SEBI view on Sterlite offer

MUMBAI: SEBI is expected to take a view on the conditional offer to pick up a minimum 10 per cent in Indal by Sterlite Industries, on Wednesday. The regulator called the merchant banker to the offer, Enam Financial, for a discussion on the matter on Tuesday and asked it to explain the rationale behind this kind of offer. Sources in Enam Financial maintained that the offer was perfectly within the realm of the takeover regulations and there was no reason for Sebi not to accept the offer.

Godrej group eyes Hexit range

MUMBAI: The Godrej group is weighing the option of acquiring Hoechst Schering AgrEvo’s Hexit range of insecticides. Godrej Soaps managing director Adi Godrej said that discussions were on, though nothing had yet been firmed up. The Godrej group and Hoechst Schering AgrEvo are expected to sew up a distribution agreement, expected to be followed by a gradual brand transfer.

SEBI to meet Gupta panel soon

MUMBAI: THE Sebi has decided toconvene a meeting of the L C Gupta committee later this month in a bid to get all the members of the committee to endorse the first part of the report and clear the final report. Top Sebi sources said that the regulator has already worked on the regulations which are to be incorporated in the second part of the report. quot;We have convened a meeting later this month to ensure that each member endorses the report. We expect the report to be finalised in the next meeting if all goes well,quot; said a top Sebi source.

Global Trust Bank profits rise

MUMBAI: Global Trust Bank has posted a net profit of Rs 59.45 crore during the first three quarters of the current fiscal registering 38 per cent growth over March 1997 on an annualised basis. Its gross profit during the first three quarters of 1997-98 stood at Rs 101.22 crore against Rs 103.86 crore for the year ended March 31, 1997.