Bizbits

Standard gold declinedsteeply to Rs 4590 from the previous close of Rs 4650. 22-carat gold was nominally quoted weak at Rs 4245 from the last close of Rs 4300 and ten-tola gold bar (.999 purity) lost Rs 800 at Rs 53,700 from the previous level of Rs 54,500. Ready silver (.999 fineness) resumed weak at Rs 8000, but recovered marginally to end at Rs 8010, still showing a fall of Rs 60 over the last close of Rs 8070. Raw silver (.916 fineness) dropped by Rs 55 to Rs 7870 from Rs 7920 and tenderable silver fell to Rs 8015 from Rs 8075.

Essar, FRN holders reach settlement
MUMBAI: Essar Steel Ltd (ESL) and holders of its US dollar 250 million floating rate notes (FRNs) have arrived at a unanimous consensus on the settlement of the notes which matured earlier this year. According to the agreement, the note-holders can choose from three options to suit their respective requirements – opt for a five-year roll-over on an unsecured basis, a 10-12 year roll-over on a secured basis or opt for repurchase of the notes via afixed-price tender offer at an all-in price inclusive of any accrued interest of US$ 690 per US$ 1000 note. In a statement here today, ESL said “the agreement is fair equitable to all noteholders as every noteholder can choose the option to suit his requirement.” The company expects to complete all the formalities and resolve the FRN issue shortly, it said. These terms were finalised on November 8, at a meeting of the noteholders majority of whom were present along with trustee chase Manhattan and ESL’s financial adviser Banc of America securities Llc.

HSE subsidiary for NSE membership
HYDERABAD: The members of the Hyderabad Stock Exchange (HSE) have RESOLVED to float a new subsidiary company which will take up the membership of the National Stock Exchange (NSE). The resolution to form the new company, Hyderabad Stock Exchange Securities Ltd, with an authorised capital of Rs 5 crore, was passed at an EGM of the HSE on Friday. Earlier, the EGM has cleared the proposal to seek NSE membership. Thenew company will also improve the existing or allied business of the Hyderabad Stock Exchange or any other business related to the securities market. According to a press release, it has been further resolved to invest or subscribe in the 50 lakh equity shares of Rs 10 each in Hyderabad Stock Exchange Securities Ltd, or give loans, guarantee of a sum not exceeding Rs 5 crore to the new subsidiary by raising loans from banks and FIs.

LIC launches Bal Vidya Plan
MUMBAI: G Krishnamurthy, chairman, LIC of India announced the launch of Bal Vidya, a new insurance plan exclusively for the benefit of children aged between 0-12 years. This is LIC’ gift to the nation’s children on the occasion of Children’s Day’ (November 14, 1999). The plan is specially targeted at the modern nuclear families desirous of providing the best of safety, security and comfort for their children. It provides for payment of regular monthly instalments and lump sum payments at specific intervals to take care of a child’s specialneeds – eduction, health care, start in life, besides insurance over to the breadwinner.