Nitco Tiles IPO to open on Feb 22
Mumbai: Nitco Tiles plans to enter the capital market on February 22 with an IPO of one crore equity shares of Rs10 each for cash, at a price to be determined through 100 per cent book-building process. The issue will remain open till February 27.

The price band for the issue has been fixed at Rs140-168.
The company intends to deploy the net proceeds from the issue to expand its existing manufacturing facilities of ceramic floor tiles and enter the wall tiles segment by acquiring an existing unit or setting up a greenfield facility. It also plans to install windmills to reduce power costs.

The company has appointed UTI Bank, IL&FS Investsmart Ltd, and Karvy Investor Services Ltd as the book running lead managers for the public issue.
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Binani Ind files draft prospectus for sale of stake in cements subsidiary
Kolkata: Binani Industries (BIL) has submitted a draft red herring prospectus for a 100 per cent book-built offer for sale of 10.09 per cent stake of Binani Cement Ltd (BCL), an unlisted company, in which it is the promoter and the majority stakeholder.

The public offer is for 2.05 crore shares of Rs10 each. The cement company has a 2.25 tpa plant at Sirohi, Rajasthan. It also has two limestone mines and a 25 MW coal/lignite-based power plant in Rajasthan.

BIL currently holds 75 per cent stake in BCL. SPIL, an investment arm of JP Morgan Special Situations Asia LLC (a wholly owned subsidiary of JP Morgan Chase & Co, US), holds 25 per cent stake in BCL. JP Morgan Securities India has also extended a term loan of Rs13 lakh to the company.

The company's total number of paid-up shares would remain unchanged at 20,31,01,274 shares, if the offer is approved by the Securities and Exchange Board of India and Registrar of Companies, and attracts full subscription.
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Tata MF, HSBC MF to offer liquid funds
Kolkata: The Tata MF and HSBC MF have filed offer documents with the SEBI for liquid funds.

The proposed Tata Liquidity Management Fund and HSBC Instant Liquidity Fund will both be open-ended schemes that will invest in debt and money market instruments. The idea is to provide returns in line with a high level of liquidity and low interest rate risk.

The HSBC scheme will offer multiple options - Regular, Institutional, and Institutional plus - to investors. While the first will provide daily and weekly dividend reinvestment and growth sub-options, the other two will have daily, weekly and monthly dividend and growth sub-options.

Minimum application amounts are Rs1 lakh for the Regular option, Rs1 crore for Institutional, and Rs10 crore for the Institutional Plus option, according to the HSBC MF offer document.

The Tata MF scheme, which may invest entirely in money market and other short-term debt instruments, will be free to invest up to 20 per cent in domestic securitised debt.
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BEML pays 30 pc interim dividend
Bangalore: Bharat Earth Movers has declared a 30 per cent interim dividend for 2005-06. The dividend is for the 61 per cent shareholding of the Union Government in the company.
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Sunstar Overseas wants to float IPO
New Delhi: Producer and exporter of Basmati rice Sunstar Overseas, has filed a draft prospectus with SEBI to come up with an initial public offer. The public offer consists of 56,00,000 equity shares of Rs10 each, of which 2,80,000 shares will be reserved for employees, the company said in release.

UTI Securities Ltd is the book running lead manager to the issue and Intime Spectrum Registry Limited is the registrar to the issue.

The funds through the proposed IPO are for setting up facilities for organic rice, a packaging unit, setting up of a power plant for captive consumption, acquiring additional storage facility, automation and modernization of its existing facilities and meeting the additional working capital requirements.
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Panacea Biotec raises US$100mn through FCCB issue
Mumbai: Panacea Biotec said it has raised US$100mn through its foreign currency convertible bonds issue. The five bonds had been split into two equal-sized tranches and the company plans to list them on the Singapore Stock Exchange, the company informed the Bombay Stock Exchange.

Tranche one was priced with a 4.5 per cent semi-annual coupon and was sold at par and would be redeemed with a yield to maturity of 4.5 per cent, it said, adding the second tranche was also sold at par, with a zero coupon, and a yield to maturity of 7.25 per cent.

Merrill Lynch International acted as the sole book runner to the offering.
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RCVL waits for BSE listing approval
Mumbai: Anil Ambani-owned Reliance Capital Ventures Ltd (RCVL) said it is awaiting the approval from the BSE for listing. A statement issued by Anil Dhirubhai Ambani Group (ADAG) said Reliance Capital Ventures had filed all details with Bombay Stock Exchange.
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HPCL to raise US$200mn through ECB
Mumbai: Hindustan Petroleum Corporation (HPCL) said that it would raise US$200mn through external commercial borrowings in Japanese Yen.

The duration of loan is for a period of five years and for meeting the company's general capital expenditure, the company informed the Bombay Stock Exchange.
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Gail to pay 20 per cent special dividend
Mumbai: The board of directors of Gail India has approved a proposal for payment of a special interim dividend of 20 per cent for FY06.

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