Mumbai, Sep 14 (IANS) Private sector lender ING Vysya Bank Monday said it will raise Rs.416 crore by allotting equity on preferential issue basis and issuing shares to qualified institutional buyers.
The investors committee has agreed to issue 92,70,455 shares to qualified institutional buyers at Rs.248.10 a piece, aggregating to Rs.230 crore, the bank said in a regulatory statement.

Also the committee has approved to allot 74,93,478 shares to ING Mauritius Holdings and ING Mauritius Investments at Rs.248.10 per share on preferential basis, aggregating to Rs.186 crore, it added.

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Air India, Singapore Airlines sign pact

Mumbai: Air India and Singapore Airlines have entered into a frequent flyer programme (FFP) agreement enabling fliers on both carriers to redeem mileage points on their respective flights.

This is in addition to the existing code share and interline arrangements between the two airlines, an Air India spokesperson said here Monday.

Under the pact, members of Air India’s FFP, called Flying Returns, will be able to earn mileage points when they travel on Singapore Airlines or choose to redeem their mileage points on that carrier, airline which operates to over 65 destinations in 35 countries.

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Arevas get order worth Rs.76 crore from Haryana

Noida: Power transmission and distribution company Areva has won an order worth Rs.76 crore from the Haryana government for construction of an air-insulated substation near Faridabad.

The order involves supply of 2×315 MVA power transformers and high voltage circuit breakers, instrument transformers and other transfer and distribution Products.

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SREI Infra gets regulator nod for mutual fund biz

Mumbai: Infrastructure finance company SREI Infrastructure Monday said it has got in-principle approval from the Securities and Exchange Board of India (SEBI) to launch a mutual fund.

“Pursuant to an in-principle approval received by the company from the SEBI for setting up a mutual fund, the board has decided to incorporate two wholly-owned subsidiary companies for carrying out the activities of asset or fund management and trusteeship services,” the company said in a regulatory statement.

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Omaxe to develop township in Lucknow

Mumbai: Realty major Omaxe Ltd Monday announced that the company will develop a township in Lucknow through its Subsidiary, Garv Buildtech Ltd, at an investment of Rs.2,800 crore.

The township, spread over 2,700 acres near Lucknow airport, will be completed in five to seven years, the company said.

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IBM partners with Indian School of Business

New Delhi: Technology major IBM Monday said it has partnered with Indian School of Business (ISB) for research in service science.

The research programme will initially have 10 full-time researchers, five each from ISB and IBM Research (India), who will focus on developing foundational techniques in service science, including modelling, measurement and optimisation of service systems,” the company said in a statement.

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SunTec ties up with SeaChange International

Thiruvananthapuram: City-based SunTec has tied up with SeaChange International, a leading provider of hardware and software services for video-on-demand TV, to offer new solutions for IPTV service providers.

Under the partnership, SunTec’s convergent billing solution will be integrated with SeaChange’s TV Navigator middleware, video-on-demand systems and set-top box applications.

Rajesh Narashimha, a top official of SunTech, said the partnership would help IPTV service providers roll out innovative services and programmes for its consumers.