FMC removes regulatory arbitrage for commodities
New Delhi: The FMC has removed regulatory arbitrage between futures exchanges. The same trading limits have been imposed on all exchanges in the contracts of 50 commodities. Commodity exchanges will thus have no opportunity to indulge in one-upmanship by offering higher trading limits in money-spinners like mentha, jeera and guar to attract speculators.

Brokers will now have to quickly liquidate their positions in several commodities to fall in line with the new cap on trading limits that comes intoforce on September 1.
Back to News Review index page  

Dubai Financial hikes stake in Thomas Cook to 68 pc
Mumbai: Dubai Financial LLC has increased it stake in travels company Thomas Cook by 8 per cent increase to 68.12 per cent.
Dubai Financial acquired 1,183,461 shares representing 8.12 per cent stake in the company, pursuant to an open offer made to the shareholders during February and March, the company informed the National Stock Exchange.

In 2005, Dubai Financial LLC had entered into a share purchase agreement with Thomas Cook AG to acquire 100 per cent stake in the UK-based TCIM Ltd, subject to certain conditions in the agreement.

TCIM held 60 per cent stake in Thomas Cook (India) Ltd and the acquisition of TCIM was completed on February 4.
Back to News Review index page  

Global private equity player Henderson to set up India fund
New Delhi: Global private equity major Henderson Global Investors which had assets under management of over £67.7bn worldwide as on 31 December '05, is planning to set up a $700-m India fund. The company is at present conducting roadshows across the world to raise money for the new fund.

The fund is likely to make big-ticket investments in sectors like media & entertainment and finance.

Sources said the size of the investments is expected to be in the range of $40-60m for the new fund. The fund house had spent 50 per cent of its Asia Pacific fund on Indian companies till now.

The fund house has invested in Jubilant Organosys, HT Media and Hindustan Sanitaryware & Industries.
Back to News Review index page  

Global Broadcast News plans Rs105-cr IPO
New Delhi: Global Broadcast News (GBN), a TV18 group company that runs news channels such as CNN-IBN and IBN-7, has planned an initial public offer (IPO) to raise up to Rs105 crore.

The company has filed its draft red herring prospectus with the Securities and Exchange Board of India, according to a press release.

GBN plans to issue equity shares of Rs10 each for cash at a premium to be decided through bookbuilding.

The scrip will be listed on the Bombay Stock Exchange and the National Stock Exchange.

The book-running lead managers to the issue are ICICI Securities and Kotak Mahindra Capital Company. JM Morgan Stanley and IL&FS Investsmart are co-book running lead managers.

Sixty per cent of the issue will be reserved for qualified institutional buyers on a proportionate basis, 5 per cent will be for allotment to mutual funds, while another 10 per cent will be reserved for allotment to non-institutional investors.

The balance of up to 30 per cent will be set aside for retail investors.

This will consist of equity shares aggregating up to Rs100 crore and the remaining Rs5 crore will be reserved for employees.
Back to News Review index page  

Angel Broking to expand
Chennai: Angel Broking, a Mumbai-based broking firm, will invest about Rs15 crore to expand base in 100 cities and towns in Tamil Nadu and Kerala over the next one year. The company will set up 60 offices in Tamil Nadu and 40 in Kerala.

Inaugurating the company's regional hub in Chennai, Rajiv Phadke, executive director, said most of these outlets would be either owned by the company or run by franchisees. There are two offices in Chennai and two in semi-urban parts of Tamil Nadu that are run by franchisees.

The company will target only retail investors (excluding high net-worth individuals) and provide services such as portfolio management, portfolio advisory services and e-broking across equity, derivatives and commodity markets besides depository participant services.

Spread over 3,000 sq ft, the Chennai office has four VSATs (Very Small Aperture Terminals) to capture feed from NSE, BSE, MCX and NCDEX.
Back to News Review index page  

Reliance mutual removes ceiling on equity funds
Mumbai: Reliance Capital Asset Management. has removed all ceilings on subscriptions to its Reliance Equity and Reliance Growth funds with immediate effect. Reliance Equity had closed its subscriptions of above Rs500,000 on April 15. The fund is the country's largest equity scheme managing assets of Rs5300 crore at July end.
Back to News Review index page  

Kinetic to raise Rs75-crore debt
Mumbai: Two wheeler maker Kinetic Engineering Ltd. plans to raise Rs750 crore debt from the Indian arm of Clearwater Capital Partners, company sources said. Earlier in the day, Kinetic Engineering said it planned to issue 750,000 warrants convertible at Rs156 a share to Clearwater Capital Partners (Cypress).The money raised would be used to repay existing debt, expand auto parts facility and meet long term working capital, two sources from the company said.
Back to News Review index page