Fidelity picks up stake in Suven Life
Hyderabad: Fidelity International has informed the stock exchanges that FID FDS (Mauritius) Ltd has acquired 59,829 shares aggregating to 0.24 per cent of the share capital of Suven Life Sciences on February 6.

The mode of acquisition is market purchase and the shareholding of FID FDS (Mauritius) Ltd after the said acquisition now stands at 17,96,257 shares aggregating to 7.19 per cent of the share capital of Suven Life.
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Coal India seeks approval for IPO
Kolkata: Coal India (CIL) has asked the Union ministry of coal to permit it to make an initial public offer (IPO) of five per cent of the company's total paid-up capital of about Rs6,000 crore.

As the company is currently making profits, the CIL management feels it is prudent to make an IPO at this time. Crisil has also given an "AAA" credit rating for investments in the company and the prospects for the coal market appears to be bright.

The chairman of CIL, Shashi Kumar, said a proposal in this regard had been submitted to the Ministry. He said that the face value of a share would be Rs10 and the issue would be made at a premium of Rs100 per share. It aims to mop up about Rs3,000 crore from the proposed IPO.

He said CIL expects to earn a PBT (provisional) of about Rs8,000 crore on a turnover of about Rs32,000 crore and a production of about 345 million tonnes during the current fiscal as against actual turnover and profit and a production of about Rs30,000 crore and Rs4,801 crore and about 331 million tonnes, respectively in the last fiscal. The company earned a profit (provisional) of about Rs6,013 crore till January of the current fiscal.

He said the purpose of IPO was to make the company more transparent in its governance and also to improve the corporate image.
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R Trade in tie up with UTI Bank
Kolkata: R Trade, the financial services division promoted by the Anil Ambani group, has said that UTI Bank will serve as its main banker.

Transactions done through R Trade Securities and R Trade Commodities, respectively the stock and commodity broking outfits set up by the group, will be supported by the bank.
Besides UTI Bank, arrangements have also been made with three others - ICICI Bank, HDFC Bank and IDBI Bank. These, feel sources close to the development, should enable R Trade to cater to a wide range of clients.

The company said that while UTI Bank and the others would be its preferred bankers, the former is expected to play a key role in the expansion of its operations. Online services would be the group's special focus. Besides the two broking firms, the group has also set up a separate firm named R Trade Financial Services; the latter has recently received RBI's consent for commencing business.
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