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Markets | Greatship unit may look at IPO: GE Shipping

Markets | Greatship unit may look at IPO: GE Shipping
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First Published: Mon, Mar 22 2010. 11 05 PM IST
Updated: Mon, Mar 22 2010. 11 05 PM IST
Mumbai: The board of Great Eastern Shipping Co. Ltd on Monday approved an initial public offering (IPO) for its wholly owned unit Greatship (India) Ltd to fund expansion plans.
In a filing to the Bombay Stock Exchange, Great Eastern Shipping, India’s largest private shipping firm, said any offering and its timing will be subject to market conditions and obtaining necessary shareholder and regulatory approvals. “The quantum of money and timing will be decided by Greatship board. This is just a baby step,” Great Eastern Shipping spokesperson Anjali Kumar said.
The filing to BSE said: “There can be no assurance that any offering will happen in a timely manner or at all. The final decision of the mode of raising finances will be decided by the board of directors of Greatship.”
--P.R. SANJAI
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NSDL cuts settlement charges by 10%
Mumbai : National Securities Depository Ltd (NSDL) has reduced by 10% the settlement fee charged to participants from Rs5 to Rs4.50 per debit instruction, effective 1 April. In a statement, NSDL said that the reduction was done in the backdrop of a growth in volumes.NSDL has reduced the settlement fee several times. The last such cut was from Rs6 to Rs5, or 16%, in 2008. The depository, India’s largest, currently manages over 10 million investor accounts.
--ANIRUDH LASKAR
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First Published: Mon, Mar 22 2010. 11 05 PM IST