Govt clears Rs 159cr FDI proposals

Finance minister P Chidambaram today cleared 24 FDI proposals valued at Rs 158.82 crore, including ICICI Bank's Rs 44.45 crore ADR offering and the proposals of Colgate-Palmolive and Bausch & Lomb.

ICICI Bank's proposal pertains to the issue of sponsored offering of ADRs against existing shares.

The Colgate-Palmolive (Asia) Pte's proposal includes transfer of shares from non-resident to non-resident constituting 20% of the paid-up capital through a stock exchange at the prevailing market price.

Another big proposal cleared is that of Bausch & Lomb South Asia Inc or any of its associates, nominees or subsidiaries to set up a company with 100% foreign equity participation involving inflows to the tune of Rs 50 crore.