Rbi Sets 13% Rate For Floating Rate Bonds

Corporation Bank is launching its maiden public issue of 3.8 crore shares at a premium of Rs 70 per share on October 3. This was disclosed by R S Hugar, chairman of the bank, at a press conference in Mumbai yesterday. The bank is targeting to achieve a deposit base of Rs 8,000 crore by the end of the fiscal.

The 20th Century Finance Corporation Ltd has revised rates on its Vishwas fixed deposit scheme with effect from September 1. In Vishwas Money doubler scheme (cumulative deposit for 58 months), the interest will be compounded at 14.45 per cent per annum. For other cumulative plans, interest would be compounded monthly at 13 per cent, 13.25 per cent, 13.5 per cent, 14 per cent, 14 per cent and 14 per cent per annum for 12, 18, 25, 36, 48 and 60 month deposits respectively.

RBI has announced a revised price list of securities. It is selling the 6.75 per cent paper maturing in 2006 at Rs 75.66 and the 7 per cent security maturing in 2009 at Rs 72.33.