Jagran IPO range between Rs 270-324 per share
Mumbai:Jagran Prakashan (JPL) has set the price range for its initial public offering in the range of Rs 270-324 per share. Independent News and Media the Irish company that holds a 26-per cent stake in Jagran Prakashan said 'This would value JPL between Rs1,360 crore and Rs1,630 crore.

JPL is the publisher of the Hindi-language Dainik Jagran, India's largest-selling and most widely read daily newspaper. It has the largest daily readership of any newspaper worldwide at 21.2 million.

JPL intends to use the proceeds of the IPO for expansion, general corporate expenses, working capital needs, outdoor expansion and acquisitions.

The Irish media group acquired its 26-per cent stake in JPL for 28 million euros ($33.79 million) in June 2005 and following the IPO the value of the company's investment would increase to between €53 million and €64 million, it said.
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S Kumars to hike FII limit to 49 per cent
Mumbai: S Kumars Nationwide said it will hike the limit of investment by the foreign institutional investors (FII) in the company to 49 per cent from 24 per cent at present the company informed the BSE.

The board has been authorized to invest up to Rs1 crore in the equity shares of Reid & Taylor Pvt Ltd, subject to necessary provisions.
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Stern action against all involved in Yes Bank, IDFC scam: FM
New Delhi: According to finance minister P Chidambaram, the government plans to take strict action against those found guilty of abuses in the allotment of shares in public stock sales. This was a day after the stock-market regulator called for a probe into banks involved in the initial share sale last year by Infrastructure Development Finance Co.

The FM said that cases of abuse in the allotment of share sales reflected a "systemic deficiency" in the management of initial public offerings. Last month, the Securities & Exchange Board of India found abuses in the allotment of shares in Yes Bank Ltd's share sale.

SEBI said in a statement yesterday that 39 investors opened 47,000 accounts with depositories to get allotments in excess of their entitlement in Infrastructure Development Finance's share sale.

Four of the 39 investors have been barred from trading in the stock market. All 39 investors have been barred from bidding, for new sales by any company in the future. This follows the market regulator barring 13 investors from trading in shares of Yes Bank in December after they similarly opened multiple accounts with depositories.
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Jet to issue FPO, overseas listing
New Delhi: Naresh Goyal-promoted airline Jet Airways is said to be preparing to tap the capital market once again to fund its ambitious expansion plans. Apart from this airline is also looking at overseas listing, preferably at the London Stock Exchange.

Current indications are that Jet could go in for a GDR issue and the float could be in the range of Rs3,500 crore. Preliminary negotiations are on with a number of players including Barclays Bank, sources familiar with the development said.

Jet has placed orders for 40 aircraft including 20 wide-bodies and is making big investment plans including the acquisition of Air Sahara. The private sector airline is also planning to invest $250 million in a maintenance, overhaul & repair (MRO) facility and is also working on setting up a training academy.

Sources said Jet Airlines may have to shell out more than Rs1,000 crore for Air Sahara since the latter has been valued at Rs2,500 crore, if it has to pick up at least 51 per cent stake. Indications are that Jet would pick up much more than 51 per cent in Air Sahara they said.
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