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SKF group's reverse
book building offer receives tepid response
Mumbai: The Swedish multinational SKF Group plans to de-list the shares
of its Indian subsidiary - SKF India - has received a poor response with only
45 per cent of the shares being offered back by shareholders of the company.
The offer for de-listing opened on May 23 and closed today.
According to data posted on BSE Web site, shareholders of SKF India bid for
1.11 crore shares compared to issue size of 2.44 crore shares. Of the total
shares bid, the maximum number of bids (for over 75 lakh shares) was made
at Rs295 compared to minimum offer price of Rs153.
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Karvy
to act as JM Financial Mutual Fund R&T agent
Hyderabad: Karvy Computershare Private Ltd has announced an association
with the JM Financial Mutual Fund, wherein Karvy would act as JM Financial's
exclusive registrar and share transfer (R&T) agent in India.
In a press release here, Karvy said the inclusion of an esteemed fund house
such as JM Financial to its portfolio has further broadened its penetration
in the mutual fund registry business. This, Karvy said, is an outcome of global
capabilities and local expertise in carrying forward the legacy of comprehensive
registry management services in India.
As a practice, R&T costs are charged to the NAV of a fund and not to the
asset management company. Hence, costs such as these are of utmost importance
for any fund house as lower cost improves returns.
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Trading
in SPIcE ETF to be suspended from June 1
Mumbai: The Bombay Stock Exchange has decided to suspend trading in Sensex
Prudential ICICI Exchange Traded Fund (SPIcE) from June 1 in the wake of sharp
rise in its price.
SPIcE gained almost 150 per cent in the last one week. In today's trading
also it was up 20 per cent and closed at Rs240.79. The rise in the price was
despite the BSE's decision to move the fund to trade-to-trade segment from
today.
Under normal course SPIcE price movement should be in line with the movement
of BSE Sensex. SPIcE is valued at 1/100th of Sensex value. So if Sensex is
trading at 6700, then SPIcE value should be Rs 67.
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SEBI
and SFC Hong Kong tie up for products trading
Mumbai: The Securities and Exchange Board of India has signed a letter
of intent with the Securities and Futures Commission (SFC), Hong Kong towards
allowing Indian investors to invest in products trading on the Hong Kong market.
Both the regulators have agreed to strengthen co-operation, particularly in
matters relating to cross border trading and supervision of investment products,
according to the letter signed.
"The Letter of Intent (LoI) that we have signed today will support SEBI's
market development objectives by providing the Indian investor with a wider
range of investment choices suitable to meet their needs.
"The Hong Kong SFC is committed to working with its counterparts in the
Asia- Pacific region towards the development of deeper, more liquid and more
integrated markets," said Andrew Sheng, Chairman, SFC.
The LoI would enable the regulators to explore avenues by which home grown
financial products such as mutual funds and exchange traded funds can be brought
to trade in each other's market.
However, Sheng said the two bodies have not discussed the exact nature of
products that will be allowed. This is the first LoI that SEBI has signed;
it would be signing several more, M. Damodaran, Chairman, SEBI said.
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Rs.12
crore public issue from Uniply
Chennai: Uniply Industries Ltd is coming out with a public issue to raise
Rs12 crore to fund its expansion of veneers and plywood manufacturing capacities.
The issue, slated for launch on June 9, will be of 5 million equity shares
of Rs10 each at a premium of Rs14 a share. The issue closes on June 16. The
lead managers to the issue are BOB Capital Markets Ltd.
Announcing the company's plans, B.L. Bengani, Managing Director, Uniply Industries,
said that the expansion will double its production capacity at Nelveli village
in Kanchipuram district, which has a capacity to produce about 25,000 cubic
metres of veneers and plywood a year. Commercial production at the expanded
facility will commence in December. Linked to the expansion is a windmill
project for generating power, towards which end the company is likely to invest
in four 22 kW wind power generators.
The existing share capital of the company is at Rs7.46 crore with the promoters
holding 75 per cent of the equity, corporate bodies 21 per cent and the balance
with the public. Post-issue the capital would go up to Rs12.46 crore with
the promoters holding 45 per cent, corporate bodies 13 per cent and the public
41 per cent.
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Indian
Bank IPO slated for September
Kolkata: The Indian Bank is set to come out with an IPO later this year,
after which the Government's stake in the bank, which now stands at 100 per
cent, will be reduced at 70 per cent. Indian Bank expects to mobilise substantial
Tier I capital with the maiden issue.
It will subsequently try to raise Tier II capital with a bond issue as well.
The bank, whose capital adequacy ratio is currently at over 14 per cent, managed
to raise Rs300 crore last year by way of Tier II capital.
Indian Bank, which has recorded a total business of roughly Rs55,000 crore
last year, expects a 20 per cent increase in business in the current fiscal.
Last year, its business grew by 18 per cent or so, while operating profit
improved by nearly 20 per cent. Net profit, which stood at over Rs400 crore,
too moved up.
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