Geojit unveils online trading portal
Bangalore: Geojit Financial Services, a Kerala-based financial services company, has launched its online trading portal, Mercury Online.

"The new trend of individuals logging on and making transactions across many stock exchanges is encouraging. In the next eighteen months, there will be a ten-fold increase in online trade," predicted C.J. George, Managing Director, Geojit Financial Services.

Mercury Online runs on four Sun servers based on UltraSPARC IV processors, which can handle up to 10,000 customers at a time. Geojit currently sees up to 7,000 trades per day and expects the volume of business transactions to ramp up to one lakh per day with the new infrastructure.

The company has invested Rs17.5 crore in Mercury Online and hopes to eventually integrate its 350 offices with the system.

Geojit Financial Services has partnered with Wipro Infotech for its systems integration and with Reuters for live news updates.
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Kinetic Motors to make preferential allotment to Taiwanese co.
Pune: The board of Kinetic Motors has recommended a preferential allotment of equity shares to Taiwan-based Sanyang Industry Co Ltd (SYM) and will issue 20,65,000 shares priced at Rs66 each, worth Rs13.63 crore as per the SEBI guidelines.

This will amount to SYM holding an 11.1 per cent (approx.) stake of the enhanced capital of Kinetic Motor Company Ltd. With SYM taking a minority stake, the management control will still be retained by the Kinetic Group.
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Bank of Baroda fixes IPO price at Rs.230 a share
Mumbai: Bank of Baroda (BoB) has fixed the price for its public offer at Rs230 a share. The price will enable BoB to raise Rs1,633 crore from its issue of 7. 1 crore shares.

BoB had fixed its price band at Rs210 to Rs230.

The bank's issue was oversubscribed 14.52 times, according to information available on the National Stock Exchange Web site on the last day of the issue.

Shares of BoB closed at Rs238, down five paise from the earlier close of Rs238.05.
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Andhra Bank's issue subscribed 11 times
Hyderabad: The follow-on public issue of Andhra Bank has been subscribed by over 11 times. As against its offer of 8.5 crore equity shares, the bank received bids for over 93.55 crore shares.

With the highest bid price standing at Rs90, the bank has fixed this amount as the issue price in consultation with the book running lead managers. The bank received bids for 83.21 crore shares at price bids of Rs90 and bids for 8.21 crore shares at the cut-off price.

While the public issue portion of the qualified institutional buyers (QIBs) category was subscribed by 19.84 times, non-institutional investors category was subscribed 7.71 times. The retail investors category was subscribed by 3.2 times.

While 2.67 crore shares were reserved for the retail individual investors, the bank received bids for 8.57 crore shares. Of this, Andhra Bank obtained bids for 7.53 crore shares at cut off price, while bids for 1.04 crore shares were received at price bids, sources said.
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GVK Power IPO on Feb.2
Mumbai: GVK Power and Infrastructure (GVKPIL) on Monday said that it proposes to enter the capital market on February 2 with an IPO of 8,2 5,556 equity shares of Rs10 each through 100 per cent through the book building process. The price band has been fixed at Rs260-Rs 310 per equity share of Rs10 each. The issue closes on February 7, '06.

The book running lead managers to the issue are JM Morgan Stanley and Kotak Mahindra Capital Company. The registrar is Karvy Computershare. The issue will constitute 35% of the fully diluted post issue paid-up capital of the company.

Out of the total issue 50% of the issue shall be allotted to institutional buyers, QIBs, on a proportionate basis, out of which 5% shall be available for allocation on a proportionate basis to mutual funds.

The reminder shall be available for allotment on a proportionate basis to QIBs and mutual funds, said GVKPIL in a statement issued here. Further, upto 15% of the issue will be allocated to non-institutional bidders and 35% will be allocated to retail individual bidders on a proportionate basis.

GVK Industries has two power plants, the operational 216 MW Jegurupadu Phase I and the 220 MW Jegurupadu Phase II project which will be commissioned by mid February '06.
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