PowerGrid plans IPO
New Delhi: Power Grid Corporation India (PowerGrid) is borrow Rs2,500 crore for its outlined capital expenditure of Rs6,000 crore this fiscal. The company is also looking at an IPO by December this year.

PowerGrid will raise the amount through loans or bonds.

PowerGrid has reported a 28.4 per cent increase in net profit at Rs1,009 crore during 2005-06 compared to Rs786 crore during the corresponding previous period. The company had invested around Rs5,000 crore last fiscal on various projects, including the development of the National Grid and has already established National Grid inter-regional capacity to transfer 9,500 MW.

The development of the National Grid will result in savings of up to Rs60,000 crore on account of reduced capacity addition requirement said company officials. According to the provisional figure, PowerGrid's turnover in 2005-06 increased by 25.5 per cent to Rs3,554 crore from Rs2,831 crore earlier.

PowerGrid has also obtained approval from the Department of Telecom to take a national long-distance telecom licence. The company, with 20,000 route km of optic fibre cable network, is already offering bandwidth on lease to other telecom service providers and could soon foray into the booming national long-distance telephone market to compete with the likes of Bharti Airtel, BSNL, and Reliance Communication.
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Apollo Hosp board to allot shares to promoters
Chennai: The promoters of Apollo Hospitals Enterprise have secured a right to subscribe to 12.65 lakh equity shares of the company at a price of Rs499.03 each. The promoters would therefore bring Rs63.12 crore into the company. Each warrant is convertible into one equity share. Shareholders also approved another resolution paving the way for the company to raise $115 million (Rs520 crore) by an issue of shares through a public issue or rights issue or international offerings.
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Exide Ind plans 1:10 stock split
Kolkata: The board of directors of Exide Industries have recommended splitting the equity shares of the company from the current face value of Rs10 each to Re1 per share. The recommendation is subject to approval of the shareholders of the company at the 59th annual general meeting to be held on July 21. According to a notice issued by the company at BSE, the split will raise the number of shares of the company by 10 times thereby offering better float and liquidity to the shares in the stock market.

Exide has a share capital of Rs75 crore which will remain unchanged after the stock split. Exide's executive chairman and chief operating officer, S.B. Ganguly, said, "The split, if approved by the shareholders, is expected to add liquidity to the Exide shares in the stock market and we hope more people will be able to join the family of Exide shareholders."
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SEBI lets off Anagram Sec
Mumbai: SEBI has lifted the ban imposed on Anagram Securities from dealing in the securities market. SEBI had earlier imposed a ban on the securities firm through its interim order on IPO allotment scam on April 27,2006.
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JSW Steel withdraws rights offer
Mumbai: JSW Steel is withdrawing the rights offer in view of the fluctuations in the markets.

"In the light of recent wide fluctuations/volatility in commodity/metal prices, turbulent global/domestic stock markets and pending finalisation of comprehensive financing plan, the Board of Directors has passed a circular resolution dated June 12, 2006 to withdraw the draft letter of offer filed," the company said in a notice to BSE.
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