Providence acquires 15 pc stake in Idea
Mumbai: Providence Equity Partners of the US, which has been trying to have a stake in the fast growing Indian telecom sector has picked up a 15 per cent stake in the Aditya Birla Group-controlled Idea Cellular for an undisclosed amount. Providence has acquired 338.85 million shares of Idea Cellular, paying over Rs53.12 per share.

Industry sources said the deal was worth Rs1,800 crore, valuing Idea Cellular at Rs12,000 crore.

The private equity fund, with $9 billion under its management, has a big exposure to infotech and telecommunications companies across the globe.

After the sale, the Birla group's holding in Idea Cellular has come down to 83.3 per cent from 98.3 per cent. C Sivasankaran holds 1.7 per cent in the company.
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PAN mandatory for NRI, PIO investors
Mumbai: NRIs, persons of Indian origin and foreign investors will require PAN cards to invest in Indian markets following an order issued by SEBI. The SEBI move follows a circular issued by the Income-Tax Department enabling NRIs and others (including PIOs and foreign investors) to obtain PAN cards for investing in Indian capital markets. Consequently, SEBI has decided to withdraw the facility of opening a `Limited Purpose Beneficiary Owner Account' without PAN.

According to the SEBI order, investors will be able to apply for PAN cards based on their passports as proof of residence and identity (ID).

Investors failing to obtain PAN will not be allowed to trade by the depository, depository participant or broker, said the SEBI order.
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SEBI suspends Lyons Range Share Broking
The Securities and Exchange Board of India has suspended Lyons Range Share Broking, following the unusual price rise in the Ankit Prachi Trading and Investments Ltd stock which moved from Rs8.40 to Rs86 during a critical period.

SEBI said the rise was neither justified by the fundamentals of the company nor any of the announcements made by it during this period. It has referred to off-the-floor transactions, which were executed by the broker outside the recognised stock exchange and not reported to the stock exchange.
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Global Vectra lists at the bourses
Mumbai: Global Vectra Helicorp, an offshore transportation services helicopter company listed on the stock markets today. Global Vectra opened at a discount of 5.41 per cent to the offer price of Rs185 at Rs175 on the BSE. It closed at Rs187.40, after witnessing an intra-day high at Rs195. However, on the NSE it opened with a premium of 35.14 per cent at Rs250. The stock touched a low at Rs170.05 and closed at Rs187.50.

Global Vectra came out an IPO of 35-lakh equity shares of Rs10 each amounting to Rs64.75 crore. The issue was oversubscribed 3.59 times and the company will use the proceeds of the issue to part finance its expansion plan.
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