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NSDL reduces settlement fee by 25 per cent
Mumbai: NSDL has announced that it has decided to reduce the settlement fee charged to depository participants (DPs) and corporates by 25 per cent from October 1.

The charges to DPs have been reduced from Rs8 to Rs6 per debit instruction and the corporate action fee charged to issuers has been cut from Rs8 per record to Rs6, according to an NSDL press release.

NSDL had reduced the settlement fee from Rs10 to Rs8 from January 1, 2004. Further, no settlement fee for credits and no custody fee is payable by the investors, it added.

NSDL has said that in the last one year, 1.7 million new accounts have been opened, with the total number of accounts now crossing 6.6 million.

The total value of securities dematerialised with NSDL is over Rs16,80,000 crore.
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HEG issues $29 million unsecured FCCBs
New Delhi: Graphite electrodes manufacturer, HEG Ltd, has announced that it has placed $28.75 million (around Rs126 crore) unsecured and unrated five-year FCCBs at a 32 per cent conversion premium with large international investors, translating to a price of Rs192.06 a share.

The equity shares on conversion will be listed on the BSE, the NSE and the Madhya Pradesh Stock Exchange.

The company has also made an application to list the FCCBs on the Singapore Stock Exchange. The FCCBs are convertible into rupee stock of the company at the option of the holder.

The FCCB issue size of $25 million has an additional greenshoe option of 15 per cent of the issue size, amounting to $3.75 million (around Rs16.2 crore). It said that the green shoe option has been fully exercised, increasing the FCCB size to $28.75 million.

Jefferies International Ltd was the sole manager for this transaction.
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Foreign holdings in Satyam up at 75 per cent
Hyderabad: The total foreign shareholding in Satyam, including global depository shares (GDRs), has gone up to 75.02 per cent during the quarter ended June 30, up from 67.95 per cent held during the fiscal ended March 2005.

In its latest filing with the stock exchanges, the company has stated that the total foreign holding is now estimated at 24,05,89,073 equity shares.

This also follows a recent sponsored American depository shares (ADS) offer made in the first quarter, in which about 10 per cent of the total equity was added to foreign holding. Foreign institutional holders such as Morgan Stanley, along with other funds, increased their stake in Satyam to 4.5 per cent in the first quarter, up from 3.89 per cent during the last quarter of the previous fiscal.

Meanwhile, among domestic institutions, LIC, holding about 2.99 per cent in the fourth quarter of the last fiscal, has pared its exposure to 2.2 per cent.
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Strides Arcolab buys Polish facility picks up stake in Italian venture
Bangalore: Strides Arcolab Ltd has announced its plan to buy a Polish pharmaceutical facility and take 70 per cent stake in an Italian facility.

The two moves, involving an investment of $10 million (Rs44 crore), will give Strides its first manufacturing footprint in Europe, company officials said.

Strides Arcolab, with a strong presence in Latin America, has now begun to focus on regulated markets in North America and Europe. The buying of a small sterile manufacturing unit in Warsaw for around $8 million will add to the capacity in steriles, non-sterile semi-solids, and small volume parenterals.

Strides will also increase the capacity there, subject to satisfactory legal and financial diligence.

Company officials said that the facility at Poland represents a unique opportunity for the company to establish a manufacturing presence in Central Europe as well as expand its portfolio and business of finished forms. According to them, the Polish facility will give easier access to Europe at a low operating cost. The site has an excellent team and adequate space to take up expansions at a very low incremental cost.

With its Italian venture, Beltapharm SpA, Strides will be getting into creams and ointments.

The Italian company, in which it acquired 70 per cent stake for 1.6 million euros, has a semi-solids facility in Milan. Beltapharm has refocused attention towards European markets and recently got the EU GMP approval. According to company officials, the Italian unit would help it meet its recent contracts in developing and manufacturing semi-solids.

The generics and nutraceuticals exporter, with combined sales of nearly Rs450 crore, has presence in more than 50 countries.
It has 12 existing manufacturing facilities in India, Brazil, Mexico, and the US.
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