Bluplast looks at IPO to fund expansion
Mumbai: Plastic and thermoware company, Bluplast Industries, is planning a Rs32 crore expansion plan, which includes setting up a PVC wood coating plant as well as expanding the capacity of its existing plastic plant.

The company plans to fund the expansion through internal accruals and an Rs30-35 crore initial public offering (IPO). Post-issue, the promoters' stake in the company will go down to 42 per cent.

Kamlesh Jain, chairman and managing director BluPlast Industries said, "This is the first PVC wood composite plant in the country, where we hope to start commercial production by July."

The company is the third largest player in the thermoware market in the country after Milton and Cello. In the last fiscal, its turnover was Rs43.49 crore and profit after tax was Rs1.60 crore.
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Tulip shares cut off set at Rs.96/Rs.171
Mumbai: The BSE has set a cut-off price of Rs96 for the sale of around 4.5 lakh shares yesterday of the newly listed Tulip IT Services after a Mumbai-based broker sold shares of the company for 25 paise a share.

BSE has said that those who bought the shares will be charged Rs96 or Rs.171.15, depending on whether their purchase orders were placed before or after the fluke sale order.

The BSE said it had decided to restructure the sales of Tulip Services after a "detailed examination of the facts and circumstances, and to minimise the distortionary effect of the trades and also to protect the interest of entities dealing in the shares."

Tulip IT Services Limited was listed on the Exchange yesterday. The public issue price was Rs120 and was traded without any circuit filters to enable price discovery. As per prevailing practice, filters are applied on the closing price from the second day of trading, which started at Rs180 in the morning.

The error took place in the afternoon when a sell order for a large quantity of shares was placed at a price of 25 paise. Clearly the sell order was placed at a price unrelated to the then prevailing market price and had a significant distortionary effect on the trading in the shares.

SEBI is reported to have asked the exchange to take strict action against the erring brokerage in accordance with the exchange by-laws.
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Nagarjuna board approves allotment of shares under GDR green shoe option
Hyderabad: The board of directors of Nagarjuna Construction Company (NCC) at their executive committee meeting held on Thursday, approved the allotment of 29.35 lakh equity shares underlying the global depository receipts (GDRs) under the green-shoe option facility exercised by the lead managers to the GDR issue.

Each GDR represents one equity share of Rs2 each and is priced at US$5.11.

The company earlier priced its US$105mn GDR issue at US$5.11 a GDR (Rs233.17) each, which represented one equity share of the company of a face value of Rs2 per share. The company had granted a green shoe option to the lead managers for up to 14.3 per cent of the issue size amounting to US$15mn.

The GDRs issued by the company have been listed on the Euro MTF Market of the Luxembourg Stock Exchange, the IOB platform of the London Stock Exchange and on NASDAQ's Portal market.
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Punj Lloyd debuts at premium of 51 per cent
Mumbai: Punj Lloyd's shares listed at a 51.11 per cent premium on the stock markets on Friday to close at Rs1,057, compared to the issue price of Rs700 per share.

Punj Lloyd was the most actively traded stock on Friday with over 1.41 crore shares changing hands. The company's IPO was for 91.73 lakh shares. (About 46.55 lakh shares of the Punj Lloyd changed hands at the BSE while another 95.25 lakh shares were traded on the NSE.)

Traders said the shares were much in demand after the company informed that it had won about US$191mn worth of new orders prior to the start of the trading. Punj Lloyd's IPO was oversubscribed by 39.06 times. The company's IPO constituted 17.57 of the fully diluted post issue paid-up equity capital of Punj Lloyd.

Punj Lloyd has been granted a letter of intent by Bechtel for a pipeline project in Abu Dhabi for US$28.90mn and has also received a letter of intent by Matrix for another project in Abu Dhabi for AED29.44mn (United Arab Emirates Dirham).

In addition, Punj Lloyd said it also received a letter of intent by the Road Infrastructure Development Company of Rajasthan Ltd for construction of roads in three sectors in the State for a total of Rs593.54 crore (US$132mn).
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CAG Tech (Mauritius) sells 2.05 per cent stake in Agro Tech Foods
Hyderabad: Agro Tech Foods, the Indian subsidiary of US food giant Conagra, has informed the stock exchanges that CAG Tech (Mauritius) sold 4,99,831 shares aggregating 2.05 per cent of the total paid-up capital of the company on January 4.

After this, the shareholding of CAG Tech (Mauritius) Ltd in ATFL stood at 1.2 crore shares, amounting to 49.24 per cent of the total paid-up capital of ATFL.

CAG Tech (Mauritius) acquired 12.5 million shares of Rs10 each of ATFL in October 1997, representing a 51.3 per cent stake in the company. The US-based ConAgra Foods Inc and South Africa-based Tiger Brands jointly held CAG Tech (Mauritius) Ltd in the ratio of 2:1.

Further, ConAgra Foods is also contemplating increasing its shareholding in CAG-Tech (Mauritius) pursuant to inter-promoter transfer of shares of CAG-Tech (Mauritius) between Tiger Brands and Con-Agra Foods Inc, the company said.
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