M&M Financial lists at 12.5 per cent premium
Mumbai: The Mahindra & Mahindra Financial Services stock debuted on the stock exchanges on Friday opening at Rs225, up 12.5 per cent, over the issue price of Rs200 a share on the NSE. It hit a high of Rs243.80 and a low of Rs205.15, before closing at Rs231. On the BSE, it ended at Rs233. The stock saw combined volumes of 2.96 crore shares.

The company's IPO, which opened for subscription on February 21, was made through 100 per cent book-building route. The issue received about 2.83 lakh applications and got subscribed 26.88 times.
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Precot Mills-Meridian Ind. share swap ratio at 1:2
Coimbatore: Precot Mills has finalised the share swap ratio for the merger of Meridian Industries, one of the unlisted group companies, with Precot Mills. The shareholders of Meridian Industries will get one share of the Precot Mills for every two shares they hold.

The merger of the two companies will lift up the manufacturing capacity as well as the financials of the merged entity considering the existing profitability of both the companies. The present share capital of Precot and Meridian stands at Rs5.45 crore and Rs3 crore respectively and the share capital of the merged entity as per the ratio accepted will go up to Rs6.95 crore.

Consequent to the merger move, the capacity expansion plans to be carried out under the two companies as well as the capital expenditures mooted would change. The merged entity, Precot Meridian Ltd, will take up these expansion plans at a revised capital outlay of Rs140 crore as against the earlier Rs90 crore. As part of expansion, a complete yarn making plant with 32,256 spindles of Reiter make from Philippines has been bought by the company which will be installed in the existing spinning unit owned by the Meridian in Pollachi taluk. This would be operational by January next and will increase the Precot Meridian's total spindle strength to 1.92 lakh.
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Visa Steel debuts marginally higher at Rs.58.9 on BSE
Mumbai: Visa Steel debuted on the Bombay Stock Exchange and National Stock Exchange on Friday at Rs58.90 on the BSE against the issue price of Rs57. It touched a high of 61.90 and a low of Rs49.55 and closed at Rs57.15.

The company entered the capital market with an issue of 3.5 crore shares of Rs10 each through a 100 per cent book-building process.

The company plans to use the proceeds to finance a part of the capital expenditure for brownfield expansion of its existing facilities into an integrated 0.5 million tonnes (mt) per annum special and stainless steel plant at Kalinganagar Industries Complex, Orissa.
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Parsvnath Developers to float IPO: files draft red herring prospectus with SEBI
New Delhi: Parsvnath Developers has filed its draft red herring prospectus with SEBI for a public issue of up to 3.32 crore equity shares. Of the total equity float, up to 3.30 crore equity shares are for the public, while the balance up to two lakh shares are reserved for eligible employees of the company.

The issue would constitute 25.15 per cent of the fully diluted post issue paid-up capital of the company, while the net offer to the public would constitute 25 per cent of the fully diluted post issue paid-up capital of Parsvnath Developers," a company release said here.

While the face value of the equity shares is Rs10 each, the pricing of the issue would be determined through 100 per cent book building process. A minimum of 50 per cent of the net offer to the public would be allocated to qualified institutional buyers, and up to 35 per cent shall be available for allocation on a proportionate basis to the retail bidders.
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Kashyap shares list 16 per cent higher
Mumbai: B L Kashyap and Sons' shares listed on the NSE at Rs800.50, a premium of 16.86 per cent compared to the issue price of Rs685. On the BSE, the shares opened for trading at Rs749.90, a premium of 9.47 per cent from the issue price. The share prices rose to touch a high of Rs1,036.80 on the NSE, before closing at Rs973.30 - a premium of 42 per cent from the issue price. On the BSE, the shares touched a high of Rs1,036.90, before closing at Rs972. Over 1.15 crore shares were traded on the exchanges on Friday.
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Birla Power Solutions follow-on public issue opens on March 25
Mumbai: Birla Power Solutions' public offer of 1.2 crore equity shares at Rs42 a share will open for subscription on March 25 and close on March 29. The "follow-on" public offer is at a premium of Rs32 a share and aggregates to Rs50.4 crore which is also the cost of the company's new project to be funded by the proceeds from the public issue.

The company plans to set up a new plant to manufacture LPG/CNG Gensets, inverters, engines and acoustic hoods.

Part of the proceeds from the issue will be used to expand existing capacities and also to meet the margin money for working capital requirements, said a company statement.

The company sees rich opportunity in the expanding telecom and educational sectors in the country. The company's stock closed at Rs54.15 on the BSE on Friday, losing Rs6 from the previous close of Rs60.15.
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RPG retail arm may enter capital market next year
Kolkata: Great Wholesale Club that owns the Spencer's brand and runs the retail business is likely to go in for a public issue next year.

Sumantra Banerjee, president & chief executive of RPG Enterprises, said the retail business of the group is all set to witness major activities in the next 12 months. The group is adding another 8 lakh sq.ft to its operations from the existing 2 lakh sqft of retailing space. It would also spread all across India. The corporate headquarters of RPG Retail is also being shifted from Chennai to Kolkata. The process would start from April 1.

The group would also spend approximately Rs200 crore on the retail business which would be funded through internal accruals, debt and a public issue.

For the year ended March 31, 2006, RPG Retail would register a turnover of Rs450 crore. However, it would not breakeven he said.
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