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Finance Ministry relaxes ADR, GDR pricing norms
New Delhi: The Finance ministry has said that companies issuing domestic offering of shares and a simultaneous or follow-on offering in ADR/GDRs would be exempt from the pricing guidelines for overseas offerings, provided that the ADR/GDRs are priced at or above the domestic offer price.

Also to avail of the exemption, the follow-on overseas offering has to be made within 30 days of the domestic issue.

The ministry has also said that companies going for such simultaneous or immediate follow-on offering will have to take SEBI's approval and that the capital market regulator would specify the percentage to be offered in the domestic and ADR/GDR markets.

It had earlier been stipulated that unlisted companies that have not yet accessed the GDR/FCCB route for raising funds overseas would require a prior or simultaneous listing in the domestic market along with the overseas offering. Listed companies not eligible to raise funds from the domestic market had been barred from raising funds abroad.
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IL&FS Investment closes Leverage India Fund
Mumbai: IL&FS Investment Managers Ltd (IIML) has announced the final close of its Leverage India Fund (LIF).

The Fund has attracted funds worth US$153mn against a targeted amount of US$120mn. Sponsored by IL&FS, the fund was also co-sponsored by Punjab National Bank and Taib Bank, Bahrain.

The fund has a unique structure designed to cater to the varying risk appetites of investors by providing priority on the cash flows of the fund. Accordingly, the fund offers preference units with a capped return and an attendant lower risk for investors choosing to maintain such a profile, and regular equity units with unlimited return for investors with a higher risk appetite. The ratio of preference to equity units in the fund is 40:60.

The fund is focused on expansion related growth opportunities in sectors as diverse as infrastructure, life sciences, textiles and IT. With this closing, IIML now has over US$400mn under active fund under management.
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Lord Krishna Bank to come out with IPO next year
Kochi: Lord Krishna Bank is planning an IPO in the next financial year. This comes after its merger proposal with Federal Bank Ltd was called off.

The bank has a net worth of Rs160.12 crore, with a CAR of 11.74 per cent, which is above the benchmark of 9 per cent fixed by the RBI.
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LML allots eight lakh equity shares to lenders
Mumbai: LML has allotted over 8 lakh equity shares on a preferential basis to its existing lenders at a price of Rs49.30, which includes the premium of Rs39.30 per share, the company informed the Bombay Stock Exchange.

State Bank of India has been allotted 4,61,885 shares and Stressed Assets Stabilisation Fund has been allotted 3,57,838 shares, out of the total 8,19,723 equity shares.

The shareholders have approved the issue of these shares on preferential basis as per the SEBI guidelines to its existing lenders as a part satisfaction of their existing dues in terms of negotiated settlement.
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RIL asks for notices for or against the de-merger
Mumbai: Reliance Industries on Thursday invited notices in support or against the de-merger petition, which would come up for hearing in the Bombay High Court on November 25.

RIL, headed by Mukesh Ambani-controlled Reliance group, said, "any person concerned with the petitioner company (RIL) and desirous of supporting or opposing the petition should send a notice of his intention to the company."

The notices should be sent latest by November 23, two days prior to the court hearing, RIL said. If the person is opposing the de-merger scheme, he would also have to state the grounds of his opposition, the company said.

RIL had sought the court's approval of a scheme to de-merge the company into four new entities as part of the settlement reached between Mukesh and Anil Ambani.

The shareholders have approved of the scheme, which envisages change in the shareholding pattern whereby a shareholder having one share of RIL will be entitled to get one share each in all new four entities sought to be created.

The new entities are - Reliance Communication Ventures Ltd, Reliance Energy Ventures Ltd, Reliance Capital Ventures and Global Fuel Management Services Ltd.
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Ramco Systems to issue 1:4 rights shares
Mumbai: Ramco Systems on Thursday said that it would issue shares on rights basis in the ratio of 1:4.

The board of directors have approved the issue of 3,070,757 shares on rights basis of Rs10 each at an issue price of Rs210 per share aggregating to Rs64,48,58,970, the company informed the Bombay Stock Exchange.
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Netlink Solutions to offer bonus shares
Mumbai: Netlink Solutions India board of directors has approved the issue of bonus shares in a 2:1 ratio to its shareholders.

The board also approved a stock split in 1:10 ratio, where equity shares of Rs10 per share would be split into ten shares of Re 1 each.

The decision to increase the authorised share capital of the company to Rs3 crore from Rs1 crore has been approved as well.
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