Maxwell to issue bonus shares
Mumbai: VIP Group's Maxwell Industries has decided to issue bonus shares in 3:4 ratio and split the equity shares of the company in the ratio of 1:5, where equity shares of Rs10 each would be split with a face value of Rs2 each.

The company has also decided to raise the limit of investment by foreign institutional investors to 30 per cent and that by non-resident Indians (NRIs) to 24 per cent.

The company is raising Rs275 crore in the domestic or international market through the issue of Foreign Currency Convertible Bonds, shares, convertible debentures, warrants or other instruments. The company has also decided to allot 25 lakh redeemable preference shares with a face value of Rs100 each, at a price of Rs100 per share.
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IDFC gets 'AAA(ind)' rating from Fitch
New York, USA: Fitch, the global rating agency, has assigned a national long-term issuer rating "AAA(ind)" with stable outlook to Infrastructure Development Finance Company (IDFC). IDFC's rating reflects its strong financials and capitalisation, robust risk practices and professional management, Fitch said in a press release.

The rating agency has also assigned "AAA(ind)" rating to IDFC's Rs200 crore long-term debt.

IDFC's liquidity and funding profile are comfortable, it said.
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1:1 bonus from KLG Systel
Mumbai: KLG Systel has decided to issue bonus shares in the ratio of 1:1. An increase in the authorised share capital to Rs20 crore from Rs10 crore was also approved at the meeting.
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Metaliks to issue 6.10 lakh shares to Flamingo Overseas
Mumbai: KIC Metaliks, which produces pig iron and castings, has decided to issue 6.10 lakh equity shares to Flamingo Overseas Ltd. The company will issue shares of Rs10 each at a premium of Rs70 to the company.

KIC Metaliks has recently announced an investment of Rs108.05 crore in backward and forward integration projects.

Flamingo Overseas is engaged in developing, sourcing and exporting a variety of products to clients in several countries under the brand name 'Phoenix'.
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GTL to allot shares
Mumbai: GTL, engaged in Network engineering and IT services plans to allot 8,14,626 equity shares upon conversion of Foreign Currency Convertible Bonds (FCCB) worth Swiss Francs 22,50,000.
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M&M Financial to float IPO
Mumbai: Mahindra & Mahindra Financial Services (MMFSL) will enter the capital market with an initial public offering of two crore equity shares of Rs10 each at a premium to be decided through the book building process, in order to service growing business opportunities.

The issue comprises one crore fresh equity shares and the balance is to be off-loaded by the parent company and other existing shareholders of MMFSL.

The issue will be priced in the band of Rs170-200 per share and would open for subscription from February 21-24. M&M's stake in MMFSL would come down to 67 per cent from the current level of 89.8 per cent after the issue.
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Union Bank to raise Rs.450-495-cr through second public issue
Mumbai: Union Bank of India plans to raise Rs450-495 crore through its second public issue, scheduled to open on February 15. The bank will issue 4.5 crore shares for which the price band has been fixed in the range of Rs100-110, it informed the stock exchanges.

The issue would open on February 15 and will close on February 21. The minimum bid lot is fixed at 50 equity shares and in multiples of 50 equity shares thereafter.

The total business of the bank grew by Rs27,871.91 crore and touched Rs1,21,187.60 crore as on December 31, 2005 as compared to Rs93,315.69 crore on December 31, 2004.
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SEBI bars BLB from giving stock advisory services
Mumbai: SEBI has barred stock broking company BLB (a SEBI registered broker with BSE and NSE) from making recommendations about stock market investment after it found that the firm was making misleading `buy' recommendation relating to the stock of VBC Ferro Alloy. SEBI has found the broking outfit bought huge quantity of the shares before the recommendation and sold the stocks after the recommendation, SEBI said.

SEBI said it observed that the "research wing of BLB had given "strong buy" recommendation on the shares of VBC Ferro Alloys Ltd in one of the leading financial dailies on September 12, 2005," a SEBI order dated February 10, said. BLB purchased a large quantity (3.72 lakhs) of the shares of the company prior to its recommendation and sold around 1.61 lakhs shares after the recommendation and thereby made substantial gains, the SEBI order said.

The sudden buying interest led to the price of the scrip moving from Rs118.45 on September 1, 2005 to Rs176.50 on September 6, 2005 and may have possibly acted as a catalyst in attracting the attention of the investors towards this share, SEBI said.
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Vishal Retail plans IPO by June-July
New Delhi: Retail chain Vishal Retail is planning an initial public offer to raise Rs125-150 crore by June-July to fund its mega expansion plan in metros and Tier-II cities. The chain, which retails garments, household, FMCG and consumer durables has drawn up an ambitious expansion plan to open another 26 stores in metros and Tier II cities by the end of 2006.

The company has appointed merchant banker Enam Financial Services to advise it on the proposed issue.

After the IPO, Agarwal's stake in the company is likely to come down to 58-60 per cent from more than 88 per cent at present.
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