BPL allots equity shares
Bangalore: BPL has informed the Bombay Stock Exchange that the board of directors of the company has allotted a total of 1.7 crore equity shares of Rs10 each on June 30 at a premium of Rs33.02 per share aggregating to Rs73,13,40,000 on preferential basis to Electro Investment Private Ltd, a promoter group company.
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McNally Bharat Engg plans $10-m FCCB issue
Kolkata: McNally Bharat Engineering Co, the joint venture company between the BM Khaitan Group and CK Birla Group, plans to raise $10mn through the issue of FCCB (foreign currency convertible bonds).

Both the promoters have also decided to make fresh investment of around Rs24 crore through a warrant issue by buying 14.7 lakh shares at a price of Rs143 per share. In August 2005, the company raised $7 million through a FCCB issue and all the bondholders have converted their holdings into equity. This money along with the funds that are likely to be raised in the near future would be utilised for expansion projects.

McNally Bharats is into engineering projects and manufacturing of material handling and mineral processing equipment and pumps, thickeners and floatation cells.

The company is planning to foray into production of industrial gear boxes in technical and financial collaboration with a foreign player. Talks are on with three parties but nothing has been finalised.
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Motilal Oswal plans $100 m pvt equity fund
Mumbai: Stock broking firm Motilal Oswal Securities (MOSL), is planning to launch a $100 million private equity fund in the next quarter. The money will be raised from overseas and domestic investors for investments in mid-stage and early stage companies in India. The company says will not be looking at any specific sector and would use a top down approach (in terms of selection of companies for private equity investment). The move is part of the company's plans to emerge as a leading full-fledged financial services firm.

Other areas of focus would be investment banking, wealth management and portfolio management services. It plans to leverage upon its research, relationship and distributional network to expand business in each of the segments.

In the stock broking space, MOSL had acquired three regional stock broking outfits in the South (one each in Andhra Pradesh, Karnataka and Kerala) in recent past.
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R Trade kiosks to open at South Indian Bank branches
Kochi: Anil Dhirubhai Ambani Group (R-ADAG) company, R Trade will be setting up stock trading kiosks at the branches of South Indian Bank (SIB) across the country, to facilitate on-line equity trading for customers of both the financial services company and the bank.

At present the last mile technology compatibility checks are in progress in what could be the first-time synergy of operations between two separate entities, a bank and an online stock broking firm. Sources said the roll out of the new venture should begin before the end of July. R Trade kiosks will be using SIB payment gateway and its depository services to facilitate real time on-line transactions.

R Trade will take space from SIB on lease where the kiosks will be set up and customers can undertake real time touch-screen stock market operations using their unique passwords.

It is a win-win situation for the bank and R-ADAG Company since a large number of customers of the financial services company are expected to become the bank's customers and vice-versa. To start with, the bank will commence the roll out of R Trade kiosks at its major metro and city branches. Both the investment and operations costs of the kiosks will be borne by R Trade and they will also pay the monthly rent for the space leased out to them.

The kiosks are expected to support both R Trade Securities and R Trade Commodities the stock and commodity broking outfits set up by the Group, besides offering a one-stop shop for all financial products such as Mutual Funds, insurance products and tax savings schemes.
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LT Overseas readies for IPO
New Delhi: LT Overseas Ltd, which owns the `Daawat' brand of basmati rice, has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India. The company proposes to offer 78, 00,000 equity shares of Rs10 each for cash at a premium to be decided through a book building process.

Of the net offer to the public, not more than 50 per cent of the net issue shall be allocated on a proportionate basis to qualified institutional buyers and not less than 15 per cent of the net issue shall be available for allocation on a proportionate basis to non-institutional bidders.

Further, not less than 35 per cent of the net issue shall be available for allocation on proportionate basis to retail individual bidders. The issue would constitute 35.03 per cent of the fully diluted post issue paid up capital of the company.
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