Canbank MF CanCigo declares dividend of 7 pc
Mangalore: Canbank Mutual Fund has declared a dividend of seven per cent in its CanCigo scheme.

A press release by Canbank Investment Management Services Ltd said here on Wednesday that October 31 is the record date for the distribution of dividend.

On October 23, the NAV of the scheme stood at Rs11.79 under the income plan.
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Northgate Tech increases authorised capital
Hyderabad: The shareholders of Hyderabad based Northgate Technologies have approved allotment of 2.45 million equity shares to FIIs at a price of Rs497.28 per share. This allotment will bring in Rs121.68 crore, which will help finance the company's expansion plans.

Northgate's shareholders approved increase in authorised share capital from Rs18 crore to Rs23 crore. Of the 24.5 lakh equity shares, 6.33 lakh each will be allotted to UBS Securities Asia Ltd and Macquarie Bank Ltd at a price of Rs497.28 per share. The balance equity shares will be allotted to Copthall Mauritius Investment, India Capital Fund Ltd and India Institutional Fund Ltd.

Following this move of allotment of equity shares to FIIs, the total shareholding of FIIs in the company will reach to 25.66 per cent.

The funds thus raised will be utilised for the expansion of business activities in the emerging markets like China and India besides the US and the UK.
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Genpact could soon be listed in the US
Mumbai: General Electric and some private equity funds plan to list BPO giant Genpact in the US market. This could turn out to be the biggest ever initial offering from this country and could hit the US market in the next three to four months.

GE, which promoted the company and later sold 60 pc stake to Oakhill Capital and General Atlantic, is expected to sell a portion of its stake along with the private equity funds. The company is also expected to raise some money.

With an estimated revenue of about $620m in '06, the proposed float is expected to value Genpact between $3.5bn and $5bn, or 6-8 times projected sales.

Going by the recent IPO deals on the Nasdaq, such as WNS (which secured a valuation of five times its sales despite being a much smaller firm), and EXL Services, analysts expect Genpact, the largest BPO firm in the country with an employee base of about 26,000 and projected revenue of about $1.2bn in '08, to command a higher valuation. Genpact has the potential to raise more than a billion dollars if it divests 18-20 pc of equity, they say. At $1bn, it will also be the largest ever initial offering from the country.
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