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Patni to offer 6.87mn ADSs
Mumbai: Patni Computer Systems Ltd has informed the Bombay Stock Exchange that it intends to offer 6,875,000 American depository shares (ADSs) and that it has filed a registration statement (Form F-1) with the US Securities and Exchange Commission (SEC) for the same.

Each ADS represents two equity shares of Rs2 par value and the offering comprises of 5.125 million primary ADSs and 1.75 million secondary ADSs, Patni said. The offering will also include an additional 1.03 million primary ADSs under the green shoe option given to the underwriters, it said.

The "invitation to participate" in the secondary ADS offering is scheduled to start on November 24, and close on December 1, it added.
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Inox mulls entry into capital market through IPO
Mumbai: Gujarat Fluorochemicals Ltd on Wednesday said that its subsidiary Inox Leisure Ltd is considering an entry into the capital markets through an initial public offer of 1.65 crore-equity shares.

The IPO, consisting of shares of Rs10 each, will include a fresh issue of 1.20 crore-equity shares at an equal price, Gujarat Fluoro informed the National Stock Exchange. Along with the issue, the Inox IPO would also offer for sale 45 lakh shares of Gujarat Flurochemicals Limited at a price to be determined by the book building process.
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Compulink to launch maiden public issue on Nov. 25
Bangalore: Compulink Systems Ltd, an IP-led software products and services provider, will enter the capital market with an initial public offer of 45.38 lakh equity shares on November 25.

The offer consists of a fresh equity issue of 35.38 lakh shares of Rs10 each at a price of Rs60 for cash aggregating to Rs21.23 crore and an offer for sale of 10 lakh equity shares of Rs10 each at a price of Rs60 for cash aggregating Rs6 crore.

The total offer aggregates to Rs27.23 crore. The shares have a face value of Rs10 each and are being issued at a premium of Rs50 share, Vishwas Mahajan, Managing Director and CEO of the company said here.

The equity shares will be listed on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange Limited. Karvy Investor Services Ltd is the Lead Manager to the IPO.

Compulink is implementing an investment plan of Rs26.48 crore and IPO is aimed at raising financial resources for product development, international marketing, term loan repayment, additional working capital and IPO expenses, Mahajan said. The means of financing is fully through the equity route, he said.
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Greenply to merge Worthy Plywoods with itself
Mumbai: Greenply Industries, manufacturers of plywood and laminate, on Wednesday said that it has got the shareholders approval for the amalgamation of Worthy Plywoods Ltd with itself.
The merger was ratified at the AGM held on November 21, the company informed the Bombay Stock Exchange.
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S&P rating for Reliance Ind. upgraded to BBB
Hong Kong: Standard & Poor's on Wednesday upgraded the rating of India's Reliance Industries by two notches to BBB from BB-plus.

"The upgrade reflects Reliance's competitive position in refining and petrochemicals, its divestment of capital-intensive non core telecom and power businesses, and an overall moderate financial profile," the rating agency said in a statement.
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Kernex Microsystems Rs.99 crore IPO to open Nov. 28
Mumbai: Hyderabad-based Kernex Microsystems (India) Ltd is entering the capital market on November 28 to raise Rs99 crore.

The proceeds of the issue is intended to finance the setting up of a manufacturing base for anti-collision devices (ACDs), auto driving devices (ADD) and special signalling systems used by the Indian Railways.

The Kernex issue will have a price band of Rs225-250 per equity share of Rs10 face value and will close on December 3.

The final price would be decided through the 100 per cent book-building process. The issue-size would constitute 35-37 per cent of the post-issue paid-up capital.

The issue is being lead managed by BOB Capital Markets Ltd and Allianz Securities Ltd.
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Canbank MF declares 7 per cent dividend on Cancigo
Mangalore: Canbank Mutual Fund has declared a dividend of 7 per cent on its Cancigo Scheme, an open-ended debt scheme.

A CMF release said here on Wednesday that December 2 has been fixed as the record date for income distribution. All unit holders whose names appear in the register as on the record date are eligible for this dividend, the release added.

On November 22, the NAV of the scheme was Rs11.39 under the income plan.
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