Reliance Mutual Fund announces dividends and bonuses
Coimbatore: The Reliance Mutual Fund (RMF) has announced dividends for three equity schemes and a bonus allotment for yet another scheme.

Both the Reliance Vision Fund and the Reliance Growth Fund will receive dividend payouts to the tune of 50 per cent (Rs5 per unit) under their dividend option, while the dividend pay out would be 30 per cent (Rs3 per unit) for the Reliance Banking Fund. The fund has also declared a bonus in the ratio of 2:5 (2 units for every 5 units held) for the Reliance Medium Term Fund.

It has fixed March 28 as the record date for the payment of dividend in Reliance Vision Fund and Reliance Banking Fund and for issue of bonus units in the Reliance Medium Term Fund. March 29, though, will be the record date for a dividend payout in the Reliance Growth Fund, RMF has said in a notice posted on its Web site.
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Jaiprakash Hydro public issue oversubscribed twice
Mumbai: The public offer of Jaiprakash Hydro Power Ltd, promoted by Delhi-based Jaiprakash Associates, has been oversubscribed twice on its opening day. The Institutional investors' portion was oversubscribed 3.5 times, according to ICICI Securities, one of the managers of the sale.

The public offer is a first by any hydro-power company and aims to raise Rs576 crore to fund a 1,000 mega watt project in Himachal Pradesh. UTI Bank, ICICI Securities Ltd, JM Morgan Stanley and Allianz Capital & Management Services Ltd are managing the Jaiprakash IPO, which closes on March 29.

The company is offering 18-crore equity shares or 36.7 per cent stake in Jaiprakash Hydro-Power Ltd at between Rs27 and Rs32 each.

Jaiprakash Hydro operates the 300-MW Baspa-II hydro power project in Himachal Pradesh on a build-own- operate and maintain basis. During the year ended March 31, the company reported net sales of Rs295 crore and net profit of Rs57.9 crore.
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3i Infotech sets price band for IPO at Rs90-100
Mumbai: IT solutions and services provider 3i Infotech is stepping into the market to pick up Rs230 crore through an initial public offering of two crore equity shares and a greenshoe option of 30 lakh shares. The issue will open on March 30 and close on April 4. The price band for the issue has been finalised at Rs90 to Rs100 per share of Rs10 each, and the issue price will be determined through a book-building process.

JM Morgan Stanley Pvt Ltd and DSP Merrill Lynch are the book running lead managers to the issue; ICICI Securities Ltd is the co-book running lead manager. The proceeds of the issue will also be used to repay loans of Rs93 crore, company officials have said. This would include part of short- and long-term debt worth Rs61.13 crore and Rs32.73 crore, respectively.

3i Infotech had earlier issued 30 crore redeemable preference shares to ICICI Bank of Rs5 each, aggregating Rs150 crore on March 31, 2003, which the company now proposes to redeem at par.

For the nine-month period ended December 31, 2004, 27 per cent of the company's total income was from ICICI Bank and some of its subsidiaries. Profit after tax for the same period was Rs16.26 crore.

3i Infotech was formerly known as ICICI Infotech Ltd, a wholly owned subsidiary of ICICI Limited.
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