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Non-Tech : ICICI Ltd - (Nyse: IC) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (238)	2/24/2000 7:56:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 494

Taib Bank (Bahrain) to up local arm stake to 74% taib.com (Friday, February 25, 2000) Our Bureau in Banglore Taib Bank EC, the Bahrain-based investment bank, yesterday announced that it has decided to hike its holding in Taib's subsidiary in Bangalore to 74 per cent. Iqbal G Mamdani, Taib Bank's vice-chairman and chief executive officer, told newspersons that its subsidiary had also bought a 10 per cent stake in Pentasoft Technologies. It recently bought 66 per cent of the equity in Mind Tech, formerly known as Hinditron. He said it has decided to increase its investment in its subsidiary, Taib Capital Corporation Ltd (TCCL), to 74 per cent by pumping in an additional Rs 16 crore. The acquisition will be subject to approval from the FIPB, he said. Mamdani informed the bank had bought a 10 per cent stake in Pentasoft Technologies last week. He also said that the bank will float an asset management company soon. "We have already sought permission from Sebi for floating the company," he said. He said when the bank set up its office in India five years ago, there was hardly any market for primary issues and, hence, there was a delay in firming up expansion plans. He said an India dedicated fund, Everest Fund, gave a return of around 204 % during the previous year. Mamdani said the bank's subsidiary, Taib Securities India Ltd (TAIL) based in Mumbai, will assist the Bahrain office in providing online trading in equities on leading stock exchanges in India to its overseas clients, through a Web-enabled system. "The proposed strengthening of its capital base will result in TCCL and TSIL being able to perform substantially better in the future, and support a higher level of merchant banking, investment banking and brokerage operations," TCCL president and chief executive officer R Ramachandran said. -Business Standard