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Suzlon IPO oversubscribed 40 times
Mumbai: The initial public offering of India's largest wind turbine generator maker, Suzlon Energy, was oversubscribed 40 times on Thursday.

Sources said the IPO of 29.34 million shares, aimed at raising up to Rs1496 crore ($340 million), received demand for more than 116 crore shares.

The offer consisted of 2.6 crore new shares and a sale of 25.7 lakh shares by existing shareholder Citicorp International Finance Corp. Post issue, the founders' holding in Suzlon will fall to 70 per cent from 77 per cent.

The final price is likely to be fixed by Monday. Suzlon has indicated a band of 425 to 510 rupees a share for bids.

The company made a net profit of Rs365 crore on a revenue of
Rs1,965 crore in the year ended March 31, 2005.
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NSDL effects cut in fees
Kolkata: National Securities Depository Ltd (NSDL) has mooted a new fee structure and will cut the fee charged to depository participants (DPs) from Rs8 to Rs6 per debit instruction. The corporate action fee charged to issuers will also stand reduced from Rs8 to Rs6 per record. The cut will be effective from October 1.

This, NSDL has stated that the 25 per cent reduction has been done in line with its policy to trim charges commensurate with increase in volumes. Last year, it had cut settlement fee, bringing it down to Rs8.
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Sebi bar on 11 brokers in Kolkata
The Securities and Exchange Board of India (Sebi) has barred 11 brokers of the Calcutta Stock Exchange (CSE) from the capital markets and has suspended trading in six companies.

The brokers are Sanju Kabra, Shivam Stock Broking, DB & Co, Rajendra Prasad Shah, Badri Prasad & Sons, M Bhiwaniwala & Co, Ram Mohan Sarda, A V Shares & Stock Brokers, Shyam Lal Sultania, Ahilya Commercial and S Jhunjhunwala & Co.

The companies in which trading will be suspended are Prime Capital Market, Subh Laxmi Projects, Global Capital Market, Bankam Investments, ST Services and Amluckie Investment.

A Sebi statement issued late last night said that in the six companies, listed on CSE (one is also listed on the BSE and another on the Jaipur and Ahmedabad Stock Exchanges) the brokers have followed a common modus operandi of artificially jacking up the price and creating false volumes through circular trades executed on the same terminal and cross deals among themselves.

“In the process, they have not only enriched themselves but have also aided and abetted the process of legitimising the gains. Besides, the companies themselves have recorded poor or negative financial performance and have not bothered to file up to date financial statements with CSE. Such acts by the brokers pose a serious risk to the stability and settlement system of the stock exchange,” Sebi said. Their dealings also establish a prima facie case of violation of the Sebi norms
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Hindustan Construction goes in 1:10 stock split
Mumbai: Hindustan Construction Company has said that it would split the equity shares of the company in 1:10 ratio.

The company has decided to transfer the development rights of its land at Vikhroli (West), Mumbai and investments in Lavasa Corporation Ltd to its wholly owned subsidiary, Hincon Realty Ltd

An EGM is scheduled for October 28 to approve the above-referred matters. The share price of Hindustan Construction stood at Rs 1,080.25.
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