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CONCOR OFS reserved for retail investors amounting to Rs. 233 crore at floor price got over subscribed approximately 1.84 times.



CONCOR OFS reserved for retail investors amounting to Rs. 233 crore at floor price got over subscribed approximately 1.84 times. 


In-spite of volatility in the capital market and depressed sentiments as BSE (-170.62) and NSE (-45.65) closed in red, the retail portion of CONCOR OFS got thumbs up from retail investors. The 20% portion of CONCOR OFS reserved for retail investors i.e., 19,49,742 equity shares amounting to Rs. 233 crore at floor price got over subscribed approximately1.84 times. The total bids received from retail investors amount to Rs. 430.08 crore. 

Overall the CONCOR OFS for 5% divestment of paid-up equity out of Government of India shareholding of 61.80% for equity shares of 97,48,710 amounts to Rs. 1165 crore at Floor Price. The total demand was for 1,93,62,013 equity shares amounting to Rs. 2317.20 crore. 

This was the seventh CPSE disinvestment of the fiscal year 2015-16 and third of this quarter. 

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Prime Minister Shri Narendra Modi to deliver the Key Note Address at International Conference on ‘Advancing Asia: Investing for the Future’; Three day International Conference to be held in the national Capital from 11th March to 13th March, 2016. 

The Prime Minister of India, Shri Narendra Modi will deliver the Key Note Address in the Opening Session of the three day International Conference on ‘Advancing Asia: Investing for the Future’. The Conference is being held in the national capital from March 11-13, 2016.It is jointly organized by the Ministry of Finance, Government of India and International Monetary Fund (IMF). 

Ms Christine Lagarde, Managing Director, International Monetary Fund (IMF) will make the Opening Remarks on the occasion. Thereafter, Prime Minister, Shri Narendra Modi along with Shri Arun Jaitley, Union Minister of Finance, Corporate Affairs and Information & Broadcasting and Ms. Christine Lagarde, Managing Director, IMF will participate in a 'Ceremony for South Asia Training and Technical Assistance Center'. 

The First Thematic Session of the Conference will be held on the subject ‘Asian Growth Models’ in which Dr Arvind Subramanian, Chief Economic Adviser (CEA), Ministry of Finance, Government of India, Mr.Martin Wolf, Chief Economics Commentator, Financial Times, Eisuke Sakakibara, former vice-Minister of Finance, Japan, Caroline Atkinson, former U.S. Deputy National Security Adviser for International Economic Affairs and Zhongxia Jin, Executive Director for China, IMF will participate in the panel discussion. 

In second Thematic Session on ‘Income Inequality, Demographic Change, and Gender’, Dr. Arvind Panagariya, Vice-Chairman, NITI Aayog India, Mr Milwida Guevara, CEO, Synergeia Foundation, Phillipines, Azeema Adam, Governor of Maldives Monetary Authority, Mr Fazle Hasan Abed, Founder and Chairperson of BRAC, Bangladesh and Mr Zia Mody, Partner, AZB and Partners, India will participate in the panel discussion. 

Other Sessions include on Infrastructure Investment, Fiscal Space, and Growth: Does Asia Need More Official Financing for Investment; and Developing Asia: Challenges of Climate Change and Economic Resilience among others. 

Dr Raghuram Rajan, Governor, Reserve Bank of India will deliver the Keynote Address while Ms Melinda Gates, Bill and Gates Foundation will converse with Ms Christine Lagarde, Managing Director, International Monetary Fund (IMF) during the three day Conference. 

On the concluding day, March 13, 2016, there will be sessions on Managing Capital Flows; Finance, Financial Inclusion and Growth: Challenges for the Next Decade. Closing Session will be addressed by Shri Arun Jaitley, Union Minister of Finance, Corporate Affairs and Information & Broadcasting and Ms Christine Lagarde, Managing Director, International Monetary Fund. 

The Minister of State for Finance, Shri Jayant Sinha and Ms Christine Lagarde, Managing Director, International Monetary Fund will jointly address a Press Conference after the closing ceremony. 

The three day event will end with a Special Session between Asian Ministers and Governors and Ms Christine Lagarde, Managing Director, International Monetary Fund, Mr. Changyong Rhee, Director, Asia and Pacific Department Director and Sharmini Coorey, Director, IMF Institute for Capacity Development among others. 

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Approval for Proposal for Extension of the value date of the Existing Currency Swap facility of USD 1.1 billion availed by Central Bank of Sri Lanka (CBSL) and provision of a new special currency swap to Sri Lanka for USD 700 million 

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its ex-post facto approval to the proposal for extension of the value date to 8th March 2016 of the Existing Currency Swap facility of USD 1.1 billion availed by Central Bank of Sri Lanka (CBSL) from Reserve Bank of India (which was due to be repaid on 3rd March 2016). 

Approval of this proposal will provide a temporary relief to Sri Lanka till alternative arrangement is in place. 

The Union Cabinet also gave its approval for providing a special swap of USD 700 million to Sri Lanka for a period of 3 months or till the time Sri Lanka avails the IMF facility whichever is earlier. 

Approval of this proposal shall help Sri Lanka in strengthening its economic stability and official reserves which have witnessed downward trend in 2015 owing to the adverse impact of the expected interest rate hikes in the United States. This will further foster India’s bilateral relations and economic ties with Sri Lanka, which is India’s important partner in SAARC and South Asia. 

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Memorandum of Understanding between India and International Monetary Fund for setting up of South Asia Regional Training and Technical Assistance Center in India by the International Monetary Fund 

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for entering into the Memorandum of Understanding (MoU) between India and International Monetary Fund (IMF) for setting up of South Asia Regional Training and Technical Assistance Center (SARTTAC) in India by the IMF. It also authorised the Finance Minister to approve related decisions in respect of India’s contribution for setting up of the centre, including Letter of Understanding for financial contribution by India, site of the SARTTAC, representative of India on the Steering Committee on SARTTAC, etc. 

The SARTTAC will be a collaborative venture between the IMF, the member countries that is Bangladesh, Bhutan, India, Maldives, Nepal and Sri Lanka and development partners for supporting the capacity development needs of the members. Additional member countries could join SARTTAC at a later stage. SARTTAC will also selectively cater to the capacity building needs at the State level, especially in India. 

The IMF is organising a Regional Conference on ‘Advancing Asia: Investing for the Future’ in New Delhi. The MoU may be entered into during this Conference. 

The MoU will help in capacity building of Government officials including state level in macro, fiscal, monetary policies by the IMF and greater coordination between the six member countries of South Asia. 

Capacity development at Central and State level in fiscal and financial policies will enhance revenue mobilization and development of policies aimed at more effective public and financial management. This will result in economic development and inclusive growth in the country. 

Capacity development by the IMF will bring in the best practices from across the globe, as well as the South Asian region, resulting in innovative solutions to fiscal, monetary and financial issues and effective response through use of IT and innovative techniques. 

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