Bharatiya Global Infomedia IPO opens on 11th July

The issue opens on 11 July 2011 and closes for subscription on 14 July 2011

Bharatiya Global Infomedia Ltd (BGIL) is entering in the capital markets with an initial public offering (IPO) of 67.20 lakh equity shares of Rs10 each. The price band for the issue has been fixed at Rs75 at lower level and Rs82 at upper level.

BGIL is a technology based company, engaged in the business of information technology based solutions-RFID & smart card and digital post production studio. BGIL focusing on the sectors such as information technology security and compliance automation software solutions and technology related to media & entertainment industry with focus on research & development.

The issue opens on 11 July 2011 and closes for subscription on 14 July 2011. The equity shares of the issue are proposed to be listed on the Bombay Stock Exchange and National Stock Exchange.

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Dhanlaxmi Bank launches ‘Dhan’ gold coins

Dhan gold coins with a purity of 99.99% will carry Assay certification, signifying highest purity of gold as per international standards

Dhanlaxmi Bank, one of India's fastest growing mid-size private sector banks, said it has entered the gold retailing business with the launch of 'Dhan' gold coins.

The 24-carat gold coins will be available in a tamper-proof pack in two denominations of five and 10 grams at the bank's 275 branches across the country, Dhanlaxmi Bank said in a statement.

Dhan gold coins with a purity of 99.99% will carry Assay certification, signifying highest purity of gold as per international standards. The pure gold coins will be imported from Switzerland based PAMP S.A. Geneva (Produits Artistiques Metaux Precieux), one of the world's premier gold refiners, it said.

The launch of gold retailing marks the second phase of the bank's bullion business. In June 2011, the bank rolled out its wholesale initiative-24-carat gold bars weighing one kilogram.

On Monday, Dhanlaxmi ended 2.47% up at Rs118.40 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.28% to 18,814.48.

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Federal Bank, UAE bourse launch Fed Flash service for faster payments

The ‘Fed Flash’ service is now available at all the 100 Al Ansari Exchange branches across the UAE

India's Federal Bank has signed a strategic new partnership with a leading UAE-based exchange house with an aim to help Indian expatriate workers to send money back home.

Under the new partnership, the bank will offer Federal Bank's 'Fed Flash' service, which that will allow Indian expatriate workers in the UAE to send money back home via their Federal Bank accounts in India through Al Ansari Exchange.

Al Ansari Exchange provides worldwide remittance and foreign exchange services. The move is part of the company's commitment to expand its current portfolio of financial services and transactions.

The 'Fed Flash' service is now available at all the 100 Al Ansari Exchange branches across the UAE. "The new Fed Flash service highlights the strong ties that India has maintained with the UAE over the years. There is a strong Indian expatriate workforce in the UAE and these workers primary concern is how to send money to their families in a faster and more convenient way," Federal Bank MD & CEO Shyam Srinivasan said.

According to Federal Bank, 'Fed Flash' will allow Federal Bank customers to remit money real-time into to their accounts through any Al Ansari Exchange branch to any of the over 750 Federal Bank branches in India. The moment the account is credited, both the remitter as well as the beneficiary will receive SMS alerts on their mobile.

On Monday, Federal Bank ended 1.37% up at Rs456.45 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.28% to 18,814.48.

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