Gangotri Textiles announces interim dividend
Coimbatore: Gangotri Textiles has declared an interim dividend of 15 per cent (75 paise per share of Rs5) for the current financial year. The dividend is payable on the enhanced capital of the company which had recently declared a 1:1 bonus issue. The dividend payout would involve an outgo of Rs1.64 crore. The company in a release said that in the first nine months of the current financial year it has earned a net profit of Rs6.28 crore (Rs3.25 crore for the whole of last year).
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SAIF Partners acquires 6.66 per cent stake in Jindal Poly Films
New Delhi: Softbank Asia Infrastructure Fund (SAIF) Partners has acquired 6.66 per cent stake in Jindal Poly Films Ltd through an off-market transaction. The former has acquired 18.72 lakh shares in the company for around Rs56 crore.

SAIF Partners has $1 billion under its management and the investment in Jindal Poly Films is being made from the second fund it raised in June last year for $650 million.
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TVSE plans acquisition of Sravanaa Properties
Chennai: TVS Electronics plans to acquire 100 per cent of the paid-up equity share capital amounting to Rs5 lakh in Sravanaa Properties. Sravanaa Properties is engaged in the business of development of properties, according to a company communication to the stock exchanges. Company officials could not be reached for comments on the deal.
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Dewan Housing shareholders approve preferential issue
Mumbai: Shareholders of Dewan Housing Finance on Monday approved the issue of optionally convertible preference shares to Caledonia Investments Plc, a UK-based investment trust, and optionally convertible warrants to Wadhawan Holding Private Ltd, a promoter group.

The issue to Caledonia Investments is for Rs53 crore, the preference shares of face value Rs25 each allotted at a premium of Rs50 each, with an option for conversion of the same into equity shares of face value Rs10 each carrying a premium of Rs65 per share after 13 months but before the 18th month from the allotment.

On conversion, Caledonia Investments would have a stake of around 14 per cent of the expanded paid-up capital of the company. It now owns 2.18 per cent through secondary market acquisitions.

The issue of warrants to Wadhawan Holdings is at Rs75 per warrant, with the option for conversion into equity shares of face value Rs10 and a premium of Rs65 per share.
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Junior Ambani catching up with big brother in market cap
Mumbai: Anil Amabani's group of companies that have been carved out from Reliance Industries Ltd (RIL) recently are catching up with the latter and have more than halved the gap between the two groups in terms of market cap in about a month's time.

The ADAG companies now have a market capitalisation of Rs97,499.43 crore as against Rs1,17,504.38 crore by companies falling under the RIL umbrella. In other words, these companies have gained by as much as Rs20,499 crore ever since the four demerged entities - Reliance Communication Ventures Ltd (RCoVL), Reliance Energy Ventures Ltd (REVL), Reliance Capital Ventures Ltd (RCVL) and Reliance Natural Resources Ltd (RNRL) - were listed on the stock markets.

RIL has a market capitalisation of Rs1,10,664.80 crore, followed by Indian Petrochemicals Ltd (Rs6,268.79 crore) and Reliance Industrial Infrastructure (Rs570.78 crore).

However, with Reliance Petroleum's mega IPO with an issue size of between Rs6,000 and Rs6,500 crore, slated to hit the market next month, the Mukesh Ambani group's market capitalisation would go up further, stretching the lead over the ADAG companies, said analysts.
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Family offloads 1.90 per cent stake in BAFL
Mumbai: Bajaj Auto Finance informed the Bombay Stock Exchange that it received disclosure from Dipak Poddar, managing director of the company that his relatives sold four lakh shares in the company during the period March 10 to March 13 through the open market aggregating to 1.90 per cent stake.

Rashmi Poddar (wife) sold one lakh shares on March 10 while Chandramukhi Poddar sold 15,000 shares on March 10. Rohit Poddar (son) sold 1.45 lakh shares on March 10 and 20,000 shares on March 13 and Sandhini Poddar (daughter) has sold 1.2 lakh shares on March 10.

