Spice Telecom plans IPO by year-end
New Delhi: Spice Telecom, cellular service provider in Punjab and Karnataka, will dilute 20 per cent of its stake and raise as much as Rs1,400 crore through an initial public offer, before the end of the year. The company is planning to invest about Rs10,000 crore ($2 billion) for expanding its telecom network into new areas.

Spice has applied for a unified access licence for 21 more circles to give the company a pan-India footprint. The company has said that it may go for a follow on public offer by December 2008 in order to finance its plans. The second round of float would however depend on receiving approval of the 21 unified licences that the company has applied for.

JP Morgan, Deutsche Bank and Enam Securities have been appointed as merchant bankers for the upcoming IPO.

Spice Telecom is a 51:49 joint venture between B.K. Modi promoted ModiCorp and Telekom Malaysia.

Over the last 12 months ending June 2006, the operations have shown a 40 per cent increase in subscriber base. Spice has also posted revenues of Rs734 crore ($158 million) and EBITDA of Rs224 crore in the year ended March 31.

The company currently has a valuation of Rs5,500 crore ($1.2 billion).
Back to News Review index page  

SBI MF to launch debt fund - SDFS-180
Mumbai: SBI Mutual Fund has launched a close-ended debt scheme, the `SBI Debt Fund Series -180 Days Fund'(SDFS-180 ). The new fund offer will open on September 4 and close on September 5.

The fund will invest in a portfolio of AAA/AA+ rated debt instruments, Government securities and money market instruments and will seek to match the residual maturity of the securities with the portfolio maturity of the fund.

The minimum investment in the SDFS-180 days fund would be Rs50,000 and in multiples of Rs1,000 thereafter.

The SDFS-180 Days Fund would have growth and dividend options. An exit load of 0.50 per cent would be applicable for exit before the maturity date.
Back to News Review index page  

Kalpataru Power raises Rs347-cr
Mumbai: Kalpataru Power Transmission Ltd (KPTL) has raised Rs347.2 crore through the Qualified Institutions Placement (QIP) route.

The issue price of Rs727 per share, according to a company release, was well above the floor price and was calculated in accordance with the SEBI guidelines.

Kotak Investment Banking, the release further stated, acted as the global co-ordinator and book-runner for the issue.
Back to News Review index page  

Principal Global to launch Opportunites Fund for emerging markets
Mumbai: Principal Pnb Asset Management Company has announced the launch of the Principal Global Opportunities Fund, which it says will provide access to emerging markets for Indian investors. The open-ended equity scheme has been investing in international securities.

The Principal Global Opportunities Fund will now invest in Principal Global Investors Funds Emerging Markets Equity Fund, managed by PrincipalGlobal Investors.

The minimum investment amount in the fund would be Rs5,000 for existing investors and Rs10, 000 for new investors.

Principal Global Investors Funds Emerging Markets Equity Fund offers diversification across Asia (ex-Japan), Eastern Europe, West Asia, Africa, Latin America with significant holdings in countries such as Brazil, Russia and China.
Back to News Review index page  

Apollo Tyres opts for Rs365-cr preferential issue
Mumbai: Apollo Tyres plans to raise up to Rs365 crore through placements to qualified institutional buyers (QIB) and preferential allotment of securities to promoters, therby annulling its earlier plans to go in for a rights-cum-public issue.

The board of the company approved the proposal submitted by its lead manager for taking the qualified institutional placement (QIP) route. This would provide the company quicker access to the capital markets, an official release issued by the company to the BSE said.

An amount not exceeding Rs250 crore would be raised through the issue of securities to QIBs, while Rs115 crore would be raised through the issuance of 40 lakh convertible warrants on a preferential basis to the promoter group.
Back to News Review index page