IDBI merger okayed

Mumbai, April 1: The merger of IDBI Bank Ltd with the Industrial Development Bank of India (IDBI) comes into effect from tomorrow. The Reserve Bank of India today gave its seal of approval for the amalgamation that would create a financial powerhouse with an asset base of over Rs 80,000 crore. The merger process began early last fiscal when the IDBI Act was repealed to convert the development finance institution into a banking entity. The government would continue to hold over 51 per cent stake in the merged entity. As on March 31, the asset base of IDBI Bank stood at Rs 18,000 crore, said MD Nageshwara Rao.

Telecom fee

New Delhi, April 1: The government today reduced the rate of interest and penalty for delayed payments for all new unified telecom licensees, including basic companies migrating to UASL, by amending the finance-related licence conditions. Licences of international and national long distance service providers have also been amended.

BPL holding

Chennai, April 1: The Company Law Board, Chennai, today asked BPL?s telecom division to furnish the shareholding pattern in BPL Communication, BPL Mobile Communication and BPL Mobile Cellular. These firms are run by Rajeev Chandrasekhar, son-in-law of BPL group patriarch T. P. G. Nambiar..

BSE move

Mumbai, April 1: The Bombay Stock Exchange has submitted a final draft of demutualisation proposal to the Securities and Exchange Board of India, which will prescribe the milestones for the corporatisation of the bourse.