Birla Infrastructure Fund from Birla Sun Life
Mumbai: Birla Sun Life Asset Management has launched an open-ended fund, 'Birla Infrastructure Fund'. The fund is open for subscription from January 31 till February 18, 2006.

An entry load of 2.25 per cent will be charged for purchases less than Rs5 crore in value. Exits within six months from the allotment date will invite an exit load of one per cent .

The fund aims at capitalising the growth in infrastructure in the country.
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Mercator Lines to issue 32 lakh warrants
Mumbai: Mercator Lines plans to issue 32 lakh shares as warrants on preferential basis to the promoter group company. On exercise of option the shares will be allotted at Rs137.50, the company informed the Bombay Stock Exchange.

These shares are eligible for bonus equity in ratio of three new shares for every two held, as approved by the shareholders and the same will be kept in abeyance till the option attached to the warrants is exercised.
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STCI acquires UTI Securities
Mumbai: Securities Trading Corporation of India (STCI) has acquired broking and investment firm UTI Securities, for Rs265 crore.

According to sources, STCI emerged as the highest bidder among ten bidders by offering Rs265 crore, followed by Bank of Baroda (Rs250 crore) and Standard Chartered Bank (Rs220 crore).

STCI is a primary dealer in Government securities. ICICI Securities was the advisor to UTI for the sale of UTI Securities. STCI, it is learnt, will be allowed to use the UTI brand for two years.
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Bhushan Steel nod for preferential issue
Mumbai: Bhushan Steel & Strips informed the BSE that the board at its meeting on January 31, 2006 has approved raising capital on preferential basis by issue of 5,23,808 shares of Rs10/- each at a price of Rs210/- (face value of Rs10/- per share and a premium of Rs200/- per share).
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ONGC receives highest ever ratings from Moody's
Mumbai: Moody's Investor Services has awarded a high credit rating to oil producer ONGC, which is higher than the ratings awarded to any other Indian corporate and is also above sovereign ratings for the country.

Outlook for the ratings - Baa1 for indicative foreign currency debt and A2 for local currency issuer - is stable, ONGC quoted Moody's in its communication to the BSE. Besides being highest ever for any corporate, the ratings are above the sovereign credit rating of India.

The indicative foreign currency debt rating is two notches higher than the sovereign foreign currency rating for India and the local currency issuer rating is six notches above the sovereign local currency rating, the communication to BSE said.

These ratings would facilitate borrowing in domestic as well as overseas markets to fund the company's growth plans, ONGC said.

The overseas opportunities being pursued by the company through its wholly owned subsidiary, ONGC Videsh Ltd (OVL), may require sourcing of substantial funds at short notice, the company said.

ONGC has also stepped up its domestic investment, and further increase is envisaged. "These ratings should help in ensuring on-time availability of the required funds, in rupees or in foreign currency," ONGC said.

The company, which has appointed Citigroup as its rating advisor, has also approached CRISIL and ICRA for domestic credit rating
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JK paper to go for pref. issue to raise Rs.99.97
Mumbai: JK Paper said it would raise up to Rs99.97 crore through preferential issue of equity shares to International Finance Corporation and the promoter group company to finance its growth plans.

The board of directors have approved the issue on preferential basis of up to 1,53,80,000 fully paid equity shares of Rs10 each of the company at a premium of Rs55 per share aggregating up to Rs99.97 crore to International Finance Corporation or to Fe nner (India) Ltd, a promoter group company.
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125 per cent dividend from Patni Comp.
Mumbai: Patni Computer Systems has declared a 125 per cent final dividend for 2005.

The board at its meeting held on Wednesday recommended the dividend, subject to shareholders approval at the AGM, the company informed the Bombay Stock Exchange.
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