RCoVL FCCB conversion decided at Rs480.68 per share
Mumbai: Reliance Communications Ventures has completed its $500-million (Rs2,250 crore) foreign currency convertible bonds (FCCBs) issue. The bonds now carry a conversion price of Rs480.68 per share, a premium of 50 per cent to the closing price of the scrip on March 21.

The zero-coupon bonds have a maturity period of five years and one day, and carry a Yield-to-Maturity of 4.65 per cent per annum. The FCCBs are expected to be listed on the Singapore Stock Exchange. If the FCCBs are fully converted into equity, RCoVL's share capital would increase by approximately 4.62 crore equity shares of Rs5 each, representing around 2 per cent of fully diluted equity share capital, post the recently announced reorganisation of the RCoVL group, according to a company statement.
Back to News Review index page  

Hanung Toys & Textiles file prospectus for IPO with SEBI
New Delhi: Hanung Toys and Textiles that makes and exports soft toys has filed the draft Red Herring prospectus with SEBI for its initial public offer (IPO), through a 100 per cent book building process. The proceeds of the IPO will be used to finance expansion plans.

The public issue consists of 95,00, 000 equity shares of Rs10 each, comprising 5,00,000 equity shares for eligible employees on a competitive basis.

The issue would constitute 37.72 per cent of the post issue paid up capital of the company.

Karvy Investors Services Ltd and Anand Rathi Securities Private Limited are the managers to the issue.
Back to News Review index page  

PSI Data, Bolero enter into deal
Mumbai: PSI Data Systems is partnering with UK-based Internet trade finance company Bolero to set up an Offshore Development Centre in India. PSI Data would provide application development, maintenance and field support services to Bolero, a financial supply chain (FSC) management application software provider.

Bolero is an open platform designed to enable paperless trading between buyers, sellers, banks, agencies and regulatory authorities, PSI Data informed the Bombay Stock Exchange.
Back to News Review index page  

Deutsche Mutual Fund focuses on rural India
Kolkata: Deutsche Mutual Fund has launched an equity fund called Deutsche Green India Fund. The fund will focus mostly on companies focused on rural India. Deutsche Green India Fund, to be benchmarked against the S&P CNX 500, will invest in companies engaged in agri commodities, irrigation, food processing, fertilisers, agri machinery, and the like.

Besides, rural infrastructure development companies (covering rural electrification, roads and canals) may also be included in the portfolio, along with tractor and two-wheeler makers. The fund's investment universe will include FMCG companies that derive a large part of their revenues from the rural market, while banks and finance outfits too will be taken into account.

The fund has named Mr Vinay Kulkarni as the fund manager. A minimum 65 per cent of the assets will be invested in equities and equity-related securities of companies that focus on rural India. The allocation may be raised to 100 per cent as well.
Back to News Review index page  

Zee Telefilms plans to revamp operations
Mumbai: Zee Telefilms' board of directors is meeting on March 29, to consider restructuring the company's businesses. According to reports, the company was considering restructuring its business, possibly a de-merger of its businesses.

However, stock market talk of a restructuring plan at ZTL had driven up the share price over the last few days. In the last one month, shares of ZTL have risen to Rs236.20 from Rs168.15 quoted on February 22, on the BSE.
Back to News Review index page  

Noida Toll Bridge raises Rs188 crore thru GDR
New Delhi: Noida Toll Bridge has listed on the London Stock Exchange and has completed a follow-on offer on the Alternative Investment Market (AIM), LSE's sub-market. It is also the first listed Indian company to go for a follow-on public offer on the LSE raising Rs188 crore through global depository receipts in the London Stock Exchange (LSE).

Noida Toll Bridge is the second Indian company to admit its securities to AIM after Great Eastern Energy Corporation (GEEC), which made an initial public offering on AIM in December 2005.

Each GDR represents five ordinary shares of the company, and it will have an anticipated market capitalisation of Rs634 crore.

At present, the company is listed on the Mumbai Stock Exchange (BSE) and the National Stock Exchange (NSE).

AIM is a specialised tool for Indian companies. Currently, there are four Indian companies listed on the AIM.

AIM now has a total of 1,400 listed companies, including over 220 from outside the UK. In addition to AIM, a total of 40 Indian companies are listed or traded on the London Stock Exchange's Main and Professional Securities Market.
Back to News Review index page  

R Systems price band at Rs210-250
Mumbai: Outsourced and offshore product development services provider R Systems International, is floating an IPO of 44.08 lakh equity shares of Rs10 each through a 100-per cent book building process. The issue opens on March 28 and closes on March 31.

The price band has been fixed between Rs210 and Rs250. The offer comprises a fresh issue of 28.25 lakh equity shares by R Systems and an offer for sale of 15.83 lakh equity shares of Rs10 each by equity holders who are selling their shares.

The company proposes to reserve 4.40 lakh shares for employees, while the public can subscribe to 39.68 lakh equity shares. The company proposes to raise Rs110 crore from the issue, of which, Rs10 crore will be used for clearance of debts and the rest for the expansion of existing infrastructure at Noida, Pune and Chennai.

R Systems has five delivery centres in India, the US and Singapore. The company's spheres are banking and finance, high technology and Internet services, manufacturing and logistics companies and public sector.
Back to News Review index page  

GMR plans to tap market to raise Rs500 crore
Bangalore: GMR Infrastructure, the winner of the Delhi Airport modernisation bid, developer of the greenfield Hyderabad International Airport and a number of power and road ventures, is likely to go public by June this year. The low profile Bangalore-based company is likely to raise around Rs500 crore by offloading 15-16 per cent of its equity.

The group has been mulling the IPO option for some months now but decided to wait till the government decided on the Delhi and Mumbai upgradation projects. GMR Infrastructure which is the holding company for the group's infrastructure business had a paid-up capital of Rs158.7 crore as of March 31, 2004.
Back to News Review index page  

Maharashtra Seamless to split stock in 1:2 ratio
Mumbai: Maharashtra Seamless that manufactures seamless and electric resistance welded pipes, has decided to split the equity shares in a 1:2 ratio. One share of Rs10 would be split into two shares of Rs5 each, the company informed the BSE. On the BSE, the stock was up Rs6 or 0.95 per cent at Rs621.05 at 3.20 pm today.
Back to News Review index page