Parsvnath Developers may float IPO
Bangalore: Parsvnath Developers is planning to float an IPO to fund its expansion plans to set up townships, resorts and IT parks across South India.

The company has bought about 70 acres of land in Yelahanka near Bangalore, over 150 acres near Kochi and 75 acres in Mysore to build townships, IT parks, shopping malls and resorts.

The company is investing over Rs110 crore in Mysore to set up an integrated township, which will also have an IT park. In Kerala, the company has bought 150 acres where it will build residential bungalows and a 9-hole golf course. It has bought 30 acres near Kochi, which will be developed into a resort, and the residents will have access to a private beach there.

The company will also set up a mini-city near Bangalore on a 33-acre land. At Whitefiled near Bangalore, Parsvnath has bought 22 acres, which will have a housing complex for high net worth families. The company has set aside Rs500 crore for all the projects in Karnataka.
Back to News Review index page  

Cipla plans overseas float, bonus share issue
Mumbai: India's second largest drug maker, Cipla said it would raise funds in the overseas markets by selling shares. The board has approved a GDR, or ADR, float, and the size of the issue would be decided at a later date.

The board had also approved issue of bonus shares in the ratio of three shares for every two shares held, she said.

The company has 299.9 million outstanding shares, in which the founders hold 41 per cent.
Back to News Review index page  

Motilal Oswal to acquire Peninsular's capital market business
Kochi: Motilal Oswal Securities plans to take over the capital market operations of the Kochi-based Peninsular Capital Market, for an undisclosed amount.

Peninsular has 257 branches spread across 12 states, with a major presence in Kerala, Tamil Nadu, Karnataka and Andhra Pradesh, and an active customer base of over 30,000. A large number of these branches are run by franchisees.

Of the 200 staff in Peninsular, the direct employees would be absorbed by the new management. The deal leaves Peninsular free to pursue its commodity derivatives trading operations through Peninsular Multi Comex Services as well as portfolio management services.

Through this strategic move, Motilal Oswal Securities is reinforcing its presence in South India. The company is also giving a new thrust to the retail segment, sources said.
Back to News Review index page