document.writeln("

ONGC is 'Biggest Wealth Creator' on stock markets
New Delhi: The Oil and Natural Gas Corporation (ONGC) has been adjudged as the biggest wealth creator for a five-year period (2000-2005) according to the 9th Wealth Creation Study conducted by Motilal Securities.

In a statement, the company said the Indian capital markets had given the honour to ONGC for the second consecutive time. In the 9th Wealth Creation Study by Motilal Oswal, ONGC had generated Rs1,03,000 crore during the five-year period.

Now in 10th Wealth Creation Study ONGC has created Rs1,06,500 crore for its shareholders during 2000-2005, beating its nearest competitor, Indian Oil Corporation Ltd, by 100 per cent.

The critical parameter used for evaluating the company was the change in market cap for the five-year period. ONGC's market cap, which stood at Rs19,343 crore in 2000 increased to Rs1,25,874 crore in 2005, a whopping 550 per cent increase.

In terms of net wealth, this would mean creating Rs1,06,531 crore of value for shareholders over the five-year period under review, the company said.
Back to News Review index page  

Nirma to split equity shares in 1:2 ratio
Mumbai: Detergent manufacturer Nirma has split its equity shares in the ratio of 1:2.

The shareholders at the EGM, approved the split of equity shares under which every Nirma shareholder with one fully paid up equity share of Rs10 would get two fully paid up equity shares of Rs5 each, the company informed the Bombay Stock Exchange.

The EGM has considered and approved the composite scheme of compromise and arrangement between Core Healthcare (CHL) and Nirma, whereby one equity share of Rs5 each of Nirma would be allotted for eighty equity shares of Rs10 each held i n CHL, it said.

Also one equity share of Rs5 each of Nirma would be issued for 235 partly paid up equity shares of Rs10 each held in CHL.
Back to News Review index page  

JM Morgan mandated as price stabilising agent for ICICI Bank issue
Kolkata: ICICI Bank has mandated JM Morgan Stanley as the price-stabilising agent in the post-listing period.

Under the arrangement, Life Insurance Corporation, which is the `greenshoe lender,' will lend equity shares to the stabilising agent who in turn will determine the timing of buying the shares, the amount and the price.

Dr Nachiket Mor, executive director of ICICI Bank said market conditions may require JM Morgan Stanley to conduct stabilisation measures. Also, the stabilisation agent will not provide an assurance that it will be able to maintain the stock price at or above the issue price. He said stabilisation activity will not continue for more than 30 days from the date of commencement of trading. The shares borrowed from LIC (or bought in the market) will only be in the dematerialised form.

The offer document filed by ICICI Bank points out that the money received from issue applications against the over-allotment will be kept separately in an account distinct from the public issue account. It is this money that will be used for stabilisation purposes. The allocation of the over-allotment shares will be done in line with the issue allocation to achieve pro-rata distribution, the offer document has mentioned.

During the stabilisation period, JM Morgan Stanley will have to report to the stock exchange every day.
Back to News Review index page  

Orchid allots GDRs to Citibank
Mumbai: Orchid Chemicals and Pharmaceuticals has allotted six lakh additional global depository receipts to Citibank, N.A.
The board of directors have allotted six lakh additional GDRs, representing one underlying equity share of Orchid for each GDR, at a price of US$4.34 the company informed the Bombay Stock Exchange. Citigroup Global Markets Limited, UK are the sole book-runners for the issue.
Back to News Review index page  

Welspun-Gujarat Stahl raises US$75mn through FCCBs
Mumbai: Welspun-Gujarat Stahl Rohren has raised US$75mn by way of Foreign Currency Convertible Bonds (FCCBs). The zero coupon bonds have a maturity period of five years, and are listed on Singapore Exchange Securities Trading. They are convertible into equity shares at a price of Rs162.64 each, the company informed the BSE.

The issue was over subscribed across Asia and Europe.

The funds raised would be utilised to part finance a coil mill, with a capacity of 1.2 million tonnes per annum, which is likely to be fully operational by March 2007.
Back to News Review index page  

Rabo India acquires 3.08 per cent stake in Dabur
Mumbai: Rabo India Finance has acquired 3.08 per cent stake in Dabur India. The company said it acquired 88.23 lakh shares aggregating to 3.08 per cent of the total paid up capital of Dabur India.
Back to News Review index page