Bizbits

ICICI issue oversubscribedMUMBAI: The Rs 275-crore equity issue of term lending institution, ICICI Ltd has sailed through with Indian cor...

ICICI issue oversubscribed

MUMBAI: The Rs 275-crore equity issue of term lending institution, ICICI Ltd has sailed through with Indian corporates, banks and domestic and foreign funds picking up a large chunk of the issue. There was, however, cold response from the retail investors. ICICI officials said the domestic issue had been oversubscribed to the tune of 1.75 times. “At a preliminary estimate, we have received applications worth about Rs 500 crore,” officials said.

The institution is allowed to retain 10 per cent oversubscription or Rs 302.50 crore as against the issue size of Rs 275 crore. The SBI and Bank of Baroda together put in Rs 25 crore while Bank of India, Syndicate Bank and few private and foreign banks also chipped in with smaller amounts.

Essel Packaging pays 150% dividend

Story continues below this ad

MUMBAI: The board of directors of Essel Packaging Ltd today announced payment of a special "millennium" dividend of 150 per cent to its equity shareholders. "The company, which has an unappropriatedbalance in its profit and loss account of Rs 28.68 crore, is expected to repeat the encouraging first quarter performance in the next three quarters," chairman of the company Subhash Chandra said. The company has been looking for deploying surplus cash in high return businesses and could not find any related business.

Tyre companies may hike prices

MUMBAI: For the first time in nearly three years the domestic tyre industry is set to witness a massive price hike, with Apollo Tyres setting the trend this week. The Mumbai-based Ceat Tyres of RPG Enterprises will also shortly be taking a decision to hike prices, while the other tyre major JK Tyres will be following suit, sources said.