Bajaj Auto Finance issues preference shares to promoters
Mumbai: Bajaj Auto Finance is issuing securities on preferential basis to promoters and other financial investors.

The company plans to issue 10,03,260 fully paid equity shares of the face value of Rs10 each for cash at a price of Rs410 per share and also issue 30,06,540 warrants to the promoters and other investors. Each warrant is convertible into one fully paid equity share of the face value of Rs10 each on payment of an aggregate price of Rs410 per share

The option to convert warrants into equity shares shall be exercised within 18 months from the date of their allotment, it said.

Around 10,35,000 fully paid equity shares of the face value of Rs10 each for cash will be issued to Copa Cabana at a price of Rs450 per share, it added.

The company will also issue 7,15,000 fully paid equity shares each to Tiger Global Management LLC and affiliated funds and Blue Ridge Limited Partnership at a price of Rs450 per share, it said.

The aforesaid preferential allotment shall be subject to the approval of shareholders in the EGM scheduled to be held on January 12, 2006.

JM Morgan Stanley Pvt have acted as the adviser to Bajaj Auto Finance Ltd for the preferential issue.
Back to News Review index page  

Gabriel India goes for stock split in 1:10 ratio
Mumbai: Auto ancillary company Gabriel India has decided to split the equity shares of the company in 1:10 ratio.

The company's EGM has approved the stock split, the company informed the Bombay Stock Exchange.

Gabriel India manufactures and supplies shock absorbers, struts, front forks and engine bearings.
Back to News Review index page  

United Phosphorus issues additional US$10mn FCCBs
Mumbai: United Phosphorus has exercised its option to enlarge its FCCB issue by an additional amount of US$10mn taking the total size of the offer to US$150mn.

The company's lead manager, UBS Investment Bank has exercised this option in addition to the earlier issue of US$140mn FCCBs, United Phosphorus informed the Bombay Stock Exchange.
Back to News Review index page  

Gulf Oil allots warrants to Teck Consul, Esquire
Mumbai: The Gulf Oil Corporation has allotted five lakh convertible warrants each to Teck Consultancy and Services and Esquire.

The company allotted the warrants at a price of Rs505 each in accordance with the special resolution passed by the company at its EGM held on December 2.
Back to News Review index page  

Himatsingka Seide raises US$60mn via GDRs
Mumbai: Textile company, Himatsingka Seide has raised US$60mn by way of global depositary receipts (GDRs), which will be listed on the Luxembourg Stock Exchange.

The company raised the amount through the issue of 2,09,64,360 GDRs, which opened on December 12, 2005 and closed on December 15, 2005, the company informed the Bombay Stock Exchange.

Each GDR representing one underlying equity share was priced at $2.862 against the closing price of Rs139.85 per equity share on the NSE on December 15, 2005.

The pricing of the GDR was in compliance with the ministry of finance guidelines dated August 31, 2005.

ICICI Securities and Kotak Mahindra Capital Company were the joint global coordinators and joint book-runners for this issue.
Back to News Review index page  

Service tax net may spread to cover NCDEX, NSE
New Delhi: The revenue department has sought details on transaction charges and revenue from all activities of the commodities exchange - NCDEX - starting from the inception of the exchange in '03.

A similar exercise was said to have been kicked off in the case of the National Stock Exchange (NSE) some time ago.

It is possible that the provision of a trading platform or infrastructure by the exchange would amount to a taxable service, under the present categorisation. If so the exchanges may be liable to pay service tax.
Back to News Review index page