ECB rules relaxed

Mumbai, Dec. 4: The Reserve Bank today liberalised external commercial borrowing (ECB) guidelines by allowing companies to borrow an additional $250 million with an average maturity of more than 10 years under the approval route. This will be over the existing limit of $500 million under the automatic route that firms could avail during a financial year, an RBI release said.

R-Com bid

New Delhi, Dec. 4: Reliance Communications (R-Com) has bid for a national fixed wireless service licence in Bahrain. The company has submitted the bid along with nine bidders.

Telecom policy

New Delhi, Dec. 4: the department of telecom is working to finalise a comprehensive spectrum allocation policy by 2007-end, and is likely to release additional spectrum by the end of this month for growth of mobile services.

Marico funds

Mumbai, Dec. 4: Marico has raised Rs 150 crore through a private placement of 29 lakh fresh equity shares at Rs 522 per share. The placement has been done through qualified institutional placement to fund fresh acquisition opportunities.

RBI move

Mumbai, Dec. 4: The RBI today liberalised the norms for the quantum of expenditures made by Indian companies on the proper operation of their overseas branch, office or representative by increasing the limits for initial and recurring expenses.