DoT says no plan to divest stake in BSNL
New Delhi: After reports in the mainstream press that the government has started the process for appointment of a global consultant for selling up to 10 per cent equity in Bharat Sanchar Nigam Ltd (BSNL), the Department of Telecom (DoT) said on Tuesday that it had 'no plan' t o divest stake in the telecom giant.

Telecom secretary J S Sarma told this to reporters almost at the same time as when BSNL chairman and managing director A K Sinha said the corporation had submitted its views on disinvestment through an initial public offer or otherwise.

Sinha told reporters on the sidelines of 'Convergence India' exhibition, "Three months back, the government had written to us whether there is any IPO to be thought about BSNL. How do we prepare it, how do we go about it and whether in our view it is the right time and it is in our interest. We have responded," he said.

Unaware of what Sinha had said, Sarma told reporters at the same function: "There is no decision to disinvest in BSNL partially or otherwise. There appears to be some files relating to the views expressed by BSNL. I am looking into that file, but I am categorically saying there is no plan to disinvest in BSNL," he said.
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Holcim not to revise open offer price for Gujarat Ambuja
Mumbai: Holcim will not revise its open offer price for Gujarat Ambuja Cements (GACL) said managers to the offer, wanting to scotch rumours of a revision following GACL's rise on the bourses this month.

Early this month, the GACL scrip crossed the open offer price and it has steadily risen ever since. On March 1, GACL closed at Rs90.75 on the BSE. This was higher than the open offer price of R 90.64 a share. On Monday, the scrip closed at Rs98.75 on the BSE.

Holcim acquired a 14.8-per-cent stake in GACL earlier this year at Rs105 per share from the promoters of the company. This price contained a premium of Rs15 per share for a non-compete assurance.

Holcim's open offer for The Associated Cement Companies (ACC) did not fetch the multinational a majority stake in the company although it clearly made it the single largest stakeholder.
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Fidelity Equity Fund announces 20 per cent dividend
Kolkata: Fidelity Equity Fund has announced a 20-per cent dividend, the record date for which is March 22. This is the fund's first payout, roughly a year after its launch. Its NAV, now marginally above Rs17, will reduce in line with the amount of dividend declared. Fidelity Equity, which is benchmarked against the BSE 200, currently manages about Rs2,980 crore, a press release issued mentioned.
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Sabre, Abraaj set up $250-million fund for Indian investments
Mumbai: Sabre Capital Worldwide Group plans to set up a private equity fund in partnership with a Dubai-based private equity firm, Abraaj Capital. The Sabre Abraaj Private Equity Fund will initially have a corpus in excess of $250 million and will primarily invest in Indian companies with high growth potential, according to a company release. Rana Talwar, chairman of Sabre Capital, will be the Chairman of the private equity fund.
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Nitco Tiles lists at 2 per cent premium
Mumbai: Nitco Tiles listed on the BSE today at Rs172, at a premium of 2.38 per cent compared to the issue price of Rs168. On the NSE, the shares made its debut at Rs180, a premium of 7.12 per cent from the issue price.

The share closed higher at Rs182.90 on the BSE and at Rs189.90 on the NSE, a premium of about nine per cent from the issue price.

The IPO of one-crore shares were subscribed 4.68 times. Over 2.1 crore shares were traded on the NSE while another 1.44 crore shares were traded on the BSE.
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Godawari Power IPO price fixed at Rs70-81
Mumbai: Godawari Power and Ispat, formerly known as Ispat Godawari engaged in the production of sponge iron, steel billets and captive power generation will enter the capital market with a public issue of 8,695,000 equity shares of Rs10 each through 100 per cent book building process.

The subscription opens on March 28 and closes on April 4. The price band has been fixed between Rs70 and Rs81.

The company hopes to raise about Rs25 crore from the IPO, which will partly meet the cost of its Rs173-crore expansion plan.
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Tantia Constructions IPO coming soon
Mumbai: Tantia Constructions Ltd (TCL), an infrastructure company based in Kolkata, is coming out with an IPO of 42,50,000 equity shares of Rs10 each through 100 per cent book building process. The issue opens on March 27 and closes on March 31, with the price band fixed between Rs45 and Rs50.

The proceeds from the issue, estimated at Rs56 crore, will be used to purchase capital equipment, enhance long-term working capital requirement, invest in projects, and repay debts.

Tantia Constructions has clocked a turnover of Rs96 crore and net profit of Rs4.08 crore during the first nine months of 2005-06.
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