India Infoline in talks to offload stake to equity funds
Mumbai: India Infoline Securities (IIS) is talking to private equity investors Citigroup and Chrysalis Capital to pick up a stake in the Mumbai-based broking company.

India Infoline is planning to raise US$15-20mn through the private equity route but nothing has been finalised as yet.

IIS is into broking and distribution of personal finance products including mutual funds, fixed deposits and government bonds. The company went public in April, with a book-building offer of 1.2 crore shares at a price band between Rs70 and Rs80. The shares were issued at a price of Rs76 (face value at Rs10).

IIS has been performing well on the back of a booming stock market. The company posted a sharp rise in total income and net profit to Rs11.3 crore and Rs6.6 crore, respectively, during the quarter-ended September '05 compared with Rs3.8 crore and Rs1.9 crore, respectively, during the same period last year.
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Elecon to raise US$18mn via FCCBs
Mumbai: Elecon Engineering Company is raising US$18mn by way of foreign currency convertible bonds. The FCCB issue is divided into two tranches of US$9mn each, according to the company.

The company has received the proceeds of the first tranche at premium of 1 per cent, credited in its bank account with State Bank of India, London.
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Asian CERC to split stock in 1:2 ratio
Mumbai: Asian CERC Information Technology, which provides content services to financial companies has decided to split the equity shares of the company in a 1:2 ratio.

The board yesterday approved the stock split, where equity shares of Rs10 each would be split into equity shares of Rs5 each, subject to shareholders approval, the company informed the Bombay Stock Exchange.

The meeting also resolved to constitute a core project committee consisting of the managing director, CEO and other members of the board to discuss expansion plans of the company, it added.
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Mercator Lines to raise Rs.340 crore through FCCBs; plans bonus issue
Mumbai: Mercator Lines plans to raise around Rs340 crore by issuing foreign currency convertible bonds (FCCBs) or global depository receipts (GDRs). The board of the company on Tuesday approved the issue of securities by public/private offering in the domestic and or international markets, in the form of ADR/GDR/bond/equity shares or in any other form for an amount not exceeding US$75mn.

Sources said the most likely option is an FCCB or a GDR issue.

Mercator Lines chairman and managing director, HK Mittal, said that the fresh capital raised by the company will allow it to pursue its expansion plans, which include adding off shore supply vessels and tankers to its fleet.

The board also approved the issue of bonus shares in the proportion of 3 new equity shares for every 2 existing equity shares of the company. The bonus issue will increase the equity capital of the company from around Rs7.6 crore to Rs11.35 crore shares of Re 1 each.
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Glenmark launches FCCB issue
Mumbai: Glenmark Pharmaceuticals has launched a foreign currency convertible bond (FCCB) offering to raise US$30mn. The bonds, which have a maturity period of five years and one day, are convertible at a conversion price that is higher than Rs317.25 per share or a 35 per cent premium to the average of the company's volume weighted average closing price for the per starting September 10, 2007 and ending November 10, 2007, the company said in a release.

The bonds carry a zero coupon and have a yield to maturity set at 6.80 per cent, it said.

The bonds are likely to be listed on the Singapore Stock Exchange and are convertible into ordinary shares of the company at the option of its bondholders, the company.

JP Morgan is acting as the lead manager and sole book runner for this offering.
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SREI Capital Markets enters into pact with CAPA
Mumbai: Private Indian merchant banker, SREI Capital Markets (SCML) has signed a Memorandum of Understanding with Australia specialist aviation consulting organisation Centre for Asia Pacific Aviation (CAPA) for extending advisory services to the Indian aviation sector.

The agreement is the first of its kind, SREI Infrastructure Finance Ltd informed the BSE.

"We firmly believe that the SCML-CAPA partnership will be able to deliver end-to-end solutions to clients in airlines start-up, transaction structuring, raising of resources and related advisory services." director-SCML Hemant Kanoria said.
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GA European Investments acquires stake in NDTV
Mumbai: GA European Investments has acquired 48,36,000 shares aggregating 7.954 per cent stake of the total paid-up shares of New Delhi Television (NDTV) from Shyam Cellular Infrastructure Projects.
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