Infosys to offer 30mn shares via ADS
Bangalore: Infosys Technologies plans to go in for a sponsored secondary American Depository Share (ADS) offering, which will offer 30 million shares. Based on the last closing price ($49) of Infosys on Nasdaq, the offering would be valued at $1.5 billion.

This is expected to be the biggest overseas float by an Indian company.

With this issue, the overseas float of Infosys will increase by 5 pc pushing the total float to 19 pc from the current 14 pc made up of 77.7 million shares. This is the third time Infosys has gone in for a sponsored ADS after its first issue in 2003 which was for $300 million followed by the $1 billion offer in 2005.

As part of this offering, ADSs will be placed with Japanese investors through a Public Offer without Listing (POWL). Indian shareholders of Infosys will now be able to tender 30 million shares, which will, in turn, be available for floatation in the US and Japanese markets. The price will be determined by the underwriters of the issue.
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Reliance Petro to raise $2bn loan from 14 banks
Mumbai: Reliance Petroleum (RPL) will raise a loan of $2 billion from a consortium of foreign banks to finance its Jamnagar refinery.

This is part of the $3.5 billion debt that the company plans to pick up for the refinery. Of the total project cost of $6.1 billion, $3.5 billion is the debt component and $2.5 billion is the equity component.

The present loan of $2 billion is one third higher than the originally planned $1.5 billion loan. The rest of the loan is expected to be picked up next year.

The 14 banks that will arrange the loan include Bank of Tokyo-Mitsubishi UFJ, ABN Amro Holding, Bank of America, BNP Paribas, Calyon, Citigroup, DBS Group Holdings, DZ Bank, HSBC Holdings, ICICI Bank, Mizuho Corporate Bank, Standard Chartered, State Bank of India and Sumitomo Mitsui Banking Corp. The banks brought in 36 other lenders.

Reliance Petro is expanding its 660,000 barrel-a-day refinery, which has helped Reliance Industries more than triple its annual profit since the plant opened in 1999.
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Varun Shipping to raise Rs2,500-cr from overseas markets
Mumbai: Varun Shipping Company has received shareholders approval to raise up to Rs2,500 crore from issue of securities in the domestic and international markets. The shareholders at the AGM approved the issue of equity shares, debentures, foreign currency convertible bonds, global depository receipts or any other financial instruments to foreign or domestic investors. The allotment would be subject to such terms and conditions as the board may determine from time to time and other necessary approvals.

A final dividend of Rs1.50 per equity share capital for the year ended March 31 and dividend of 13.25 per cent on Cumulative Redeemable Preference Shares of Rs100 each for same period was also approved.

The shareholders have authorised the purchase of its equity share capital up to 49 per cent including the existing holdings of all FIIs put together, subject to necessary provisions.
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Mahindra Gesco allots 60 lakh shares
Mumbai: Real estate company Mahindra Gesco Developers has allotted 60 lakh equity shares worth Rs48 crore to qualified institutional investors. The company informed the Bombay Stock Exchange that the capital issue sub committee of the directors allotted the shares of Rs10 each at a premium of Rs790 per share (price of Rs800 per share) to the qualified institutional investors.

The shares of th e Mumbai-based company were down 1.54 per cent on the BSE trading at Rs821.
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Zenith Birla to float public offer
New Delhi: Yash Birla Group company, Zenith Birla will hit the capital market on October 16 with its public offer of shares to raise about Rs131 crore to set up a mechanical tube plant near Khopoli. The company which makes steel pipes and machine tools, will offer 2,38,18,182 shares at a price of Rs55 per share during October 16-20. Out of the total public issue, promoters will subscribe to 45,45,455 shares at a price of Rs62 per share.

As per the SEBI norms, a promoter can subscribe to fresh share issue by taking the six-month average high and lows of ups and downs of the company's stock price or average of last 15-days of trading prices.

After reservations for employees, shareholders, directors, shareholders of group companies, FIIs, NRIs, banks, mutual funds and financial institutions, the net offering to the public is Rs96,36,365 shares.
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Tata Teleservices to fix rights ratio on Oct 13
Mumbai: Telecom operator Tata Teleservices Maharashtra would fix the ratio for a proposed rights issue of equity shares on October 13. The price for the issue of shares of Rs10 each on rights basis and the record date for the issue would also be fixed at the meeting, the company said. The shares of the Mumbai-based company were trading at Rs20.20 on the BSE, up 4.66 per cent.
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