TopNews

Axis Bank is planning to raise Rs 2,000 crore via unsecured redeemable non-convertible subordinated debentures (Lower Tier-II) of 10-year tenure, on private placement basis, at a coupon rate of 9.15 per cent.

The private sector lender on Tuesday informed that its board of directors has approved allotment of Unsecured Redeemable Non-Convertible Subordinated Debentures on private placement basis as aggregating to Rs 2,000 crore.

Reports suggest that the core size of the debenture issue will be Rs 1,500 crore plus a greenshoe option up to Rs 500 crore.

Vilnius  - The economy in EU member state Lithuania will shrink by more than 18 per cent in 2009, according to an official estimate released Wednesday.

Finance Ministry figures predicted a fall of 18.2 per cent of gross domestic product (GDP) for the year as a whole, with a further contraction of 4.3 per cent in 2010 before growth returns in 2011.

The previous Finance Ministry prognosis was for a 10 per cent fall in 2009, while the Lithuanian central bank is currently predicting a 15 per cent drop.

Central Bank of India has informed that it has entered into an agreement with Ashok Leyland, to provide loans for commercial vehicles.

Under the facility, Central Bank of India will provide loans for Ashok Leyland's customers at 100 basis points below its benchmark prime lending rate till March 31, 2010. The bank's current BPLR is 12 per cent.

The latest move is considered as a part of bank's strategy to increase its retail loans portfolio to 15 per cent of its total assets, from the current 9 per cent.

Srinagar, June 17 : Jammu and Kashmir state Congress presiden

Indian Real estate company Unitech has informed that its telecom venture has earmarked a capital expenditure of Rs 10,000 crore for the next three years to roll out its services across the country.

Reports suggest that, out of the total capex, Rs 6,600 crore would be equity base, while the balance would be debt.

Further, Unitech Wireless, a joint venture between Norwegian telcom major Telenor and Gurgaon-based realty firm Unitech, has revealed its plan to increase the headcount to 1,800 people by the end of this financial year, from the existing 500.

Kathmandu  - Nepalese Prime Minister Madhav Kumar Nepal Wednesday expanded his government by inducting five new ministers.

The expansion of the cabinet came amid a continuing squabble among political parties that supported Nepal in his election as prime minister in the legislative assembly in May.

Nepal brought in four ministers from his Communist Party of Nepal- Unified Marxist Leninist (CPN-UML) and one from Nepali Congress, taking the cabinet size to 22 members.