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NBFC's keen to convert into banks

Feb 5, 2000

Leading Non-Banking Finance Companies (NBFCs) are interested in converting their status to banks. They are exploring this possibility and have consulted the Reserve Bank of India for this purpose.

VLS Finance reports a big jump in profits

Feb 2, 2000

VLS Finance Ltd has reported a net of Rs 60.1 m for the 3QFY2000. The main driver to profit was growth in operating income, fall in expenditure and interest costs.

Essar: Wanted.

Jul 20, 1999

Essar Steel has become the first Indian company to default on an international obligation. It has been unable to either repay or make alternative arrangements for its $ 250 m floating rate notes, which fell due on the 20th of July. The company has convened a meeting of the note holders and has said that it will come up with a comprehensive plan within 90 days.

Essar Steel: Falling in line

Jul 17, 1999

Essar Steel has decided to roll over the floating rate notes (FRNs). The FRNs, valued at $ 250 m, were due for redemption on the 20th of July.

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