Tech Mahindra readies for IPO
Mumbai: Tech Mahindra, a joint venture between Mahindra & Mahindra and British Telecommunications Plc (BT), is gearing up for an initial public offering. The company plans offer 1.2 crore shares to the public. The company filed its draft red herring prospectus with SEBI on Wednesday.

The issue would account for 11 per cent of the diluted equity capital of the company and would be a combination of dilution of stake by the two joint venture partners as well as fresh issue.

Mahindra & Mahindra and BT will offer 38.2 lakh shares and 57.3 lakh shares respectively. As part of the issue, the company will issue additional equity of 31.8 lakh shares. Post issue, M&M's stake will fall to 45.01 per cent from 51.12 per cent, BT's holding will dip to 33.95 per cent from 38.56 per centOf the proposed 1.2 crore-share issue, 11.5 lakh shares will be reserved for employees. The company proposes to spend most of the money on the Rajiv Gandhi Infotech Park in Hinjewadi, Pune.
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HDFC Bank, ICICI Bank, Infy, Satyam figure in S&P BRIC index
Mumbai: HDFC Bank, ICICI Bank, Infosys Technologies and Satyam Computer Services figure in Standard and Poor's BRIC 40 Index, providing exposure to 40 leading companies from the emerging markets of Brazil, Russia, India and China, an official statement said.

The companies figuring in the index are large, well-traded, liquid companies currently trading on the developed market exchanges of the Hong Kong Stock Exchange, the London Stock Exchange, Nasdaq and NYSE. The S&P BRIC 40 Index, which has licensed products based upon it, would be calculated by means of the divisor method used in most Standard & Poor's indices and rebalanced annually and treat corporate actions in a transparent procedure.

The index would use a modified market capitalisation weighting scheme, with modifications to market cap weights, if required, to reflect available float, reduce single stock concentration and enhance index basket liquidity.
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