Cairn IPO may be biggest ever
Mumbai: Cairn India has filed its red herring prospectus with SEBI for its proposed IPO, which, according to analysts, may be the biggest IPO ever on the Indian bourses. Cairn India proposes to offer 538.47 million new equity shares of Rs10 each for cash at a premium to be decided through a 100 per cent book building process. An over-allotment option may also be granted by the company.

Following the floatation, parent company Cairn Energy Plc's equity stake in Cairn India will be reduced to 69.5 per cent. The possibility that the IPO may be among the biggest in India is based on the current market valuation of $6 billion of London Stock Exchange-listed Cairn Energy Plc, 90 per cent of whose assets are in India, and which are to be transferred to Cairn India, said analysts.

Divestment of 30.5 per cent by Cairn Energy means a valuation of the offer at roughly $1.6 billion. This is estimated by analysts as the minimum amount that the offer can fetch.

The offer is likely to open in December, providing for the usual nine weeks that it takes from the date of filing with the SEBI.
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IFC acquires stake in Suguna Poultry for $11mn
Chennai: International Finance Corporation (IFC), plans to pick up a stake in Suguna Poultry Farm for which it will pay $11 million. It is looking at supporting such medium-sized companies with high growth potential.

At a press conference here, he said that IFC, the private sector arm of the World Bank, is looking at agribusiness as one of the focus areas for its funding support.

Infrastructure - a strategic priority for the governments is another focus area.

IFC has built up a $1.4-billion portfolio of investments, grants and credit funding in India. Last year (July-June) it brought in $400 million and in the current year it would be more than $500 million.

Suguna Poultry Farm is a Rs1,100-crore company, which aims to become a Rs3,000-crore company by 2010. It deals with over 11,000 poultry farmers through a contract farming arrangement and hopes to bring in 12,000 more in the next three years.
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Sebi grants approval to Dawnay Day for AMC
Mumbai: UK-based Dawnay Day AV Financial Services has received in-principle approval from Securities and Exchange Board of India (Sebi) for starting asset management business in the country.

The group plans roll out its mutual fund schemes early next year, and is aiming at mopping up assets to the tune of Rs5,000 crore within three years.
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Angel Broking plans private placement, IPO
Kolkata: Leading broking firm Angel Broking has drawn up plans for private placement and a public offer.

In financial year 2007-08 the firm plans to raise Rs100-150 crore in private placement and another Rs150 crore would be raised in offering stake to preferably a foreign strategic investor who will help us in reaching the global market. A Public offer will follow later sources said.

Angel Broking was aiming to open 400 offices across the country over the next three to four years. Currently, it has 68 branches, 12 regional hubs and over 1,000 outlets.

The company has 1,57,000 retail customers and offers brokerage business for the National Stock Exchange, the Bombay Stock Exchange and commodity exchanges.
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IL&FS Transport consolidates stake in Noida Toll Bridge
Mumbai: IL& FS Transportation Networks, which promoted Noida Toll Bridge, has consolidated its stake in the company by picking over 1 per cent additional stake in it for a consideration of Rs 12.63 crore.

IL & FS Transportation Networks bought 31 lakh shares of Noida Toll Bridge from the other promoter of the company — Infrastructure Leasing Financial Services Ltd — at Rs 40.75 per share through a block deal on the Bombay Stock Exchange.

As on June 30, IL & FS Transportation Networks held 22.61 per cent stake in Noida Toll, while Infrastructure Leasing Financial Services holds 2.69 per cent.

Shares of Noida Toll Bridge closed at Rs42 on the BSE.
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Providence picks up 16 per cent stake in Idea
Mumbai: US based private equity firm Providence Equity Partners has acquired 16 pc stake in Idea Cellular for $400m (approx Rs1,850 crore). The company has paid around Rs51 per share to the AV Birla-owned telco for the stake.

The sale is at a premium to the Rs40.50 that the AV Birla group paid to the Tatas for their 48.14 pc stake in June this year. It values Idea at about $2.5 bn or Rs11,500 crore versus the Rs9,152 crore at the time of the Tata transaction.

As per a document submitted by the company to the department of telecom (DoT), Idea has a net worth of Rs1,042.92 crore. The sale to Providence values Idea at $2.5bn (nearly Rs11,500 crore).
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