Government to infuse Rs 4,376 cr in BoB,UBIThe government will infuse Rs 4,376 crore as equity capital in PSU lenders Bank of Baroda and Union Bank of India as part of a recapitalisation package to shore up their equity capital. BoB said that the bank has initiated necessary steps to raise capital by offering equity shares of face value of Rs 10 each for cash at a premium of Rs 892.14,aggregating up to Rs 3,280.9 crore on preferential basis. Union Bank of India is also expected to receive financial assistance of Rs 1,096 crore. Founder of CMS Group passes awayFounder and chairman of IT company CMS Ramesh D Grover passed away here last night. Grover,66,started his career with IBM after graduating as a mechanical engineer from BITS,Pilani. In 1976,he founded this small set-up Computer Maintenance Services,commonly known as CMS. Under Grovers leadership,CMS Computers grew from a maintenance and outsourcing firm to serving the IT and ITeS needs of Indian and global enterprises in India,a company release said. In 2008,Grover partnered with the Blackstone Group to create CMS Infosystems. Maharashtra,NCR gets over 50% of FDIMaharashtra and National Capital Region accounted for over 50 per cent of the foreign direct investment inflows into the country during April-December 2010-11,says industry ministrys latest data. Maharashtra attracted maximum foreign inflows at $5.24 billion and accounted for 35 per cent of the countrys total FDI during April-December this fiscal. NCR received $2.16 billion FDI during the first three quarters of the current financial year. The NCR accounted for 19 per cent of the countrys total FDI. In rush for FPO,ONGC may lose Navratna tagOil and Natural Gas Corp (ONGC) may lose the coveted Navaratna status and the accompanying financial autonomy in its rush to the Rs 11,500 crore share sale scheduled next month. The government plans to withdraw both of its directors on the ONGC board to meet the capital market regulator Sebis listing norm of having equal number of functional and independent directors to allow Rs 11,500 crore public offering (FPO) on April 5,sources said. The move would,however,lead to ONGC losing its Navratna status.
