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ICICI Bank fixes base rate at 7.5%

The country's largest private sector lender ICICI Bank on Wednesday pegged its minimum lending rate at 7.5%, the same as State Bank of India's (SBI) rate.

"ICICI Bank base rate (I-Base) is fixed at 7.5%, effective 1st July," the lender said in a statement.

The existing benchmark prime lending rate of ICICI Bank stood at 15.75 per cent.

As per the RBI directive, the base rate system, which aims at introducing transparency in lending operations, will replace the existing BPLR from Thursday.

On Thursday, ICICI Bank shares ended 2.4% lower at Rs841.40 on the Bombay Stock Exchange where the benchmark Sensex closed 1% down at 17,509 points.
 

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Fortis makes S$3.80 a share offer to buy Parkway Holdings

India's Fortis Healthcare Ltd today responded to Malaysian sovereign wealth fund Khazanah's bid to control Singapore-based Parkway Holdings by offering to acquire all the shares of the company.

Fortis has made an offer of S$3.80 per piece to acquire Parkway against Khazanah's offer of S$3.78 a share.

The offer was made by Royal Bank of Scotland and Macquarie Capital (Singapore) Pte Ltd on behalf of RHC Healthcare Pte Ltd.

Fortis, owned by billionaire brothers Malvinder Singh and Shivinder Singh, own 25.3% of Parkway.

Fortis through RHC is making a counter-offer to Khazanah Nasional Bhd's S$1.18 billion partial takeover offer made on 27th May, aiming to buy 313 million shares, each priced at S$3.78.

On Thursday, Fortis Healthcare shares ended 1.2% higher at Rs154.10 on the Bombay Stock Exchange where the benchmark Sensex closed 1% down at 17,509 points

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