Punjab National Bank - Change of BPLR

Punjab National Bank has informed BSE that the Bank has reduced the BPLR from existing level of 13% p.a. to 12.50% p.a. effective from March 01, 2008.

In addition, Bank has also selectively reduced its interest rates by 50 bps on loan, which are not linked to BPLR such as housing Loans above Rs 20 lacs where interest rate will be in the range of 9.5% to 10.5% (against the existing rates ranging from 10% to 11%). Further, the interest rates in respect of loans granted for second house have also been reduced by 50 basic point (bps). Bank has also reduced rates of interest on Car loans consumer loans (personal loans) by 50 bps to 100 bps.

Reliance joint venture with iconic UK fashion retailer M&S

Reliance Industries chairman Mukesh Ambani’s deal-making spree to get the best domain expertise in the retail sector is poised for the big one now. His retail arm, Reliance Retail (RRL), is locked in ‘substantial’ discussions to float an equal joint venture with iconic UK fashion retailer Marks & Spencer (M&S) for apparel, gourmet food and cafes, multiple sources familiar with the situation said.

According to a source close to the deal, the gourmet food format is likely to be integrated with Reliance Fresh “wherever possible,” (upmarket localities) as a shop-in-shop format. This would help M&S get immediate scale in food business. There are 491 Reliance Fresh stores that sell food, FMCG and fruits and vegetables and this figure is likely to touch 1,400 by the end of next fiscal.

The $16-billion M&S, operating in the country through a franchisee arrangement with Planet Retail since 2001, is in the midst of charting a new India strategy aimed at accelerating expansion in the domestic market. It recently slashed prices by 20% to attract more footfalls in the stores and taking prime space in malls to open more stores.

Reliance Power Bonus Issue

Reliance power shareholders , they informed today that they will give 3 bonus shares for 5 shares already holded in reliance power .

HDFC Bk, CBoP Boards okay swap ratio of 1:29

The Boards of both banks, HDFC and Centurion Bank of Punjab have okayed a swap ratio of 1 share of HDFC Bank for every 29 shares of CboP, reports CNBC-TV18.

The merger ratio has come in favour of HDFC Bank at current market price.

HDFC Bank will make a preferential issue to HDFC after the merger to maintain 23.28% stake. The merger values CBoP at Rs 50.80 per share and current market price at Rs 56.35.

Future Ventures files DRHP for IPO

Kishore Biyani-promoted Future Group company, Future Ventures, The company plans to

373.62 crore equity shares

Rs 10 each equity shares

2,660,750,000 issue to the public
50,000,000 equity shares for eligible employees
250,000,000 equity shares for eligible shareholders
100 % book building process.

The net issue would constitute 66.52 % of the post issue paid up capital of the company, it added.

REC IPO 23.69 times in retail

REC IPO Finally got subscribed by almost 23.69 times. will update when i get the information.
The net issue to the public is for 15.22 crore shares, constituting 18.18 per cent of the fully diluted post-issue capital of the PSU power major. The issue closes today.
Post issue, the government’s holding in the company will fall to 81.00% from 100 % at present.

CBoP merger talks with HDFC Bank

Centurion Bank of Punjab (CBoP) bank talks with some major banks for merging.HDFC is strong player for buying CBoP.

In past Centurion Bank merge with Bank of Punjab.And now find big banks for merging.
Today stock surge 14% on this news.

Centurion Bank of Punjab's major shareholders include Bank of Muscat, HSBC Finance, Saber Capital. Bank of Muscat hold the maximum equity of 14 per cent in the bank.