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FIs bail out IFCI rights issueNEW DELHI: Financial institutions FIs led by Industrial Development Bank of India IDBI today decided to ...

FIs bail out IFCI rights issue
NEW DELHI: Financial institutions FIs led by Industrial Development Bank of India IDBI today decided to bail out the Rs 352 crore rights issue of Industrial Finance Corporation of India IFCI by subscribing to their portion of the issue. FIs, which hold about 55-60 per cent stake, decided to subscribe to the rights issue after a top level meeting with finance ministry officials, sources said. The 1:1 rights issue offered at par opened on December 23 last and would close on February 19.

IFCI has also requested the government to pump in Rs 400 crore through a preferential allotment to meet the stipulated nine per cent capital adequacy ratio by March, 2000. As on March 31, 1999, the IFCI8217;s capital adequacy stood a 8.37 per cent.

IDBI, being the single largest shareholder of IFCI at 28.74 per cent, the FIs8217; decision was crucial to the success of the rights issue. IDBI will have to invest about Rs 100 crore to subscribe to the issue.

Ilamp;FS eCom Fund raises Rs 197 cr
MUMBAI: ILamp;FS AMC announced that the eCom Fund which closed on January 31, 2000 has collected Rs 197 crore. With this, the total corpus now stands at Rs 600 crore. There were over 25,000 applicants for the fund, covering 50 per cent of the districts in the country. quot;We are very pleased with the widespread response. We believe that the performance of the ILamp;FS Growth and Value Fund has been encouragement to investors,quot; Vibhav Kapoor, Managing Director said in a press release here today.

Citibank launches e-shopping site
MUMBAI: Citibank announced the launch of Citibank e-shopping at its website citibank.com/india. This facility offers customers a unique online shopping environment where their payments are protected through Citibank8217;s state-of-the-art secure payment network. To begin with Citibank has tied up with three merchant web-sites-satyamonline.com,rediff.com and fabmart.com -which offer some of the most popular online shopping facilities.