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May 24, 2001
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Money > Business Headlines > Report May 24, 2001 |
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Intel to issue 1 million preference shares at Rs 990 premiumBS ICE Bureau Intel Technology India Pvt Ltd, the wholly-owned subsidiary of Intel, has applied for a permission to issue one million redeemable preference shares for a period of 20 years. The preference shares of Rs 10 each are to be issued at a premium of Rs 990 per share. According to sources, the ministry of information technology and the department of economic affairs have supported the proposed issue provided that the issue and redemption are at par, with redemption not before a period of five years. The FIPB has recommended the Intel proposal for the consideration and approval of the commerce and industry minister subject to the condition that the preference shares shall be redeemable, also at a premium of Rs 990 anytime within 20 years. Other conditions include the coupon rate on the shares will be one per cent and they will be issued at a face value of Rs 10 with a premium of Rs 990 each which equates to a price of Rs 1000 per share. Additionally, the shares will be non-cumulative for purposes of dividend payments. In early 1997, the government had allowed Intel to set up a wholly-owned subsidiary with sales and marketing support division, a 100 per cent export oriented software development division, and a online service division. Intel was in February 1997 given permission to invest $12 million, representing 100 per cent foreign equity over a period of five years. Intel was also granted permission by the FIPB to invest an additional equity of $38 million over the next five years on a repatriable basis. Powered by YOU MAY ALSO WANT TO READ:
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