TTK Healthcare open offer undersubscribed
Kolkata: The open offer for 20 per cent stake in TTK Healthcare by its promoters - TT Krishnamachari & Co (TTK & Co) - has been undersubscribed by the non-promoter shareholders. According to merchant banking sources close to the development, the promoters are likely to come up with a revised offer in view of a partial response. The open offer had opened on September 18, 2006.

TTK & Co held 51.02 per cent in the company as on September 30, 2006. But with members of the promoter family, the total stake controlled by the promoter group was placed at 62.57 per cent.

To reach this level of holding by the promoter group, in the quarter to September 30, 2006, TTK & Co was allotted 15 lakh shares of the company of Rs10 each at a price of Rs73 per share on preferential basis.

Through the open offer, the promoters had intended to acquire 16,22,083 fully paid-up shares representing 20 per cent of the expanded equity capital (after the preferential issue) of TTK Healthcare, also at a price of Rs73 each. It is understood that the promoters currently control around 75 per cent stake in the company.

Analysts said the reason for the lukewarm response to the open offer was that the offer price did not reflect the market perceived valuation of the company.
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ABN AMRO launches multi-manager fund
Mumbai: ABN AMRO Asset Management (India) has launched the ABN AMRO Multi Manager Fund - Series 3, a three-year close-ended fund-of-fund. The investment objective of the fund is to provide long-term capital appreciation by investing in a portfolio of equity schemes and liquid/short-term/floating rate schemes of mutual funds.

The fund will invest in most liquid mutual funds and the rebalancing of portfolio will be done every week.

The new fund offer opens on October 30 and closes on November 28. It is a close-ended fund, but offers an option to redeem units at applicable NAV during the specified liquidity window every month. The scheme offers Regular Plan and Dividend Re-investment options.
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Subex Azure plans GDR issue to hike overseas float
Bangalore: Telecom software maker Subex Azure plans to sponsor a GDR/GDS issue of up to 90 lakh shares to increase its overseas float, thereby, providing an exit option for some of the existing investors. At current market price of Rs550, the issue, if fully subscribed, would exceed $100 million in size.

At present, about 33.5 per cent of Subex's shares are held by overseas investors, while promoters own about 11.6 per cent.

Subex Azure reported 356 per cent jump in net profit to Rs17.1 crore for the quarter-ended September 2006 over the previous quarter. Revenues during the quarter surged 137 per cent to Rs43.4 crore over the previous quarter. Product revenues accounted for 72 per cent of the total revenues.
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