The Mint report 30 March 2010

The Mint report 30 March 2010

Standard Chartered has come a step close to raising some $750 million in India. On Tuesday, the bank filed a draft prospectus to raise the money by issuing some 22 crore Indian depository receipts or IDRs. Standard Chartered expects to list the IDRs by the end of June. India is the second-largest contributor to Standard Chartered’s profitability after Hong Kong. In 2009 its profits from India were over $1 billion.

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For the first time in more than two years, the department of telecommunications met its own deadline on 3G auction proceedings. On Tuesday, it published a list of pre-qualified bidders for the auction along with details of the earnest money these firms paid. The list shows six of the nine operators have applied for spectrum in all 23 telecom circles in India. They are Bharti Airtel, Aircel, Idea Cellular, Reliance Telecom, Tata Teleservices, and Vodafone Essar. The auctions for both 3G and broadband auctions are expected to take place on 9 April.

Tata Motors has reduced its stake in construction equipment company Telcon. It has sold a 20% stake in the Telcon joint venture to its partner Hitachi. Tata Motors says the transaction is worth Rs1,159 crore. After the sale, Tata Motors owns 40% of Telcon while Hitachi owns the remaining 60%. Tata Motors has been selling stake in some of its group companies to help to raise money to pay off its debts. Telcon provides equipment for mining, infrastructure and agriculture.