Satyam prices ADS at $21.50 per share
Mumbai: Satyam Computer Services Ltd has priced its sponsored secondary offering of 1.30 crore American Depository Shares (ADS'), representing 2.60 crore equity shares, at $21.50 per ADS. The maximum size of the offering is at three crore equity shares.

The underwriters have an option to purchase up to 19.56 lakh additional ADS, representing 39.13 lakh equity shares, within seven days of the pricing, the company has informed the Bombay Stock Exchange.

The company's invitation to participate concluded on May 3, 2005 with 5.14 crore equity shares being offered for sale in the sponsored ADS offering.
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Principal PNB launches Junior Cap fund
Mumbai: The Principal PNB Mutual Fund has launched an open-ended diversified equity fund called the Principal Junior Cap Fund, which will remain open for subscription from May 12 to June 8.

This fund will invest 51 per cent of its portfolio in stocks that are part of the CNX Nifty Junior Index and 49 per cent in mid-cap stocks or stocks that have less than Rs2,000 crore market cap.

The fund offers two investment options, by way of growth and dividend and has fixed the minimum application amount for both options at Rs5,000. During the initial offer period, the units are being offered at par, i.e. Rs10, with no entry load. On an ongoing basis after the fund re-opens fresh investments will attract an entry load of 2.25 per cent. There is an exit load of two per cent for investments less than Rs3 crore, up to six months.

The fund also offers a Systematic Investment Plan (SIP) option, by which investors can invest a minimum of Rs1,000. The fund house has attracted 3,60,000 investors over the last three years.

Speaking about the investment policy, Principal PNB officials said that the fund will invest in about 40 companies, but will not invest in companies that have a market cap of less than Rs400 crore.
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Damodaran says BSE must aim at regaining market share
Mumbai: The SEBI Chairman, M. Damodaran has said that the Bombay Stock Exchange (BSE) should aim to increase its market share in securities trading in order to build a competitive stock market in India.

"The BSE is losing its market share in terms of trading in the last few years to a competitor stock exchange. It should regain its market share in order to have two strong stock market entities," Damodaram said at a function organised by the BSE.

Until late 1990's the BSE was the biggest stock exchange in the country in terms of stock trading. However after on-line trading picked up, the BSE has been losing its market share to the rival exchange, the National Stock Exchange (NSE), which commands a market share of more than 70 per cent.

The BSE, which was the first stock exchange in India to start derivatives trading in 2000, has not been able to bring volume in this segment so far while the NSE's trading volume in derivatives segment is twice of the cash market volume in a span of five years.

"The two stock exchanges should have 50:50 market share in order to diversify risk for the investors," he added.

Meanwhile, the BSE's on-line trading system has become the world's second stock exchange to be awarded with information security management system standard BS7799 from Det Norske Vertisas.

This certification brings confidence to all clients, investors and business partners who entrust their financial information in the BSE custody by maintaining information confidentiality and integrity, a BSE statement said.

It would also bring in internationally recognised best practices in maintaining information security.
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Bajaj Hindusthan GDRs and FCCBs raise $100 mn
New Delhi: Bajaj Hindusthan Ltd has said that it has raised $100 million through the issue of global depository receipts (GDRs) and foreign currency convertible bonds (FCCBs), which will be listed on the Luxembourg Stock Exchange.

The company has raised $100 million through the issue of 20,833,000 GDRs, aggregating $60 million and $40 million through the issue of zero-coupon five-year convertible bonds, both excluding the greenshoe option, the company has stated in a release.

The GDRs and the convertible bonds will be listed on the Luxembourg Stock Exchange.

Citigroup acted as the sole book-runner and lead manager to the transaction, it added.

Bajaj Hindusthan officials said that the funds will enable the company to augment capacity and strengthen its existing position as the pre-eminent sugar company in India.
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