L&T Infrastructure intends to raise Rs100 crore through its infrastructure bonds
L&T Infrastructure Finance Company, an L&T Group company, may undertake external commercial borrowings (ECB) route to raise funds in the next fiscal.
According to Ramesh Bhujang, vice president-risk and asset management, the company is exploring an option of going for ECBs in the first half of next fiscal.
"As per RBI guidelines, we are eligible to raise 50% of our net worth which is at present between Rs1,100 crore to Rs1,200 crore. We are in negotiations with a few banks. However we have not decided the exact amount. We will decide that based on market conditions," Bhujang said.
L&T Infra has come up with its second tranche of infrastructure bonds recently.
The company intends to raise up to Rs100 crore through these bonds with an option to retain an oversubscription of up to Rs300 crore for allotment of additional bonds.
GK Shettigar, vice president (Treasury) said the total outstanding advances of the company is Rs5,200 crore with a disbursement ratio of 35 per to power sector, 14% in road projects and 16% in oil and natural gas and telecom sectors.
On Friday, L&T ended 3.19% down at Rs1,639.75 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.60% to 18,211.52.
Indian Bank has hiked lending rate for its existing customers to 13.75% in line with other banks
State-owned lender Indian Bank has hiked lending rate for its existing customers by 25 basis points to 13.75% in line with other banks.
The Bank has revised its benchmark prime lending rate (BPLR) from existing rate of 13.5% to 13.75%, Indian Bank informed the Bombay Stock Exchange in a filing.
This will make all kind of existing loans, including housing and auto loans, expensive by at least 25 basis points.
Last week, the country's largest lender State Bank of India raised both lending and deposit rates on select maturities by 25 basis points in response to policy rate hike announced by the Reserve Bank of India on 25th January.
On Friday, Indian Bank ended 0.56% down at Rs220 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.60% to 18,211.52.
UTI Equity Tax Savings Plan record date for the dividend is 21 February 2011
UTI Equity Tax Savings Plan declares tax-free dividend of 10% (Re1 per unit on a face value of Rs10). The record date for the dividend is 21 February 2011.
All unitholders registered under the dividend option of UTI Equity Tax Savings Plan as on 21 February 2011 will be eligible for this dividend. Also investors who join the dividend option of the scheme on or before the record date will be eligible for the dividend.
The NAV per unit as on 15 February 2011 was Rs16.35 under the dividend option.
UTI-ETSP was launched in November 1999 as an open-ended equity oriented tax savings scheme. The investment objective of the scheme is to invest in equities, fully convertible debentures/bonds and warrants of companies.
Contribution made by individuals under UTI-Equity Tax Savings Plan will qualify for deduction of the whole amount paid subject to a maximum of Rs1,00,000 under Section 80C of Income Tax Act, 1961 as provided therein. Swati Kulkarni is the fund manager of the scheme.