BSNL starts process for appointing advisor for IPO
New Delhi: Telecom PSU, BSNL has started inviting bids from the merchant bankers to appoint an advisor for its proposed initial public offer (IPO). The decision to launch an IPO was taken after the government's decision to sell a small shareholding in profitable and non-navratna public sector PSUs.

In fact, the cabinet has already decided to list the unlisted PSUs with revenues more than Rs200 crore.

Conservative estimates value BSNL at around Rs1500 crore billion. Though the amount of equity divestment has not been announced, indications are that it can be up to 10 per cent.

BSNL has a net worth of Rs68,000 crore ($15 billion), authorised capital of Rs10,000 crore ($2.12 billion), paid up capital of
Rs5,000 crore ($1.06 billion) and anticipated revenue during the current financial year is approx Rs22,000 crore ($4.6 billion).
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New fund from Franklin Templeton
New Delhi: Franklin Templeton Investments (India) is launching a new open-end diversified equity fund called Templeton India Equity Income Fund, which would invest in both domestic and overseas stocks having good dividend yield.

The new fund would provide a combination of long term capital appreciation and regular income by investing primarily in stocks, both domestic and overseas, having current or potential attractive dividend yield, the company said in a statement.

The fund, to be available at Rs 10 per unit, would be open from March 22 to April 20 and for ongoing purchase and redemption, the fund would be open from May 19.

"TIEIF through its focus on dividend yields and exposure to international stocks will help investors do exactly that," Templeton Equity Director-Research Chetan Sehgal said.-PTI
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GTL open offer at Rs.151
Mumbai: Global Assets Holding Corporation, Manoj Tirodkar and other persons acting in concert have made an open offer to acquire up to 1.64 crore shares of Rs10 each of GTL at Rs151 per share payable in cash.

The specified date for the offer is April 14, 2006.

The GTL stock closed at 147.55 on the BSE today with a volume of 25.94 lakh shares.
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JK Paper to raise $17 million
Mumbai: The board of directors of J K Paper, which met today, approved a proposal to raise up to $17 million via overseas floats. According to a release issued by the company to the BSE today, the board cleared proposals to issue FCCBs for $5 million and GDRs for $12 million.
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New scheme from UTI
Mumbai: UTI Asset Management Company plans to issue two bonus units for every 15 held to holders of a unit-linked insurance plan.

The record date to get the bonus units is March 30, UTI said in a statement.
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S&P gives 'BBB' rating to RIL's $150 million debt
New Delhi: Global rating agency Standard & Poor's has assigned 'BBB' rating with 'stable' outlook to Reliance Industries' proposed $150 million debt.

"The rating reflects its globally competitive position in refining and petrochemicals, its divestment of non-core capital-intensive telecom and power businesses and its overall moderate financial profile," S&P said in a statement.

RIL plans to use the $150 million equivalent 10-year notes to part-finance its capital expenditure in refining and petrochemicals sector. The company plans to spend about Rs61,700 crore on capital expenditure over the next three-four years, S&P said. It said the rating was constrained by Reliance's exposure to highly cyclical industries, large capital committments in its refining, exploration and production businesses and uncertainties in developing its reportedly large gas reserves.
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