Viceroy to raise Rs.114 crore through preferential issue
Mumbai: The board of directors of Hyderabad-based Viceroy Hotels has approved a preferential issue of shares and warrants to raise Rs 114 crore to fund new hotels.

Viceroy has issued 40 lakh shares and 74 lakh warrants at Rs 100 rupees each to investors, including Sonata Investments and the Tourism Finance Corporation, besides foreign portfolio investors.
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IL&FS to acquire 40 per cent stake in Godrej Tea for Rs.60 crore
Mumbai: Godrej Industries, Godrej Tea and IL&FS Investment Managers (IIML) have signed a shareholders agreement whereby IIML through its funds — Leverage India Fund and Sara Fund — would invest Rs60 crore in Godrej Tea to acquire a 40 per cent stake.

Godrej Industries has signed an agreement with Godrej Tea to sell its foods business (excluding the manufacturing facility at Wadala, Mumbai) with effect from the close of working hours on March 31, 2006.

According to the terms of the agreement, Godrej Tea will pay the company Rs40 crore in cash and Rs30 crore in the form of shares, aggregating to a total consideration of Rs70 crore a release said. Godrej Tea will be renamed as Godrej Beverages and Foods to reflect the combined business, the release added.

A B Godrej, chairman of Godrej Industries, in a statement said: "The consolidation of the two foods businesses would help realise synergies in the areas of manufacturing, marketing and distribution. The equity infusion would also help the company to scale up the business and add value to its shareholders."
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Reliance Natural's preferential offer to open May 3
Mumbai: Gas transmission utility, Reliance Natural Resources, an Anil Dhirubhai Ambani group company, is making a preferential offer of equity shares to the company's promoters and long-term investors to strengthen its capital base. An open offer for 326.6 million shares, representing 20 percent of the expanded equity share capital of Reliance Natural Resources and aggregating in value Rs8.38 billion ($188 million), will open on May 3 and close May 22.

The preferential offer will be made at a minimum price of Rs25.65, being the average of market prices for the preceding two weeks. The offer price represents a premium of over 400 percent on the face value of Rs5 a share of Reliance Natural Resources.
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