Sebi asks Swedish Match to make open offer in Wimco takeover

Beijing: China has achieved the dubious distinction of having the most number of anti-dumping cases filed against it, blocking exports worth $15 billion. “By April, 32 countries and regions had initiated 494 cases of anti-dumping and protective measures investigations targeting over 4,000 Chinese exports,” said Ma Xiuhong, vice-minister for foreign trade and economic cooperation. The number of cases so far this year account for 13.3 per cent of the world total, a sharp increase from 3.6 per cent in the 1980s. The ratio is much higher than China’s proportion in the total volume of global trade, she said. Ma said China has become the biggest victim of anti-dumping and protective measures in the world and urged exporters to actively respond to the rising number of anti-dumping cases against them.

i-Flex aims to raise Rs 225 crore through IPO

New Delhi: Financial software company i-Flex is targetting an issue size of about Rs 225 crore through its initial public offer (IPO) for which the book-building process started on June 5. “The response to the issue which was opened on Wednesday is good. The bids were mostly received in the range of Rs 530- 600, company’s senior V-P, N.R.K. Raman said. i-Flex had announced the floor price of Rs 530 for its IPO last week. Even though the issue price will be known only after June 11 when the book-building process closes, as per the initial estimation of one of the co-book running lead managers, the IPO size would be of about Rs 225 crore with total offer size of around 39 lakh shares.

DoT issues letter of intent to BPL for ILD

new delhi: department of Telecom on Thursday issued letter of intent to BPL Communications for international long distance (ILD) services. Having received the letter of intent for ILD services, BPL would now have three months to convert it into a licence, DoT sources told PTI. BPL officials could not be contacted for comments. In the backdrop of opening up of ISD sector to competition from April 1, 2002, three companies—Reliance, Bharti and Data Access—have till now been issued licences although none has yet started operations.

Sail saves Rs 23cr through internet purchase

NEW DELHI: THE Steel Authority of India Ltd (Sail) has succeeded in saving 10-14 per cent over the last purchase price of materials worth Rs 23 crore using the online procurement process. Sail purchased calcium carbide, wire ropes, cables and caustic soda through the reverse action process which takes just a few hours as against the previous process which ran into several months, a Sail statement said here. Apart from reduction in procurement costs, the online service provided by Metal Junction Pvt Ltd led to reduction in the lead-time for purchase of materials by simplifying paperwork and procedures.

Central Bank net up 251%; plans IPO in Q4

New Delhi: Central Bank of India has registered a 251 per cent growth in net profit during 2001-02. Chairman and managing director Dalbir Singh also told newspersons on Thursday that it plans a Rs 300-crore IPO in the last quarter of the current fiscal. Singh said the public issue would reduce government equity in the wholly state-owned bank by 30 per cent. Post-IPO, the capital adequacy ratio may increase to about 12 per cent after the public offer from 9.58 per cent as at the end of March 2002, he added.