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Tech
Mahindra lists at premium of 44 pc
Mumbai: Tech Mahindra, an IT solutions joint venture
between M&M and British Telecom, share soared 51.4
per cent to close at Rs552.80 in its debut trade. The
shares of the company listed at a huge premium of 44 per
cent at Rs525 per share over its offer price of Rs365
per share on the Bombay Stock Exchange. The company received
over-subscriptions of more than 72 times for its initial
public offer earlier this month.
The
company also entered the country's top-100 market cap
league, while making its shareholders richer by about
Rs2,176 crore on the very first day of its publicly listed
history. Tech Mahindra added Rs187.80 per share in its
share price over its init ial public offer price of Rs365
per share.
The
stock soared to an intraday high of Rs569 on the BSE and
a low of Rs523 early in the morning trade. The company's
market capitalisation surged to over Rs6,400 crore at
the end of today's trading, as against its market cap
of Rs4,230 crore based on the issue price of Rs365 per
share.
Tech
Mahindra's market cap surpassed that of other top-100
market cap companies such as Dr Reddy's, which is present
in the 30-share Sensex, Jet Airways, Tata Tea, Patni Computer
and Oriental Bank of Commerce.
The
stock listed at Rs521 at the National Stock Exchange and
surged to as high as Rs569. The stock had hit a low of
Rs502 before closing at Rs553 per share at the NSE.
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SBI
Group enters VC business with Japan's Softbank
Mumbai: State Bank of India's investment banking
subsidiary, SBI Capital Markets (SBICAP) has launched
a $100 million venture capital fund in association with
Softbank Investment, the venture capital arm of Japan's
SBI Holdings Inc.
The
fund will target India's rapidly growing knowledge industrial
base with investments in the $5-10 million range over
a holding period of 3-to-5 years.
The
knowledge sectors being targeted include BPO, KPO, life
sciences, online businesses, technology-enabled design
and manufacturing, as well as in emerging areas of nano-technology
and environmental technology.
Softbank
Investment currently manages 18 other venture funds across
numerous sectors around the world, including a recent
collaboration with Singapore's Temasek Holdings focused
on China. In terms of both size and number of its funds,
Softbank Investments remains one of Asia's most prolific
VCs, yet the new India effort represents its first and
only India fund.
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Precision
Electronics allot 83-lakh bonus shares
Mumbai: Precision Electronics, which designs and
manufactures telecom transmission products for national
and military networks in India, plans to allot 83 lakh
bonus shares to its shareholders. At its recently held
meeting the board approved the allotment of 83,09,107
bonus shares of Rs10 each, the company informed the Bombay
Stock Exchange. The shares of the company were trading
at Rs56.60, up 4.62 per cent on the BSE today.
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L&T
members approve 1:1 bonus
Mumbai: Larsen & Toubro Ltd (L&T) has informed
the BSE that the members at the annual general meeting
(AGM) of the company held on August 25, 2006, have approved
the issue of bonus shares in the ratio of 1:1 (i.e. one
share for every one share held).
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UTI
Mutual to launch close-ended wealth builder fund
New Delhi: UTI Mutual Fund has announced the launch
of its close-ended equity scheme 'UTI- Wealth Builder
Fund'. The objective of the scheme is to achieve long
term capital appreciation by investing predominantly in
a diversified portfolio of equity and equity related instruments,
the fund house said in a release.
The
scheme will invest in equity and equity related instruments
to the extent of 65-100 per cent and 0-35 per cent in
debt and money market instruments. Upon maturity the fund
would be automatically converted into an open-ended scheme.
The new fund offer opens on September 7 and closes on
October 11. Units can be purchased only during the new
fund offer period.
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