Ingersoll to delist from Indian markets
Mumbai: Ingersoll-Rand has said it would buy-back its outstanding equity and de-list its shares from the Indian bourses. The parent company - Ingersoll-Rand of Bermuda - has announced a floor price of Rs344.95 per share for the buy-back of 82,08,000 equity shares, representing 26 per cent of the equity share capital, of Rs10 each.

After the buy-back the shares will be delisted from the brouses.

The bidding for price discovery will be on from March 13 - 17.
The stock had yesterday closed at Rs375 on the BSE.
Back to News Review index page  
REVL to get listed on February 24
Mumbai: Reliance Energy Ventures that was carved out from Mukesh Ambani controlled Reliance Industries and transferred to Anil Dhirubhai Ambani Group as part of a settlement in Reliance empire will get listed and start trading on the bourses on February 24.

The company yesterday secured stock exchanges' approval for listing. A total of 122.31 crore-equity shares of face value Rs10 would be listed, the Bombay Stock Exchange said in a circular.

REVL will later be merged with Reliance Energy - a move that has been approved by the boards of the two companies.

Yesterday, another ADAG group company, Reliance Capital Ventures, got listed on the Bombay Stock Exchange and the National Stock Exchange.

The listing of these four companies would be followed by a merger of REVL and RCVL with the utility major Reliance Energy Ltd (REL) and Reliance Capital Ltd (RCL) respectively.
Back to News Review index page  
CBI raids broker's offices in Ahmedabad, Mumbai and Delhi
New Delhi: The CBI raided 21 places of officials and brokers in three cities, including the national capital region, in connection with the Initial Public Offering (IPO) scam in Infrastructure Development Finance Corporation (IDFC) and YES Bank, which resulted in loss of Rs32 crore to the exchequer.

The searches came after the case was registered by the Bank Fraud and Securities Cell (BF&SC) of the CBI following a complaint by the Securities and Exchange Board of India (SEBI), CBI sources said here today.(See: CBI says Roopalben and friends made Rs32 crore from the IPO scam )
Back to News Review index page  
Atlanta to enter capital market
Mumbai: Construction company Atlanta plans to float an IPO to meet the investment requirements of the special purpose vehicle, Balaji Toll Ways, formed for the execution of Nagpur-Khandali four-lane BOT project.

The company has filed its draft red herring prospectus with the Securities and Exchange Board of India and appointed Karvy Investor Services and UTI Securities as book running lead managers and Karvy Computershare as the registrar to the issue.

A part of proceeds of the issue will be used for purchase of plant and machinery for the company's mining activities, construction and real estate businesses and also for pre-payment of high cost debt.
Back to News Review index page  
Suryavanshi Spinning to issue shares to investors
Mumbai: Suryavanshi Spinning Mills plans to issue 15.06 lakh equity shares to financial institutions, foreign institutional investors or other investors.

The shareholders have approved the issue of 15 lakh equity shares of face value of Rs10 each at a price of Rs87 each on preferential basis, the company informed the Bombay Stock Exchange.

The company received got approval for increasing its authorised share capital to Rs15 crore from existing Rs8 crore by addition of 70 lakh equity shares of Rs10 each, it said.
Back to News Review index page  
Faze Three to split stock
Mumbai: Textile company Faze Three will split the equity shares of the company in the ratio of 3:2. At its meeting held on Wednesday, the board to resolved to allot three bonus shares for every two equity shares held by the shareholders, the Mumbai-based company informed the BSE. The stock of the company rose 9.8 percent on the bourses to Rs16.80.
Back to News Review index page  
Nat Peroxide to give 3:2 bonus, 1:10 split
Mumbai: The board of directors of National Peroxide has approved a proposal for splitting the shares of the company from the existing face value of Rs100 per share to Rs10 per share.

The board also approved issue of bonus shares in the ratio of 3:2 i.e three bonus shares for every two shares held on the record date.

The stock dropped 4.7 per cent (Rs484) to Rs9,808 on the BSE today with a volume of 2,566 shares.
Back to News Review index page  

CCEA nod for sales of MUL shares to employees
New Delhi: The Cabinet Committee on Economic Affairs (CCEA) has approved the sale of 39,777 equity shares in Maruti Udyog (MUL) to its employees. MUL employees would get 20 shares each at the rate of Rs660 per share. After the sale the Government holding in the India's largest car marker would fall to 10.27 per cent from 10.28 per cent currently.

There would be no lock in period (for sale of the shares in secondary market). Out of 3,596 eligible employees of MUL, 1,994 employees had conveyed their willingness to avail of this offer. Accordingly, the Government has decided to disinvest 39,777 shares applied for, as per the terms of this offer.
Back to News Review index page  
Media Video allots 2.68 crore share warrants
Mumbai: Media Video has allotted 2.68 crore convertible share warrants to Bennett Coleman and Co and other investors for Rs80.60 crore. The board of directors has approved the allotment of 2.68 crore convertible share warrants of the company to BCCL, NRIs, promoters and other strategic investors at Rs30 per warrant on preferential basis, the company informed the Bombay Stock Exchange.
Back to News Review index page  
HSBC picks up 1.3 per cent stake in Matrix labs
Mumbai: Hyderabad-based Matrix Laboratories has sold a chunk of its stake in the company for about Rs50 crore to HSBC. About 20 lakh shares or 1.3 per cent of Matrix were sold in a block deal last Friday. The shares were sold by one of the company's promoters. As on December 31, '05, the Indian promoters held 25.6 per cent of the equity in the company.

N Prasad, executive chairman of Matrix held the largest stake of 9.58 per cent.
Back to News Review index page  

RBI stops further FII, NRI purchase in Jagran
Mumbai: The Reserve Bank of India (RBI) has prohibited further purchases of equity shares of Jagran Prakashan (JPL) under Portfolio Investment Scheme as it has reached the upper limit of 24 per cent of its paid-up capital.

The RBI said no further purchases of equity shares of JPL should be made on behalf of Foreign Institutional Investors or Non-Resident Indians and persons of Indian origin through stock exchanges without obtaining prior approval of RBI as the company has reached the caution limit of 24 per cent of its paid-up capital.
Back to News Review index page  

IDBI Capital comes online
Kochi: Financial services provider IDBI Capital Market Services has launched its online investment portal, targeting mainly the retail investor.

The portal, www.idbipaisabuilder.in, has been designed to empower the common investor with information and analysis tools to take charge of their investing needs and allows investing online in Equities, Mutual Funds,and IPOs through a Paisa Power classic account and Paisa Power Streaming account.

According to the company, the "Paisa Power" classic account is very simple and easy-to-use and specially designed for those who are relatively new to investing, while the Paisa Power Streaming account is for active investors with a host of features such as including multiple market watches, message window trading window, all in one screen.
Back to News Review index page