in the previous year. Other income at Rs 6.1 crore includes an exceptional income of Rs 4.3 crore.
