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SBI to hike investment in equity, bonds
The State Bank of India proposes to recast its lending policy in keeping with the changing scenario of the country’s banking sector. Also, it intends to create more assets through investments in securities and bonds now that there is no restriction on such direct investments. At present, non-performing assets net of provisions accounted for nearly 17.5 per cent of the bank’s total assets. Mr. D. Basu, Chairman of SBI, said the middle-market, fast-growing agro-based business sector, housing finance, consumer financing and infrastructure financing would get priority la its lending approach.
STAR TV pay channel in Oct.
India would enter the world of pay satellite television channel in October, with the Hong Kong-based STAR TV firming up its plans to start its pay movie channel in October. According to Mrs. Roop Sharma of the Cable Operators Federation of India (COFI), the cable operators are welcoming the pay channel, since the video companies with movie rights were playing havoc with the distribution of Hindi films.
Godrej companies’ merger okayed
The boards of directors of Godrej Soaps Ltd. (GSL) and Gujarat-Godrej Innovative Chemicals Ltd. (GGICL) have approved the proposal to amalgamate both companies from April 1, 1994. This will, however, have to be approved by the shareholders, courts of law and other authorities. Prior to the issue of shares in the amalgamated company to the shareholders in GSL, the equity share capital and share premium account of GGICL will be reorganised by carrying out a reduction of capital to reduce the face value of shares in GGICL from Rs. 10 to Re. 1 per share.
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