JK Cement to float public issue
Mumbai: JK Cement is planning to enter the capital market with a public issue of two crore equity shares of Rs 10 each on a fully book built basis to fund its capacity expansion and power projects. The company is expecting to collect funds around Rs 340 crore through the issue.

The issue would open on February 21 and close on February 24. DSP Merrill Lynch and ICICI Securities are the book running lead managers to the issue.

The company is installing a waste heat recovery power plant at its Nimbahera facility in Rajasthan, which is expected to cost around Rs 111.1 crore. The 13.2 MW project is expected to cut the power cost of the facility. The company is also installing a 20 MW petcoke-based captive power plant at Nimbahera. The plant, which would be a mix of petcoke and coal would be installed on EPC basis and its estimated capital cost is around Rs 85 crore. The project is likely to be completed by April 2007.

JK Cement is replacing its existing 7.5 MW steam turbo-generator at Bamania with new 10 MW steam turbo generator with a cost of Rs 8.5 crore.
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Nitco Tiles to float IPO: to raise Rs 150 cr
Chennai: Nitco Tiles plans to enter the capital markets through an initial public offering (IPO) of one crore-equity shares to raise around Rs 150 crore for financing its expansion plans.

Vivek Talwar managing director of the company said the company will expand its ceramic tile manufacturing capacity by 60 per cent at 16,000 square metres per day from the present capacity of 10,000 square metres per day with an investment of Rs 21 crore, he said.

The price band for the issue, through 100 per cent book building process, has been fixed at Rs 140 to Rs 168. Of the total issue, 50 per cent has been reserved for qualified institutional buyers. Of the net issue to public, 15 per cent will be for non-institutional investors and 35 per cent for retail investors.

The company also plans to enter power generation through winds mills in a big way by installing six wind turbines at Dhule in Maharashtra with an investment of Rs 38 crore Talwar said.
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Ranbaxy raises $400 million through FCCBs
Mumbai: Ranbaxy Laboratories has raised $400 million through issuing foreign currency convertible bonds (FCCBs). The bonds are convertible into equity shares and are priced at a premium of 60 per cent to the BSE closing price of Rs 447.70 as on February 15.

The zero coupon bonds, having a tenure of five years, also have a yield to maturity set at 4.8 per cent per annum. Citigroup, Deutsche Bank, Morgan Stanley and UBS acted as the book-runners for the transaction, the company informed the Bombay Stock Exchange.
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