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VSNL issue at Rs 750 per shareNEW DELHI: Videsh Sanchar Nigam Limited VSNL today said the current offer of one million shares to public...

VSNL issue at Rs 750 per share

NEW DELHI: Videsh Sanchar Nigam Limited VSNL today said the current offer of one million shares to public at a price of Rs 750 would infuse liquidity for its stocks since very few shares being held by retail investors compared to huge amount held by domestic and foreign funds. Offering one million shares of the overseas telecom carrier to the public, VSNL acting chairman and managing director Amitab Kumar told reporters that liquidity has been very poor in its stock due to large holding by institutions.

The current retail offering being made by divesting 1.05 per cent of government equity, the first ever disinvestment by government through a public offer, would open on September 20 and close on September 24. The government stake in the company would come down to 52.97 per cent from the current level of 54.02 per cent after the retail offering.

Daewoo units under bank receivership

SEOUL: Creditor banks of South Korea8217;s crumbling Daewoo group on Mondayplaced 10 of the conglomerate8217;s units under bank receivership in a bid to help speed up its restructuring. The move effectively puts the key arms of Daewoo under the control of its creditor banks and will ensure a flow of funds to help them improve their health.

Ranbaxy to raise stake in Vorin Lab

MUMBAI: Ranbaxy Laboratories Ltd plans to raise its holding in Vorin Laboratories Ltd to 51 per cent from 36.12 per cent, a senior Vorin official said. Vorin has called a meeting of its board on September 8 to consider a preferential allotment of 1.89 million shares to Ranbaxy or its subsidiaries. quot;The sale will give Ranbaxy a controlling 51 per cent stake,quot; said N Prasad, managing director of Vorin Laboratories. He said the allotment was likely to be priced at between 83 and 85 Rupees per share, but will be finalised on the basis of a formula set by the Securities and Exchange Board of India. Vorin shares closed at 100.40 Rupees on Friday at the Bombay stock exchange. quot;The acquisition will be donethrough two subsidiaries of Ranbaxy 8211; Vidyut Investments Ltd and Solus Pharmaceuticals Ltd, which hold the 36.12 per cent in Vorin,quot; Prasad said.