Dipak Poddar continues to hold one lakh equity shares aggregating to 0.98 per cent of the total paid-up capital of Bajaj Auto Finance.
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California Software to come out with rights issue
Chennai: California Software Company has fixed the price for its proposed rights issue at Rs66 (inclusive of share premium of Rs56 per share). The record date for the shareholders who qualify for the issue has been fixed as April 12, a company press release said.

The rights ratio is seven rights share for every 10 existing equity shares. The company will issue 34.44 lakh equity shares of face value of Rs10 each.

The company is coming out with a rights issue to meet the expenditure required for expansion of offshore development centres, additional working capital requirements and invest in existing subsidiaries, the Chennai-based software company said in the release.
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Now currency futures
Mumbai: The Dubai Gold and Commodities Exchange (DGCX) has announced that the Emirates Securities and Commodities Authority (ESCA) has approved its application for launching currency futures trading. Initially DGCX will trade futures contracts in - euro-dollar, yen-dollar and sterling-dollar - with contracts maturing in March, June, September, and December each year.

These will be deliverable contracts and will establish DGCX as the first exchange for trading currencies in West Asia, according to a DGCX release.

Ahmed bin Sulayem, director of DGCX, said: "The introduction of DGCX currency futures contracts will usher in a new era of financial futures trading in the region, bringing more maturity and agility to these markets."

DGCX expects to start trading currency futures in 2-3 months. National Bank of Dubai and HSBC have agreed to act as delivery banks for the purpose of settlement of DGCX currencies futures contracts.
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Holcim open offer for Gujarat Ambuja later this week
Mumbai: Swiss cement maker Holcim's open offer, to acquire 20 per cent stake from the shareholders of Gujarat Ambuja Cements (GACL), has been rescheduled for later this week.

The offer, at Rs90.64 per share, was delayed following technical issues raised by the Securities & Exchange Board of India (Sebi).

In a deal that was said to be one of the most expensive in the global cement industry, Holcim had in January bought 14.8 per cent promoters' stake in GACL for Rs2,142 crore.
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Reliance Petro IPO likely on April 10
Mumbai: Reliance Petroleum Ltd (RPL), the wholly owned subsidiary of Reliance Industries, is likely to unveil its initial public issue (IPO) on April 10.

RPL, which is raising funds to part-fund its Rs27,000 crore refinery at Jamnagar in Gujarat, plans to begin its international roadshows during the week beginning April 3. The entirely book-built IPO is expected to be introduced within a price band of Rs57 to Rs62.50.

Roadshows are said to be planned in Hong Kong, Singapore, London, Boston, New York and San Fransisco. Reliance Industries Chairman Mukesh Ambani is expected to attend a couple of roadshows.

Investors like Blackstone, Citigroup, UBS, Deutsche Bank, UTI Bank, SBI, ICICI and IDBI and Mukesh Ambani, are learnt to have bought 450 million shares in the company's pre-IPO private placement at Rs60 apiece, totalling an investment of Rs2,700 crore. A formal announcement of this is expected shortly.

Reliance Industries had invested Rs2,700 in RPL as its equity contribution in three tranches in December, January and February.

The IPO will offer 1,800 million shares. Reliance would again acquire 900 million shares through the IPO, exactly the same amount to be offered to the public. As the pre-IPO placement consumed 450 million shares, the public would be entitled to apply for 450 million shares.
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DLF plans $2 billion initial public offer
Mumbai: DLF, one of India's largest construction companies, is planning to raise almost $2 billion from Indian stock markets through an initial public offer.

The issue will hit markets this year, in April or May.

While it is not known whether the entire money will be raised in one go, or in stages, the company will go public with a mix of public offering and private placement.

DLF, in which the Singhs hold 99.5 per cent, will offload less than 10 per cent stake in the company. DLF's turnover is estimated at between Rs600 crore and Rs2,000 crore depending on the accounting methods used and the public issue will make DLF one of the largest Indian companies with a market capitalisation of over $12 billion or about 50,000 crore.
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