SBI Caps to manage 19 IPOs
Mumbai: SBI Capital Markets has received a mandate for managing 19 initial public offerings worth more than Rs15,000 crore.

Indrajit Gupta, managing director, SBI Caps said of the entire it was not certain how many of these companies would go ahead with the issue and their final size will depend on the market condition. Last year, the company had managed 16 IPOs that raised a total of Rs6,000 crore.

Gupta also said SBI Caps also has mandate for raising Rs40,000 crore by way of project finance syndication. In addition to this, it has mandate for raising $600 million for projects abroad, mainly through its UK subsidiary. In the current year, it had managed debt syndication of Rs8,400 crore.

Gupta said SBI caps would go in for e-broking in the current year. "In the current year, we plan to focus on fee and transaction based income, strengthening our retail broking business by foraying into DP and e-broking; leverage the international business through US subsidiary," he said.

Last year, SBI Caps had entered into a strategic tie-up with international investment bankers CLSA for jointly undertaking advisory services.

SBI Caps earned a net profit of Rs90.62 crore for the year ended March 31, 2006 against Rs88.12 crore in the previous year.
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SBI Capital Markets to launch venture funds
SBI Capital Markets plans to launch 3 venture funds in association with three different foreign banks or institutions, according to senior officials.

The funds would invest in primarily mid-cap sectors, emerging industries and infrastructure, said Gupta.

Typically, the investment would be made in unlisted companies for at least seven years.

"We will look at investing in listed companies in a very limited manner (but) it will not exceed 10-15 percent of our total corpus," he said. SBI Capital Markets is a unit of the country's largest PSU bank, State Bank of India.
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ChrysCapital acquires 10 pc stake in Titagarh Wagons
New Delhi: ChrysCapital is acquiring a little over 10 per cent stake in Titagarh Wagons. The investment is estimated to be in the region of $10-15 million. Titagarh Wagons (TWL), is a leading manufacturer of Railway wagons, modular steel bridges, and other engineering products.

Sanjay Kukreja, principal, ChrysCapital, said: "Titagarh is uniquely placed with a significant and fast growing market share in an industry with very good growth prospects for several years."

He added, "Titagarh Wagons is emerging as an industry leader and we are very excited to partner Titagarh in its high growth aspirations."

TWL plans to go public in 3-9 months. Another private equity firm and a hedge fund already hold about 14 per cent stake in the company. TWL ended the last fiscal with a turnover of Rs129 crore and has already achieved turnover of Rs75 crore in the first quarter of the current year. The company is eyeing a turnover of Rs400 crore in the current fiscal. The company recently purchased the heavy engineering division of the Kolkata-based Hyderabad Industries, and plans to start manufacturing various types of passenger coaches and metro coaches in the same.

ChrysCapital manages around $1 billion across four funds and its past investments include MphasiS, Spectramind, Suzlon, Gammon, and UTI Bank.
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GMR Infrastructure IPO price band fixed in Rs210-250 range
Mumbai: GMR Infrastructure, engaged in developing airport, power and road projects, is entering the capital market on July 31 with a public issue of 3.81 crore equity shares of Rs10 each. The price band has been fixed at Rs210 to Rs250 per equity share. The issue will be made through the 100 per cent book-building process, with an allocation of at least 60 per cent of the issue size to qualified institutional buyers, while 30 per cent of the issue would be available for allocation to retail bidders on a proportionate basis.

The issue price determined on the completion of the book- building process for retail bidders and bidders in the employee reservation portion (for bids up to Rs1 lakh) would be at a 5 per cent discount to the issue price.

GMR Infrastructure owns 63 per cent of GMR Hyderabad International Airport Ltd, which is developing the Greenfield Hyderabad airport.

Also, a consortium led by GMR, consisting of Fraport AG, Malaysia Airports Holdings Berhad and India Development Fund, was awarded a long-term agreement of 30 years to operate, manage and develop the brownfield Delhi airport.
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FIs allowed short-selling; FIIs to wait for legal sanctions
Mumbai: The finance ministry and the Securities and Exchange Board of India have allowed domestic financial institutions 'for the time being' to short-sell and also enter into stock lending and borrowing.

Foreign institutional investors (FIIs) would have to wait till certain legal hassles are removed. While stock lending and borrowing is a pre-requisite for short-selling, it involves certain violations of the Foreign Exchange management Act (FEMA) in its present form. Therefore, Fema needs to be amended before FIIs are allowed to short-sell.

The law does not allow foreign institutions to borrow funds for investing in the equity market.
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Petronet LNG plans to raise $500mn through debenture issue
Mumbai: Petronet LNG said it will raise upto $500 million through issue of debentures or other securities.

The shareholders at the AGM have authorised the board to issue debentures or bonds whether partly or fully convertible or securities linked to ordinary shares including global depositary receipts (GDRs), foreign currency convertible bonds or bonds with share warrants to raise upto Rs500 crore (including greenshoe option, if any), the state-run company informed the Bombay Stock Exchange.
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