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Brussels bank ups stake in VysyaNEW DELHI: Belgian banking major Brussels Bank Lambert has agreed to increase its stake in Vysya Bank Ltd...

Brussels bank ups stake in Vysya

NEW DELHI: Belgian banking major Brussels Bank Lambert has agreed to increase its stake in Vysya Bank Ltd from ten per cent to 20 per cent by way of a preferential allotment. The proposed equity investment has been mutually agreed to be priced at Rs 150 per share whereas the minimum price payable as per SEBI guidelines will be around Rs 112. The board of directors of the Vysya Bank have approved the proposal and an extraordinary general meeting is being convened on July 25, 1999, for seeking the shareholders8217; consent. The premium that is expected to be received from BBL, from this preferential allotment will be around Rs 30.85 crore. Bank Brussels Lambert, a member of the ING group, is currently working closely with the Vysya Bank to strengthen and enhance its presence.

Move BIFR against AB Corp, bank told

MUMBAI: The Mumbai High Court today asked Canara Bank to obtain the consent of Board of Industrial and Financial Reconstruction BIFR for appointment ofa court receiver and launching proceedings in its suit filed against AB Corp Ltd formerly Amitabh Bachchan Corporation Ltd for recovery of Rs 10 crore advanced as loan. Counsel for Canara bank, Nishit Dhruva, contended before Justice S S Nijjar that the bank had filed an application with BIFR a week before and was awaiting its decision which was expected to come in first week of July. On April 16 last, the high court had restrained the mega star from selling off his bungalow and two flats to any party until Canara bank8217;s suit seeking attachment of his properties was disposed off. Bachchan had, however, pleaded that he had mortgaged his bungalow to Sahara India Finance Ltd to raise funds for his company.

On last occasion, Bachchan8217;s counsel had assured the court that ABCL would repay the entire loan over a period of time. Justice Ajit Shah had then suggested both the parties to reach an out of the court settlement. But no progress has been made so far in the matter.