Dubai Financial in open offer to acquire stake in Thomas Cook (India)
Mumbai: Dubai Financial (LLC) has made an open offer to acquire 20 per cent of the paid-up equity share capital of Thomas Cook (India) at Rs619.45 per equity share. The offer opens on February 13 and closes on March 4, 2006.

Last week, TCIL had announced that Dubai Financial, a subsidiary of the Dubai Investment Group (LLC), had bought 100 per cent of the equity share capital of TCIM (Thomas Cook International Markets), which holds 60 per cent of the equity share capital of (TCIL).

The Thomas Cook scrip closed Monday's trading on the BSE at Rs586.05 as against the previous close of Rs597.05.
Back to News Review index page  

HSBC AMC introduces Advantage India Fund
Mumbai: The HSBC Mutual Fund has announced the launch the HSBC Advantage India Fund, an open-ended equity scheme that will invest in equities - in sectors, areas and themes that play an important role in or benefit from India's socio-economic progress.

HSBC Investments also plans to launch portfolio management services (PMS) during the next year. According to HSBC the new fund is different from the existing schemes in that it would not have any capitalisation bias (like mid-cap, large-cap, etc) or style-bias (like IT or auto). The fund, which is the first new fund offer by HSBC Mutual Fund in 11 months, is aimed at the long-term investors.

The HSBC Advantage India Fund will be launched on December 30 and will close on January 27.
Back to News Review index page  

UTI Ventures acquires 10.7 per cent in Suryalakshmi Cotton
Mumbai: UTI Venture Funds has acquired a 10.7 per cent stake in Suryalakshmi Cotton Mills (SCML) for Rs34.99 crore. The stake acquisition is through a preferential issue of 14.28 lakh equity shares at Rs245 per share, according to a press release issued by the company.

The company plans to use the funds to part finance its expansion plans.

It has already received a sanction from IDBI for a term loan of Rs70 crore under the Technology Upgradation Fund Scheme for its ongoing expansion of denim and spinning division, the release informed.
Back to News Review index page  

Titan Industries finalises debenture price at Rs.350
Bangalore: Titan Industries has fixed the price of the equity shares in the partly convertible debentures (forming Part A of the PCD) to be issued on allotment at Rs350 per equity share of a face value of Rs10 per share and inclusive of premium of Rs340 per equity share and within the price band of Rs325 - Rs375.

The rights issue is expected to yield Rs127 crore and the amount would be used for expansion of retail outlets, refurbishing the watch factories and on strengthening its engineering and IT facilities for enhancing production efficiency.

Titan Industries said the decision was taken at the Rights Issue Committee meeting of the board on Monday. This was as per the resolution of the board at it's meeting on August 31, 2005.

The price of the non-convertible debenture (NCD) comprised in Part B has been fixed at Rs250 per NCD carrying an annual interest of 6.75 per cent and redeemable at par at the end of five years from date of allotment.
Back to News Review index page