ANMI moots self
regulatory body for brokers
Mumbai: The Association of NSE Members of India (ANMI) has mooted the
idea of forming Self Regulatory Organisation (SRO) to regulate the stockbrokers'
community and has given a proposal to SEBI for approval.
S.K.
Rustagi, President, ANMI, said at a press meet that the objective of forming
SRO is to bring all the stockbrokers of the country into it and not just NSE
members. "The idea is to include members of all the stock exchanges into
it," he said. Meanwhile,
ANMI is organising a one-day seminar in Mumbai on Friday on "The Securities
Markets Vision for Development and Regulations-National and International
Perspectives". The Finance Minister, P. Chidambaram, will inaugurate
the function.
Officials
from the Finance Ministry and SEBI would also participate
in the seminar, which would deliberate on issues such
as universal broker, market development and regulatory
practices in India and abroad.
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SEBI
fines Sterlite over preferential allotment of shares
Mumbai: The Securities and Exchange Board of India (SEBI) has levied
a fine of Rs one lakh on Sterlite Industries in connection with the preferential
allotment of shares to Twinstar Holdings. Sterlite
Industries made a preferential allotment of shares on January 31, 2000 in
favour of the promoter group Twinstar Holdings. Following this, the shareholding
of the promoter group of Twinstar increased from 30.77 per cent of the paid-up
equity capital of Sterlite to 39.87 per cent, an increase of 9.10 per cent.
SEBI viewed this as a violation of the Takeover Code. The
fine is divided as Rs20,000 for the non-compliance of the Substantial Acquisition
of Shares and Takeovers Regulations and Rs70,000 for the delay in complying
with the provisions within the time specified in the regulation.
An
adjudicating officer of SEBI passed the order.
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Gokaldas
IPO oversubscribed 42 times
Mumbai: The Gokaldas Exports' IPO, which opened on March 30 has closed
on Wednesday, with its offer of 31.25 lakh equity shares at face value of
Rs10 in the Rs375-425 price band, being subscribed 41.62 times. Over 13 crore
bids were received. Post
issue, the non-promoter holdings will rise to 39,70,000 equity shares (23.10
per cent) from 8,45,000 equity shares (6.01 per cent). Category-wise,
the demand from foreign institutional investors was 53.72 per cent, MFs accounted
for 30.93 per cent, banks and institutional investors 10.41 per cent and individuals
3.12 per cent.
The
book-running lead manager was Enam Financial Consultants
Pvt Ltd and the co-book running lead manager was IL&FS
Investsmart Ltd.
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Rain
Commodities board recommends preferential issue
Hyderabad: The board of directors of Rain Commodities Ltd has recommended
a preferential issue of 50-lakh equity warrants to Citicorp Finance (India)
Ltd, 15.99-lakh equity warrants to Sujala investments Pvt Ltd and 34-lakh
equity warrants to Meghamala Enterprises Pvt Ltd. ] The
company has informed the stock exchanges that the equity warrants would be
issued at a price of Rs40 (Rs10 face value + Rs30 premium) for each warrant
with an option to convert into equity shares within a period of 18 months
from the date of allotment of such warrants. Rain
Commodities proposes to use a substantial portion of this investment to capitalise
its 100 per cent subsidiary - Rain Industries Ltd, a producer of ordinary
Portland and blended cements. Further, Citicorp Finance (India) Ltd is investing
in debentures of approximately Rs115 crore to be issued by Rain Industries.
The
proceeds would be used to settle and restructure loans of certain banks currently
financing Rain Industries. Rain
Industries produces ordinary Portland and blended cements with two locations
in Andhra Pradesh at Nalgonda and Kurnool with a combined capacity of 1.6-million
tonnes per annum. It currently markets the cement production in South India
under the brand name Priya Cement.
The
company has decided to seek the approval of its shareholders
at an extraordinary general meeting on April 30 for the
proposals recommended by the board.
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