KEW Ind to enter capital markets
Mumbai: KEW Industries proposes to enter the capital market with a public issue of seventy lakh equity shares of Rs10 each at a fixed price of Rs30 aggregating Rs21 crore. The company manufactures and supplies automobile components for OEMs (original equipment manufacturers) and shell bodies to the Ministry of Defence. The company's issue opens on August 28 and closes on September 1. Its offering constitutes 54.33 per cent of the fully diluted post-issue paid-up capital of the company. Of the total issue, 27.5 lakh equity shares have been reserved for allotment to NRIs/FIIs on competitive basis and 10 lakh equity shares for mutual funds, banks and financial institutions. The remaining 32.5 lakh equity shares will be given to the public.

The proceeds from the issue will be utilised for modernisation and expansion of manufacturing facility and expansion of research and development facilities.

KEW Ind's total income increased from Rs31.64 core in FY-04 to Rs39.65 crore in FY-06 and its net profit has increased from Rs1.74 crore to Rs2.99 crore.
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SEBI shifts 15 scrips to rolling segment
Mumbai: The SEBI has transferred 15 scrips from trade for trade segment (TFTS) to rolling segment. These include Ashiana Agro Industries, Aviva Industries, BCL Forgings, Beardsell, Bhilwara Tex-Fin, CG Impex, Champagne Wineyards, Ckoramaandel Cements, Ellora Papermills, GTN Textiles, Marg Construction, Mehta Securities, Regaliaa Realty, Suditi Industries and United Van Der Horst.

The SEBI has directed the stock exchanges to consider shifting trading in these securities to rolling settlement, subject to conditions, wherein at least 50 per cent of non-promoter holdings are in demat mode before shifting trading in the securities of the companies.
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US private equity fund acquires 50 per cent stake in IT park company
Kolkata: US private equity fund, New Vernon Private equity has picked 50 per cent stake in Intelligent Infrastructure for Rs30 crore.

The company said it acquired a 50 per cent stake in Intelligent Infrastructure, which is contructing a six lakh square feet IT park in sector V in Salt lake. The IT park is expected to cost Rs100 crore and has been promoted by real estate developers Sharchi and Sureka groups on land offered by Bikram Dasgupta of Globsyn Technologies.

The first phase of the project is expected to be completed by March 2007 and the entire project by September 2007.
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Endurance raises funds worth Rs150-cr from Standard Chartered equity arm
New Delhi: Auto components company Endurance Technologies has raised Rs150 crore from the private equity arm of Standard Chartered Bank. According to the company the funding puts it in a strong position to rapidly capture the global market opportunity in the auto components space.

Endurance is expanding its capacities and pursuing acquisitions in Europe and the US in its various product categories, to cater to the needs of its OEM customers in India and increasing business opportunities with overseas customers.
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Network to raise Rs25-cr via securities
Mumbai: Network Ltd based in New Delhi plans to raise Rs25 crore through the issue of securities on rights basis or private placement basis and also invest up to Rs5 crore in an overseas subsidiary as part of its expansion plans. The company board is considering a proposal to raise funds by way of a rights issue or through the issue of shares, debentures or bonds on private placement basis, the company informed the BSE. The board also considered allotting 32 lakh warrants on preferential basis to Jaina Marketing Appliances Pvt Ltd (16 lakh warrants) and Ashok Sawhney and HUF (16 lakh warrants) on a price computed as per SEBI guidelines but not less than Rs20 each.
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Gontermann draws up Rs40-cr expansion plan
Mumbai: Gontermann Peipers India, engaged in the manufacture of iron and steel base rolls, has drawn up an expansion-cum-modernisation plan with an investment of Rs40 crore to enhance production capacity and produce value added rolls for the steel industry. On completion of the project by end of 2007, the company would have an annual production capacity of about 18,000 MT finished rolls. The company expects to benefit from the upsurge in the steel industry and the prospects for the roll industry appears to be both promising and challenging in medium to long term, it added. The shares of the company were trading at Rs35.15, up 4.93 per cent at the BSE.
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Madhucon Projects to hike FII limit to 40 pc
Mumbai: Hyderabad based construction company, Madhucon Projects has approved a proposal to increase the limit of investment by foreign institutional investors (FIIs) to 40 per cent. The shareholders of the company also approved to hike the borrowing limit up to Rs2,000 crore and investment limit of up to Rs500 crore. The shares of Madhucon Projects were trading at Rs224.85 on the BSE, down 1.53 per cent.
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L&T issues shares upon FCCB conversion
Mumbai: Engineering major Larsen & Toubro Ltd (L&T) has issued 10,086 equity shares to the bondholders upon conversion of Foreign Currency Convertible Bonds (FCCBs). The company informed the BSE that it issued the shares on August 17 upon conversion of FCCBs worth $250,000.
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Hotel Leela's shareholders approve stock split
Mumbai: Hotel Leelaventure has received shareholders' approval for stock split in the ratio of 1:5. The shareholders of the company at the AGM held on July 31 accorded the sub-division of the company's equity shares of Rs10 to five equity shares of Rs2 each. The company has also received shareholders' approval for the sub-division of the authorised share capital into 60 crore equity shares of Rs2 each, 60 lakh redeemable preference shares of Rs100 each and consequential amendments in its memorandum of association, the company added.
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