Sun TV to float IPO
Mumbai: Leading television broadcaster in Tamil Nadu and Kerala, SUN TV, plans to make an initial public offering and has filed a red herring prospectus for the purpose.

The company will soon come out with a fresh equity issue of 68, 89,000 equity shares of Rs10 each for cash, to be made entirely through the book building route. The issue will constitute 10 per cent of the fully diluted post issue paid-up capital of the company. Following the issue, the shareholding of its promoter, Kalanithi Maran, will come down to 89.99 per cent from 99.99 per cent.

Kotak Mahindra Capital Company is the book running lead manager and DSP Merrill Lynch is the senior co-book running lead manager.

The channel will use the proceeds from the issue to beef up Sun's subsidiaries, launch more TV channels, construct its own corporate office, set up studio facilities and up-linking infrastructure, purchase new equipment and upgrade the existing ones.

Sun TV is part of the Sun Network, which runs 14 TV Channels, four FM Radio stations, two daily newspapers and four magazines.

Kalanithi Maran, brother of Dayanidhi Maran, union minister of communication and information technology, launched Sun TV in Tamil Nadu in 1993.
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LIC offloads 2.18 pc stake in Dr Reddy's
Hyderabad: Life Insurance Corporation of India has sold 16,67,144 shares of Dr Reddy's Laboratories aggregating 2.18 per cent of share capital of the company on January 30. The mode of sale was market transaction. Following this, the shareholding of LIC in Dr Reddy's Labs stands at 51,86,496 shares aggregating to 6.77 per cent of Dr Reddy's equity.
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Sahara launches new fund
Mumbai: Sahara Mutual Fund (SMF) has launched an infrastructure fund that would invest primarily in equity or related instruments of companies in the core sector.

The Sahara Infrastructure Fund offers a minimum investment of Rs1,000 for investors opting for the growth option and Rs5,000 for those opting for dividend.

The fund would invest at least 70 per cent in equity and up to 30 per cent of net assets in debt money market instruments for providing liquidity and preservation of capital. The fund opens on February 15 and closes on March 10, 2006.
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K Sera Sera prices issue in Rs.64-70 band range
Mumbai: The board of directors of K Sera Sera Productions, which met today, approved a price band of Rs64-70 for a public issue of 50 lakh equity shares. The issue is scheduled to open on February 16, 2006.
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Wockhardt to raise US$500mn
Mumbai: Pharma and hospitality major Wockhardt plans to raise up to US$500mn through an issue of equity/equity-linked securities.

The company has reported a decline in net profit at Rs51.40 crore for the fourth quarter ended December 31, 2005 as against Rs67.10 crore in Q4FY04. Total income decreased to Rs233.10 crore from Rs243.80 crore in Q4FY04.

The company's board has recommended a dividend of Rs5 per equity share i.e. 100 per cent for 2005.
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Rel Cap Ventures to be listed this week
Mumbai: The Anil Dhirubhai Ambani Group (ADAG)-controlled Reliance Capital Ventures has filed a revised information memorandum with the stock exchanges for listing the company.

An ADAG spokesperson said the company was expected to be listed this weekend.

The company would be the first among the four new companies, which were transferred by the Mukesh Ambani group to ADAG, to be listed on the exchanges.
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Riddhi Siddhi to make Rs.42.12-cr pref. issue
Mumbai: The board of directors of Riddhi Siddhi Gluco Biols has approved a preferential issue of equity shares and will allot 15,78,100 shares on a preferential basis to Roquette Freres of France and 5,27,900 shares to Yatish Trading an NBFC based at Mumbai.

Each share has been priced at Rs200, which includes a premium of Rs190 per share, a release from the company said.

Further the board has also approved issuance of 5,85,000 warrants to Roquette (85,000) and promoters (5,00,000) at Rs200 per warrant convertible into equity shares of Rs10 each at premium of Rs190 within 18 months from the date of allotment.

The company is likely to mop-up Rs42.12 crore from the preferential issue and another Rs11.70 crore from the issuance of warrants.
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NRI group shows interest in ABCL
Mumbai: A group of non-resident Indians (NRI) wants to pick up 15 per cent in Amitabh Bachchan Corporation (ABCL) for nearly Rs40 crore. The NRI group is said to have quoted around Rs35 per share and if the deal goes through, it will put the valuation of the company at Rs266 crore ahead of its proposed initial public offer (IPO).

Source said this was part of the company's target to raise US$25mn (approximately Rs112 crore) through private placements..

The investment will help ABCL make deeper forays into film production and distribution. It plans to set up a media study school as well. The company has appointed a city-based investment bank, KJMC, for the IPO.
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