SKF drops delisting plans
Mumbai: The Sweden-based SKF Group has jettisoned its plans to purchase the publicly held shares in SKF India Ltd after its reverse book-building exercise yielded a price that was unacceptable to it.

The acquiring company Aktiebolaget SKF, in a notice issued to the stock exchanges on Tuesday said that the discovered price, at Rs295, is much higher than its offer price of Rs153 per share.

The SKF group holds 53.58 per cent of the equity of SKF India. The reverse book-building saw 11.01 million equity shares tendered, amounting to 20.89 per cent equity stake in the company.

In February, the acquirer had made an announcement that it would be seeking to purchase outstanding shares from the public and delist SKF India Ltd from the stock markets.
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Tata MF's mid-cap fund launched
Mumbai: The Tata Mutual Fund has launched its mid-cap fund with a target of collecting a corpus of Rs500-600 crore from 1.5 lakh investors during the initial issue period.

The fund will seek to invest in 30-40 scrips that meet the requirements of the CNX Midcap 200 index. Currently, the index includes scrips with a market capitalisation range of Rs 60-3,600 crore.

The fund opened for its initial issue on May 19 and is expected to close on June 15.

Tata Mutual Fund officials said that the momentum of mid-cap companies is expected to continue for the next 3-4 years, during which time the Indian economy is also poised to continue its growth trajectory.

The fund has both the dividend and growth options with a minimum application amount of Rs5,000.
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Jindal Poly Films IPO to raise Rs300 crore
Mumbai: Jindal Poly Films Ltd will enter the capital market with a public issue to raise Rs300 crore by way of funding its expansion plans.

Engaged in the manufacture of flexible packaging and metallised films, the company will use the proceeds of the issue to expand its facilities at Nashik and Khanvel.

The issue, which is through the book-building route, opens on June 9 and closes on June 15. ICICI Securities and JM Morgan Stanley Private Ltd are the lead managers to the issue while Karvy Computershare Private Ltd is the registrar.

In fiscal 2004, the company had reported net sales of Rs542.2 crore and profit before tax of Rs80.1 crore.
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