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Piramal group makes open offer to acquire 20 per cent stake in Dawn Mills
Mumbai: The Piramal Group has made an offer to shareholders of Dawn Mills Company to acquire another 20 per cent holding in the company at Rs4,644 per share.

The Piramal Group would be acquiring 50,000 shares of Rs50 each from the existing shareholders of Dawn Mills. The specified date of the open offer is December 16. The offer opens on January 13 and closes on February 1, 2006.

The group had earlier acquired 52 per cent stake in Dawn Mills from the Ruias.

Ambit Corporate Finance, manager to the open offer, informed the stock exchanges on Wednesday that the offer is being made by Alltime Mercantile Company, Newzone Mercantile Company, Superplaza Mercantile Company, Seastar Trading Company and Piramal Polymers.
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UTI declares 1:5 bonus for pension fund
Mumbai: The UTI Retirement Benefit Pension Fund has declared a bonus in the ratio of one unit for every five units held of face value of Rs10 each.

According to a release issued by UTI Mutual Fund, this was the third time that the bonus has been declared by the scheme. The record date for the bonus is December 23, 2005.

The net asset value as on December 1 was Rs21.1702, and the NAV will fall to the extent of bonus declared).

UTI Retirement Benefit Pension Fund has outperformed the benchmark returns by a wide margin.

During the last one year, the scheme has generated a return of 24.20 per cent against benchmark Crisil MIP Blended Index of 11.27 per cent, the release said.
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Panyam stock split approved
Hyderabad: Panyam Cements & Mineral Industries' shareholders approved a proposal to split the shares of the company at an extraordinary general meeting held on Wednesday.

The shares will now be split into 10 shares of Rs10 each from the existing Rs100 per share.

The shareholders have also approved a resolution to make consequential amendments to the memorandum and articles of association, the company informed the stock exchanges.
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Radha Madhav Corpn. plans IPO
Mumbai: Daman based Radha Madhav Corporation (RMCL), which is into packaging and printing, is coming up with an initial public offer (IPO) of one crore equity shares of Rs10 each at a premium of Rs10 per share aggregating to Rs20 crore.

The company wants to raise funds for its Rs50.06-crore expansion project.

The offer would open on December 12 and close on December 16.

The company has already filed a prospectus for the IPO with the Registrar of Companies.

The company would be raising the remaining Rs30 crore, through capital contribution and cash accruals of Rs6.06 crore and debt funding of Rs24 crore by State Bank of India and Bank of Baroda.

The equity shares would be listed on the Bombay Stock Exchange. The lead manager for the IPO is UTI Securities Ltd.
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