IL&FS plans $400 million PE fund
Bangalore: IL&FS Investment Managers (IIML), after raising $153 million (Rs700 crore) Leverage India Fund in 2005, is now looking at raising another growth fund which is expected to be anywhere between $250-400 million.

The $153 million Leverage India Fund which closed last November has so far seen investments close to $139 million in 27 companies. IIML is rolling out its strategy and is ready to start its roadshows for this fresh fund which will come close on the heels of its recent $525 million real estate fund.

With this new fund, IIML will cross the $1 billion mark for assets under management. IIML is currently managing around $900 million on behalf of Indian and international institutions through an array of funds focused on infrastructure, life sciences, manufacturing, information technology, consumer services and real estate.
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Cambridge Tech to float IPO
New Delhi: Hyderabad-based Cambridge Technology Enterprises (CTEL) plans to raise Rs24 crore from the capital market to part finance expansion plans.

The company has filed the draft prospectus with SEBI and is waiting for clearances to be listed on Bombay Stock Exchange and NSE. The company is planning a fixed price issue to raise Rs24 crore from the market. The company plans to invest about Rs31 crore for its expansion, a part of which would be arranged through UTI Bank and has earmarked Rs15.5 crore for "strategic acquisitions" while the rest of the investment would go to strengthen its competency centres in India and the US.
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Open offer to Matrix Lab shareholders
Hyderabad: DSP Merrill Lynch has announced an open offer to the shareholders of Matrix Laboratories on behalf of MP Laboratories (Mauritius) and Mylan Laboratories Inc. The acquirers propose to buy up to 3.08 crore voting equity shares of Rs2 each of Matrix Labs, constituting 20 per cent of equity, at a price of Rs306 a share payable in cash.

DSP Merrill Lynch said the total fund requirement for the acquisition was estimated at Rs943.45 crore and the acquirers currently have cash/cash-equivalent investments in excess of $215 million (Rs1,002 crore) with JP Morgan Asset Management.
The public offer opens on October 20 to close on November 8.
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Tata MF plans children's fund
Kolkata: Tata Mutual Fund is planning a 10-year close-ended fund with two investment options, aimed at those who wish to plan for their children. The proposed Tata Children's Fund will provide debt and equity plans, identified in the offer document as Savings Scheme and Investment Scheme respectively. Each will try to generate capital appreciation through a blend of equity, debt and money market instruments. The savings portfolio, which will invest chiefly in fixed income securities, will aim at providing safety and returns. The fund manager will be free to move between short- and long-term floating rate paper as well as money market instruments. The investment portfolio, with its focus on equity, will seek to enhance returns on capital.
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ETC announces buyback of shares
Mumbai: ETC Networks has announced buyback of its shares at a price not exceeding Rs62 per share and would spend not more than Rs 6.6 crore for the buyback of 10,71,401 shares. The buyback would begin on September 4 and can continue till April 23, 2007. The buyback will be implemented by way of open market purchases through BSE and NSE. Zee Telefilms and Asian Satellite Broadcast Pvt Ltd are the joint promoters of ETC Networks Ltd.
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HSE suspends trading temporarily
Hyderabad: Trading has been halted temporarily at the Hyderabad Stock Exchange (HSE) till the trading infrastructure at the exchange is upgraded to meet the SEBI directives pertaining to VaR (value at risk) margin. The market regulator had earlier advised all the bourses to implement the calculation of VaR margin at least five times intra-day based on the closing price of the previous day. According to a HSE notice, it was submitted to the SEBI that the exchange took adequate measures to ensure safety and security of the market by way of collecting 100 per cent upfront margins, pay-in on T+1 basis, bringing all the stocks under trade-for-trade segment and also reducing the circuit filter to two per cent.
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JM Financial allots shares to 2 FIIs
Mumbai: JM Financial said that the Committee of Directors (CoD) at its meeting held on August 29 allotted 12,26,667 equity shares of the face value of Rs10 each at a price of Rs639 per share to Blue Ridge Ltd Partnership (7,60,534 shares) and and Blue Ridge Offshore Master Ltd Partnership (4,66,133 shares). With the current allocation, the total stake of Blue Ridge Ltd Partnership is around 6.88 per cent and that of Blue Ridge Offshore Master Ltd Partnership is around 4.21 per cent. Post merger of JM Securities with JM Financial in May 06, the share capital of the company had gone up from Rs15.5 crore to Rs27.9 crore. However with the recent allotment, the share capital of the company has gone up to Rs30 crore i.e. 3 crore shares of Rs10 each.
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Tata Steel likely to raise $600mn by floating GDRs
Mumbai: Tata Steel is likely to raise up to $600 million through the issue of Global Depository Receipts (GDR). The company is learnt to have invited investment bankers to pitch for the GDR issue, investment banking sources said. The company in June had planned to raise up to $1.4 billion through one or more equity-related sales.

The company had said in June it would use the sale proceeds to fund new projects and acquisitions. The company has started expansion at its existing plant at Jamshedpur in Jharkhand and at greenfield ventures in Orissa and Chhattisgarh that will see its annual installed capacity climb to about 18 million tonne by 2010 at a cost of up to Rs25,000 crore. The Tata Steel stock closed at Rs517 on the Bombay Stock Exchange today, a 2.06 per cent decline, compared to yesterday's close of Rs527.85 on the Bombay Stock Exchange (BSE).
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Sheths hike stake in GE Shipping
Mumbai: Sheth family members, who own about 26 per cent stake in Great Eastern Shipping, are slowly hiking their stake in the company through the creeping acquisition route. The family has acquired over 44 lakh equity shares of the company through open market purchases, constituting 2.36 per cent of the total equity during the last 12 months for about Rs100 crore.

The Sheth family started acquiring shares from the secondary market from the first week of September 2005 a few days after the company first came out with a proposal to de-merge its offshore business into a separate company, Great Offshore Ltd.

K.M. Sheth, executive chairman of the company, is said to have picked up 8.31 lakh shares during the last six months at an estimated average price of Rs230 per share while his son Bharat Sheth, deputy chairman and managing director of the company bought 21.95 lakh shares between September 2005 and August 2006 at about Rs220 per share. Ravi Sheth, KM Sheth's second son, who was inducted into the board of the company January 30, 2006, accumulated 14.10 lakh shares during this period at the same price of Rs220.

Vijay Sheth, on August 21, 2006 picked up 16,750 shares at a price of about Rs257 per share. Asha Sheth, sister-in-law of K.M. Sheth, also bought 35,000 shares during the last six months at an estimated average price of Rs260 per share.

The holding of the Sheth family is as follows: K.M. Sheth 5.82 per cent, Bharat Sheth 6.4 per cent, Ravi Sheth 6.96 per cent, Vijay Sheth 1.87 per cent and Asha Sheth 1.35 per cent.
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