Reliance Petro IPO allotment completed
Mumbai: RIL has completed the share allotments for its Reliance Petroleum (RPL) IPO bringing in 12.60 lakh new shareholders into the Reliance Industries fold. RPL, which priced its IPO at Rs60 a share, received 21.20 lakh applications from retail investors, beating previous records set by TCS (just over 12 lakh) and NTPC (14 lakh). Sources said that the demat accounts of the successful applicants were credited with RPL shares in the evening. The company has also refunded the balance amount of over Rs29,150 crore to the unsuccessful applicants.

While 9.25 lakh intimations were given through the electronic clearing system, the refunds for the remaining 11.85 lakh applicants were dispatched on Friday evening. Sources said the RPL issue is likely to list on May 11. The registrars, Karvy, completed the entire allotment procedure in just 7 working days.
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Air Deccan scales down IPO size to Rs.400 crore
Mumbai: Budget airline Air Deccan has reduced the size of its initial public offer to Rs 400 crore from the initially planned Rs700 crore. The airline has set the price band at Rs150-175 per share and the issue will open from May 18 to May 22. Post issue, the promoters' stake will reduce by 25 per cent.

Air Deccan chairman and managing director GR Gopinath said the airline did not want to price the issue too high. As per the earlier plan, the price band was supposed to be set at Rs300-350 a share.

The IPO proceeds would be used for funding the airline's $1.5 billion aircraft acquisition plans as well as for setting up an engineering facility and also for developing new routes, creating infrastructure, including a hangar facility, a maintenance facility at Chennai and setting up of a simulator centre.

The airline hopes to carry 4 million passengers during the current year and report revenue of Rs1,000 crore.
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Spice Telecom may float IPO
Bangalore: Spice Telecom may float an IPO this year to fund its capital expenditure.

MCorp Global, promoted by BK Modi, owns 51 per cent stake in Spice Telecom while the rest is owned by Telekom Malaysia, which acquired the stake from Deutsche Bank and Ashmore fund recently for around $179 million. Modi's stake is likely to be diluted further in the process.

Spice Telecom operates in two circles — Karnataka and Punjab — with a total subscriber base of around 1.9 million. Spice Telecom is turning around. The Telekom Malaysia-backed $265 million loan from Development Bank of Singapore (DBS) will be used for debt restructuring.
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