Reliance F&O: NSE fixes Jan 18 as ex-date to adjust de-merger
Mumbai: Through a notice, the NSE has said that it will cancel trading on Reliance Industries' futures and options on January 17, 2006 and issue fresh contracts from January 18 to adjust for de-merger of the company.

The exchange has also fixed January 18 as the ex-date to accommodate the de-merger.

Regarding F&O contracts, the NSE said that fresh month contracts would not be introduced for March 2006 on the expiration of December 2005 contracts. All existing series - contracts with expiry dates January 25, 2006 and February 23, 2006 will expire on January 17, 2006.

The National Securities Clearing Corporation would separately intimate the methodology for settlement, the notice said.
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SEBI exempts Tata Ind. from making open offer for India Emerging Companies
Mumbai: SEBI has exempted Tata Industries Ltd from making a public open offer, with respect to its "indirect" acquisition of India Emerging Companies Investment Ltd. Tata Industries had earlier sought to buy 50 per cent stake in Niskalp Invesment & Trading Company Ltd.

Niskalp holds 70.50 per cent shares in India Emerging Companies Investment Ltd, which is listed on Delhi, Pune and Ahmedabad stock exchanges.

Tata Industries Ltd had proposed to acquire 50 per cent stake of Niskalp held by Tata Finance Ltd, before it was merged with Tata Motors Ltd, early this year for a nominal consideration of Re 1 for entire equity shares.

In its submission to SEBI, Tata Industries Ltd, pointed out that "the Tata Group had taken various steps to recover the losses/amounts pertaining to the financial irregularities/fraud committed by the former Managing Director and some senior executives of the erstwhile transferor (Tata Finance Ltd) including initiating civil and criminal actions against the concerned senior executives, co-operating with various authorities in various investigations, prosecutions etc."

Tata Industries Ltd also assured that the proposed transfer of shares of Niskalp, "would not impact in any manner, the steps being taken in pursuing the legal cases instituted and co-operation would be extended to the authorities, as and when required and that there is no change contemplated in the control of target company (India Emerging Companies Investment), including the composition of the board of directors... "
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IPO closure: Ginni Filaments, Bartronics India, Educomp Solutions
Ginni Filaments Ltd: The company's initial public offering (IPO), which closed on Friday, was subscribed by 2.69 times. Ginni Filaments Ltd is offering 2,52,63,158 equity shares in the IPO and the price band has been set at Rs19-22 per share.

Bartronics India: The public issue of Bartronics India, which will close on Saturday, has been subscribed by 7.22 times, as per the figures on Friday.

The company is offering 60 lakh equity shares. The price band for the issue is Rs63-75 per share.

Educomp Solutions Ltd: The company's IPO, which closed on Thursday, was subscribed by 34.96 times. Educomp's IPO of 40 lakh shares had a price band of Rs110-125 per share.
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