Global firms can float Indian depository receipts
Mumbai: Global firms can float issues in India in as Indian companies are able to do so in other countries with their global depository receipts and American depository receipts to raise money abroad. The Securities and Exchange Board of India has now prescribed guidelines for the issue of Indian depository receipts (IDRs) by foreign companies.

Under these guidelines, a foreign company can issue IDRs as long as it satisfies certain eligibility criteria: it has to be listed in its home country, should not have been prohibited from issuing securities by any regulatory body, and should have a good track record on compliance with securities market regulations.

The minimum issue size has been set at Rs50 crore and the minimum application amount at Rs2 lakh. The guidelines also say non-resident Indian and foreign institutional investors cannot buy or possess IDRs unless the Reserve Bank of India grants special permission.

According to the guidelines companies need to file a detailed offer document, similar to the one submitted by Indian companies planning to go public with SEBI before an IDR issue.
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JRG Securities to float Rs14.50-cr public issue
Kochi: JRG Securities, which undertakes integrated stock and commodity futures trading, plans to float a public issue of 36,25,000 equity shares with a face value of Rs10 at a premium of Rs30 per share.

The 14-year-old company expects to mobilise Rs14.50 crore through the public issue. The issue is slated to open on April 17 and close on April 21. Keynote Corporate Services is the lead manager and Bigshare Services is the registrar to the issue. The funds raised will be used in technology upgradation, establishment of 30 new regional offices and overseas expansion.

JRG reported a net profit of Rs1.77 crore for 2004-05 and Rs1.46 crore for the first nine months of 2005-06 when the prospectus was filed with SEBI. Earnings per share on an annualised basis for nine months ending December 2005 was Rs2.13.
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Shree Ram Mills allots bonus shares in 1:5 ratio
Mumbai: Shree Ram Mills has allotted 34.39 lakh bonus of Rs10 each, shares to its shareholders in the ratio of 1:5. The board allotted the bonus shares where one new equity share was allotted for every five of the existing equity shares.
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Aurobindo Pharma to raise $200mn via FCCBs
Mumbai: Aurobindo Pharma will raise $200 million through issue of Foreign Currency Convertible Bonds (FCCBs) in overseas markets to fund its overseas acquisitions and future growth requirements.

The board at its meeting held on April 1, has approved the raising of funds from the international markets, the company informed the BSE. The company has decided to convene an Extra Ordinary General Meeting (EGM) of the shareholders on April 27 to seek their approval, it said.
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RBI hikes FII limit in Reliance Comm., Natural Resources
Mumbai: Foreign portfolio investors can now purchase up to 49 per cent paid-up capital of Reliance Communication Ventures and can also purchase up to 74 per cent of Reliance Natural Resources paid-up capital.
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Pre IPO: Reliance raises Rs.2700-cr
Mumbai: Reliance Petroleum has raised Rs2700 crore through its pre-initial public offer placement of 450 million shares to foreign institutional investors, financial institutions and banks. It made the offer at Rs60 a share. These shares are locked in for a period of one year from the date of allotment of shares in the IPO. Reliance Industries chairman Mukesh Ambani is also believed to have invested Rs450 crore in his personal capacity. Ambani's personal stake in RPL will be around 1.67 per cent after the IPO.

After the private placement, the size of the IPO, expected to open on April 10, would stand revised to 1350 million equity shares. Of these, Reliance Industries would subscribe to 900 million shares at the issue price.

RIL would make the payment one day prior to the opening of the issue at the higher end of the price band, the statement said. Thus, the net issue to the public would be 450 million shares.

The private equity investors, which are believed to have picked up equity, include Blackstone, Deutsche Bank, Citigroup and UBS.

RPL, a wholly owned subsidiary of RIL, is setting up a Rs27,000-crore refinery at Jamnagar in Gujarat. The public offer will mobilise funds of around Rs4,900-5,800 crore ($1.1-1.3 billion), depending on the issue price of the fully book-built issue.
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Era Constructions makes open offer for stake in Era Financial
Mumbai: Era Constructions has made an open offer to the shareholders of Era Financial Services for acquiring around 20 per cent stake in it.

The company, along with Peshwa Realtors and Sachet Realty has issued a public announcement to acquire up to 22.16 lakh fully paid up equity shares representing 20 per cent of Era Financial (including the shares and warrants proposed to b e allotted in the preferential issue) at a price of Rs62.20 per share.

The date of opening of the offer is May 15, 2006 and would close on June 03.
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Amtek Auto allots 53 lakh shares
Mumbai: Automotive components manufacturer, Amtek Auto, has allotted 53 lakh equity shares on a preferential basis to the promoters of the company. The allotment committee of board of directors at its recently held meeting allotted the shares of Rs2 each at a premium of Rs308 per share aggregating to Rs164.30 crore, the company informed the stock exchanges.

The group's principal activities are to manufacture automotive components and assemblies serving the global automotive industry as an original equipment supplier.
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Bajaj Hind to allot shares after FCCB conversion
Mumbai: Bajaj Hindusthan has allotted 7, 34,914 equity shares upon conversion of 2,500 foreign currency convertible bonds (FCCBs). The GDR committee of directors allotted the shares upon conversion of the FCCBs amounting to $2.5 million at a conversion price of Rs147.50 per share. Post allotment, the company's paid up capital increased to Rs14,13,59,754 from Rs14,06,24,840.
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