IDBI call option on bonds

IDBI has announced its decision to exercise the call option on its IDBI Regular Income Bonds and IDBI Easy Exit Bonds of the Flexibonds Issue 1996.

The above bonds will be redeemed by IDBI on March 18, 2001 at the face value or deemed value, as the case may be. No interest on these bonds will be payable after the Call Option date, March 18, 2001. The notice of call option will be issued to bondholders by post. All requests for transfer or transmission bonds must be sent to the Registrar, Investor Services of India Ltd (ISIL) by January 11, 2001.

Following the earlier directive from the Madras High Court, MCC Finance has started repaying all its depositors. The next instalment of 15 per cent of the total amount due, subject to a minimum of Rs 1,000 and a maximum of Rs 45,000 was released by the company through cheques on January 8.

The cheques and warrants can be encashed on par at all the branches of UTI Bank and in some specified branches of Bank of Madura. As per the scheme approved by the High Court, 92,470 depositors consisting of fixed deposit holders, cumulative term deposit holders and the bond holders have been paid Rs 26.5 crore.