Bizbits

IDBI redeems 1996 bondsThe latest issue of bonds by IDBI about three months back had an interest rate of 11.5 per cent, about 400 basis po...

IDBI redeems 1996 bonds
The latest issue of bonds by IDBI about three months back had an interest rate of 11.5 per cent, about 400 basis points less than the Flexibonds-I8217;. To keep the bond investors in good humour, IDBI has also simultaneously started Suvida Fixed Deposit8217; scheme, where all the 1996 bond holders are offered a one percentage point higher interest rate on its FD scheme.

For five year deposit, this will be about 10.92 per cent, officials said adding that bond holders are offered the facility to convert their bonds investment into the fixed deposit scheme.

LSE listing
MUMBAI: At least seven Indian companies are expected to seek international listing on the London Stock Exchange LSE in a year8217;s time to raise capital as also to increase their profile among the global investing community, according to a senior LSE official.

quot;The LSE in the last couple of years has been making an aggressive sales pitch to Indian corporates to get listed on the exchange as London has the largest pool of international investment capital in the world and is also the most liquid trading market for international equities,quot; head of global business development India, Mid-east Africa amp; Turkey Caroline Goodman said.

She pointed out that infotech company SSI and Tata Tea had already got their shares listed on the Seaq International, which is a dedicated on -screen trading system for international equities on LSE, in the last four months and another high profile Indian IT company was set to get its shares listed in two weeks time.

As many as 19 Indian companies had raised close to 2.7 billion through global depository receipts GDRS until last year, she said adding that the LSE was looking forward to them graduating to actual share listing. About 520 international companies were listed on LSE which in 1999 together had an combined turnover 3,910 billion and a global market capitalisation of 5,840 billion, she said adding, London was the gateway to European investment capital.

LG Electronics
MUMBAI: Buoyed by an encouraging turnover in the first half of the year 2000, LG Electronics India Ltd has revised its turnover target to Rs 1,750 crore from Rs 1,500 crore, and decided to launch two new products shortly.

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The wholly-owned subsidiary of the South Korea-based LG Electronics has achieved a turnover of Rs 935 crore in the first half of the Y2K year as against Rs 503 crore in the corresponding period last year, prompting it to enter the vacuum cleaner segment this September and launch an innovative 8220;power entertainment series8221;, company managing director K R Kim said today.

8220;Our turnover in the first six months of this year, placed against the corresponding period the previous year, shows an 86 per cent increase. We have outlined an aggressive marketing strategy for the new product category with an annual budget of Rs four crore,8221; he told a press conference here. The newly-designed vacuum cleaner, which will have four models, hopes to garner 35 per cent share of the market within the first one year of its launching.