Reliance Energy converts warrants issued to RPVL into shares
Mumbai: Reliance Energy Ltd has allotted 97.5 lakh equity shares of Rs10 each to Reliance Power Ventures Ltd (RPVL), one of its promoter companies, at a premium of Rs630 a share.

According a communiqué to the BSE, Reliance Energy said that its committee of directors at a meeting on May 2 allotted these shares to RPVL on conversion of equivalent number of warrants issued to them on April 2, 2004. Each of these warrants were convertible into one equity share of Rs10 each at a premium of Rs630 each.

RPVL had paid 90 per cent of the issue price of warrants - Rs576 per warrant - and in exercise of the option of conversion, paid the remaining amount of Rs64 per warrant before applying for allotment of 97.5 lakh equity shares.
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ICSA to issue shares and warrants to Reliance Energy and Lloyd George Management
Hyderabad: The board of directors of ICSA India Ltd, the city-based IT services and solutions company, has decided to allot six lakh equity shares and six lakh fully convertible warrants to allottees approved at the recent extraordinary general meeting.

Out of this, four-lakh equity shares and four-lakh warrants would be allotted to Sonata Investment Ltd, formerly Reliance Energy Investment Ltd, and two-lakh equity shares and two-lakh warrants to Lloyd George Management (Hong Kong) Ltd, the company informed the stock exchanges on Wednesday.
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Shree Ganesh Forgings IPO at Rs.30 per share
Mumbai: Shree Ganesh Forgings is entering the capital market to raise Rs15 crore through a public issue of 50 lakh shares at Rs30 per share.

The issue will open on May 18 and close on May 24, according to company's offer document. The IPO is mainly to fund the company's expansion plan to increase the capacity of forgings from 11,000 tonnes to 22,880 tonnes.

The total cost of the project is Rs32.50 crore. Other than the IPO proceeds, the funding of the project is through a term loan of Rs12.40 crore from Corporation Bank and the balance amount from internal accruals.

The shares of the company are proposed for listing on the BSE.
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Glaxo buyback offer at Rs.800
Mumbai: Glaxo SmithKline has announced its buyback offer at a price not exceeding Rs800. The offer, which will represent 25 per cent of the company's paid-up equity capital, will add up to an aggregate of Rs230.65 crore. The proposed date of opening the buyback has been fixed at May 9.

The buyback would be implemented by open market purchases through the BSE and the NSE, according to the offer document. "The significant improvement in the operating performance of the company since 2001, together with income from sale of properties, has resulted in substantial cash generation and a favourable liquidity position as on date. Internal accruals in future are expected to further enhance the cash generated," the offer said.

The company board had approved the buyback offer on March 15.

The offer document has been filed with the SEBI and is awaiting regulatory clearance.
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Flextronics to buy out shares and delist
New Delhi: Flextronics, the electronics manufacturing services provider, has announced its proposal to delist its India-based subsidiary, Flextronics Software Systems Ltd (FSS), from both the BSE and the NSE by purchasing all outstanding public shareholding in the company at Rs575 per share.

With the total number of outstanding public and institutional shares at about 1.03 crore, the reverse book-build offer is valued at about Rs597 crore at the offer price.

Flextronics currently holds 69.7 per cent of FSS (formerly Hughes Software Systems) through its wholly owned subsidiary, Flextronics Sales and Marketing Ltd.

In a statement issued from Singapore, Flextronics said that it is prepared to acquire the shares offered to it at Rs575 per share subject to shareholder and regulatory approvals.

The price quoted by Flextronics represents a premium of about 9.7 per cent to the average of the closing prices of FSS shares as quoted on the NSE in the six months preceding the date of the statement and a 4.5 per cent premium to the closing price of Rs550 per share on May 3, the last trading day before the delisting proposal was floated.

Flextronics said that the completion of this transaction would enhance its operating flexibility, streamline service offering, and provide an attractive exit opportunity to public shareholders.

As on March 31, 2005 the promoters' holding in FSS stood at 69.7 per cent while institutional investors held 22.58 per cent, private corporate bodies 1.05 per cent, the Indian public 6.06 per cent, and NRIs/OCBs 0.12 per cent.
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