HTMT declares 50% dividend; stock exchange all clear appears difficult
The Board of Directors of Hinduja TMT Limited (HTMT), in its meeting held today, decided to declare an interim divide
Intelsat says it will make a public play before end-2002
It‘s taking up a public position. Satellite operator Intelsat Ltd, announced on 8 March, that it would be making an initial public offering of its ordinary shares valued at around $500 million before end 2002. The company is also giving its current shareholders a chance to offload their stock during the IPO.
In a press release issued yesterday, Intelsat said that it expects to file its IPO registration statement with the US Securities & Exchange Commission in mid-2002.
The purpose of the IPO: to raise funds for general corporate purposes and to repay outstanding debt, and to comply with the Open-Market Reorganization for the Betterment of International Telecommunications Act (known as the ORBIT Act). Under this act, Intelsat Ltd has to complete its IPO before 31 December 2002.
The floodgates are finally opening up it would seem. Earlier this week, the Union Cabinet allowed 100 per cent foreign direct investment (FDI) in advertising and films. And if reports trickling in from North Block are to be believed, the government is expected to lift a major bugbear of the broadcasting sector in the the next few days: that of the 20 per cent FDI equity cap in Indian DTH ventures. Apparently, sources say, the I&B ministry, in conjunction with the communications and IT ministry and the Prime Minister‘s Office, is likely to raise the FDI bar to 49 per cent in DTH ventures. Other anomalies in the DTH policy announced last year like cross media restrictions are to be eased too, sources indicate. 
