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IDBI to dematerialise stakesMUMBAI -- IDBI has decided to dematerialise 100 per cent of its holdings in various securities which are current...

IDBI to dematerialise stakes

MUMBAI — IDBI has decided to dematerialise 100 per cent of its holdings in various securities which are currently available for dematerialisation. In a related move, with the shift to demat fast gaining currency, registrars are seeing a huge inflow of share transfer requests, the quantum of which, according to some, is greater than the one witnessed even at the time of book closure.

"We have decided to dematerialise 100 per cent of our holdings. This would not happen overnight and would be done in due course of time, taking the administrative procedures into account," IDBI officials said. IDBI had earlier decided to demat 50-55% of its holdings in securities which are available for dematerialisation.

A-I loan

MUMBAI — Air-India is raising $46.5 million (about Rs 180 crore) FCNR(B)) loan from the State Bank of India for wet leasing six aircraft to transport Haj pilgrims from India to Jeddah, Saudi Arabia. The nine-month facility will carry aninterest rate of 1.25% (125 basis points) over Libor.This is the first instance of Air-India raising short-term FCNR(B) loans to wet lease aircraft to ferry Haj pilgrims. Banking sources said the facility has been extended on the basis of the government of India’s comfort letter.