Tata Tele board approves rights issue
Mumbai: Tata Teleservices Maharashtra plans to raise funds through a rights issue. The board of directors has taken a decision in this regard, the Tata group company informed the Bombay Stock Exchange.

The board approved the issue of equity shares with a nominal value of Rs10 each for cash on rights basis, it said. It also resolved to keep the issue price within a Rs25-27 band for each equity share. A resolution on the issue of two equity shares for every 25 existing equity shares, as held on the record date, was also approved.

Furthermore the board has constituted a committee of directors to work out the modalities and other procedural matters for a proposed rights issue.
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Titan Ind. to decide price band for equity shares on Dec. 26
Mumbai: Titan Industries has said it would consider and finalise the price of its equity shares, comprising the partly convertible debentures (PCD) on December 26.

It would be finalised within the price band of Rs325-375 per equity share, as per a board resolution dated August 31, it said. The price band would be fixed for the part A of the PCD issue, it said.
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Himatsingka Seide raises US$60mn via GDRs
Mumbai: Himatsingka Seide, a textile design and manufacturing company has raised US$60mn by way of Global Depositary Receipts (GDRs).

It raised the amount by allotting over 2.09 crore equity shares, underlying the GDRs, issued at US$2.862 per GDR, the Bangalore- based company today informed the stock exchange.

Each GDR represents one underlying equity share of Rs5 each, it said.

Post allotment, the paid up equity share capital stands at Rs 48.71 crore divided into over 9.74 crore equity shares of Rs 5 each, it added.
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Birla Power board okays public issue
Mumbai: Birla Power Solutions has approved a public issue of 1.2 crore equity shares to fund its proposed expansion plans. The price band for the issue would be fixed at Rs40- 48 per share, it said. The rest of the details for the public issue would be decided as per the SEBI guidelines.

The company, having expertise in manufacturing 2 stroke as well as 4 stroke engines, presently manufactures generators.
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Uttam Galva exercises green shoe option for US$14mn
Mumbai: Uttam Galva Steels has raised an additional US$14mn by exercising its green shoe option, taking the total foreign currency convertible bonds issue size to US$44mn.

The green shoe option of US$14mn is over and above the initial FCCB offering of US$30mn that got listed on the Singapore Stock Exchange.

The bonds have a maturity period of five years, being a two per cent coupon payable semi-annually, it said. It has provision of a yield to maturity set at 7.25 per cent at the end of five years if not converted into shares during this period, it added.

The company has three modern galvanising lines with a total capacity of 350,000 tonnes/year. It has its own cold rolling facility with a capacity of 500,000 tonnes/year.
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Ucal to sell its stake in Engelhard Systems
Mumbai: Ucal Fuel Systems that manufactures carburetors and fuel injection pumps, it has decided to sell its 30 per cent stake consisting of 27.53 lakh equity shares of Rs10 each in Engelhard Environmental Systems (India) (EESIPL) to Engelhard Asia Pacific, LLC for Rs28 crore.

Ucal Fuel would sell the shares to Engelhard Asia Pacific, for a consideration of Rs28 crore, and has signed a share purchase agreement with it.
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