Bizbits

However, the bank8217;s total business turnover grew by Rs 665 crore registering a growth of 6 per cent to Rs 11,010 crore, according to a bank statement here on Monday. The bank board has recommended a dividend of 10 per cent. The bank deposits have increased by Rs 358 crore to Rs 6,782 crore while the aggregate credit has gone up by Rs 307 crore to Rs 4,228 crore. The bank8217;s investments also increased by Rs 236 crore reaching Rs 2,602 crore. The prestigious non-resident deposits of the bank reached Rs 2,314, up by Rs 508crore over the last year. The bank has fulfilled its priority sector advances with an increase in advances from Rs 943 crore to Rs 1,227 crore.

Essel opts tender offer for buyback

MUMBAI: Essel Packaging has decided to buy back over 15 lakh equity shares through tender offer method. Essel Packaging, which decided earlier to buy back 15,00,887 shares, has opted for tender offer method to ensure equal opportunity to all the shareholders 8212; large or small 8212; the company managing director Cyrus Bagwadia said in a statement here today. The company was planning to price buyback of shares in the range of Rs 250-Rs 300 and the company had obtained shareholders8217; approval for the same in March 1999, he said.