October 27, 1994

The Securities and Exchange Board of India has written to the Unit Trust of India seeking full details of the private placement deal with the Reliance Industries Ltd (RIL) in which the mutual fund has invested Rs. 773 crores. SEBI has asked for particulars on the terms of the placement including the pricing of the shares and the schemes in which the investment has been distributed, top officials confirmed today. It has now been made clear by the regulator that the five-year lock-in period on private placement of shares will apply to UTI.

Drug licensing off for foreign investments

The Government has modified the policy for grant of licence and approval of foreign investments and technology agreements for the drugs and pharmaceuticals industry under which licensing requirements have been done away with for all except a few categories of drugs and formulations. The changes are consequent to the modifications carried out in the drug policy of 1986 by the Department of Chemicals and Petrochemicals in September.

‘ Tisco to meet all slab requirements by 1996’

Starting in fiscal 1996, Tisco is expected to meet all slab requirements out of its own production,” says CS First Boston, the joint lead manager of the company’s road show early this year. “This should lead to a marked increase in profitability as we estimate Tisco’s pre-tax production cost to be significantly lower than the landed cost of imported slabs (we estimate the cost difference to amount to Rs. 52 crores).” The Tata Iron and Steel Company recently commissioned its hot strip mill in Jamshedpur, marking the completion of the third phase of modernisation.

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