Tech Mahindra, GMR Infra IPOs get mixed response
Mumbai: Tech Mahindra and GMR Infrastructure initial public offerings received a decent response from investors and both IPOs were oversubscribed at the close of their issue periods.

Tech Mahindra's IPO was oversubscribed by 70.15 times, with bids being received across the price band of Rs315 - Rs365 per share.

The IPO of GMR Infrastructure was oversubscribed by 6.52 times. Bids were received at the lower end of the price band of Rs210 - Rs250.

However, the retail category for both the IPOs was heavily undersubscribed. The retail portion of Tech Mahindra was subscribed only 0.39 times while GMR Infrastructure was subscribed 0.06 times.

The QIB portion for both the IPOs was oversubscribed.

Tech Mahindra will offer around 1.27 crore shares and GMR Infrastructure 3.81 crore shares to the public.
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Kotak Mahindra plans gold, real estate funds
Ahmedabad: The Kotak Mahindra Group is considering setting up a mutual fund for investing in gold and real estate markets. Kotak Mahindra Bank's executive vice-chairman and managing director, Uday Kotak said the Group was more interested in making investment for development of properties rather than buying land. It was also looking at high networth income individuals in this regard.

Kotak said the Group had already set up a venture fund with a seven-year lock-in period for investment in real estate. It has raised Rs500 crore locally and making efforts to raise about $300-350 million, to make the venture fund worth about Rs2,000 crore. Investment in the real estate business is "very significant" as an asset class, he added.
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Rama Newsprint reduces equity capital base
Kolkata: Rama Newsprint and Papers (RNPL) has begun the process of reducing its equity capital base by cancellation of Rs7.50 of every ordinary share of Rs10 each fully paid up.

Simultaneously thereafter, fully paid-up shares of Rs2.50 each shall be consolidated into one equity share of Rs10 each.

As a result, the subscribed and paid-up equity share capital of the company of Rs232.63 crore consisting of 23, 26, 32,129 equity shares of Rs10 each to be reduced/consolidated to Rs58.15 crore consisting of 5,81,58,031 equity shares of Rs10 fully paid up by adjusting the debit balance in the profit and loss account amounting to Rs64.91 crore as on March 2005 and creating capital reserve of Rs109.54 crore.
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IDFC PE to invest $60 m in KG Gas Network
Chennai: IDFC Pvt Equity Co Ltd will acquire a 50 per cent stake in Krishna Godavari Gas Network by investing an amount close to $60 million (Rs275 crore). The funds would be invested out of the $440 million corpus of IDFC Pvt Equity-II.

Krishna Godavari Gas Network Ltd is a joint venture of the Government of Andhra Pradesh, which owns most of the gas, and Gujarat State Petroleum Corporation, which holds Gujarat State Petronet Ltd, a company that has put up a gas pipeline network in Gujarat. Andhra Pradesh's stake is held by the state-owned Infrastructure Corporation of Andhra Pradesh (INCAP). IDFC Pvt Equity (IDFC PE) joins the company as the third partner.
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BSE waits for Sebi's nod for stake sale
Mumbai: The Bombay Stock Exchange (BSE) is awaiting Sebi's nod for offloading 51 per cent stake to various entities. It is learnt that NASDAQ and NYSE have shown interest in picking up a stake in BSE. BSE will be offloading 26 per cent stake to a strategic partner and the remaining in retail market through an IPO.

Kotak Mahindra, the financial advisor for the demutualisation process, has selected eight leading global bourses for the stake sale.

BSE is likely to complete this procedure by May 2007.
Sebi is expected to prescribe criteria for selection of strategic partner and will be announcing these norms soon as the process has to be completed within a span of nine months.
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