Cairn IPO to raise $1.8bn
New Delhi: Cairn Energy Plc of UK plans to raise at least $1.8 billion from the proposed initial public offering (IPO) of its Indian operations in the coming December. Part of the proceeds would be used to fund its ongoing business while the balance would be returned to shareholders, Cairn said in a statement. Of the total funds garnered from sale of 538.47 million shares of Cairn India Ltd, the Indian subsidiary would retain only Rs2,700 crore (600 million dollars) and the remaining funds may go to shareholders of the UK firm.

Cairn Energy Plc plans to split its business into two - Cairn India Ltd (which would hold the company's India interests including the Rajasthan oilfield, Cambay oil and gas fields and Ravva oil and gas field) and an exploration company with interests in exploration assets in Bangladesh, Nepal and adjoining parts of India.
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Dabur recommends 1:2 bonus, dividend
Mumbai: Dabur India has informed the BSE that the board at its meeting held on October 31 has declared an interim dividend of 100 per cent (i.e. Re1 per equity share having face value of Re1 each) on the equity shares of the company for the fiscal year 2006-07.

Further, it has announced, subject to approval of members, the issue of one bonus share for every two equity shares held by the shareholders of the company as on the Record Date to be announced later.
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Nandan Exim board approves 1:1 bonus, dividend
Mumbai: The Board of Nandan Exim has approved an interim dividend of 7.5 per cent on equity shares of the company for the financial year 2006-2007.

It has approved the issue of bonus shares in the ratio of 1:1 i.e. one equity shares for every one shares held by the shareholders as on record date to be fixed by the Company.

It also gave its nod to increase the authorised share capital from Rs25 crore to Rs50 crore.
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Ashok Leyland allots shares
Mumbai: The Board of Ashok Leyland at its meeting held on October 30 has allotted 59,03,708 shares of Re1/- each on conversion of the 4,150 Notes effective October 31.
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Reliance reclaims top slot in m-cap
Mumbai: Reliance Industries has reclaimed its position as the country's most valued firm, following a sharp jump of over 3 per cent in its share price driven by the company's plans to raise $2 billion (over Rs9,000 crore) for oil and gas exploration and production.

RIL's market capitalisation soared to over Rs1,76,000 lakh crore after the company's share price hit an all-time high of Rs1,268 per share. The sharp rally in RIL's share price followed the announcement that the company plans to raise $2 billion through foreign currency convertible bonds (FCCBs), syndicated loan or fixed/floating bonds. The company's board is scheduled to hold a meeting on N ovember 9 for approving the proposal to raise funds.
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Raghav Bahl offloads 1.75 lakh shares of TV 18
Mumbai: The promoter of Television Eighteen India Raghav Bahl has sold 1.75 lakh shares of the company to Network 18 Fincap Pvt Ltd for Rs11.98 crore.

With the transfer of 1.75 lakh shares as a block deal on the stock exchange at Rs685 per share, the total number of shares transferred to Network 18 Fincap from Raghav Bahl stood at 22.43 lakh, the company informed the Bombay Stock Exchange.

The shares of the company were trading at Rs770, up 10 per cent, on the BSE.
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UTI VC invests $6mn in Vallabhdas Kanji
Mumbai: UTI Venture Funds (UVF) said it has invested $6 million in spice exporter firm Vallabhdas Kanji through its Ascent India fund. UVF is the private equity arm of the Unit Trust of India.

Apart from spice products, VKL also supplies ingredients to fast food, processed food companies. VKL presently has a turnover of around Rs150 crore is expected grow to the tune of Rs300 crore by 2008.
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Companies await SEBI approval for public issue
Mumbai: Five companies are awaiting an approval from the Securities and Exchange Board of India (Sebi) for their IPOs. Sebi earlier sought several clarifications from the companies and is currently examining the clarifications received.

Besides ICRA, the four other companies awaiting clearances are Lumax Auto Technologies, Celestial Labs, Synergies Castings and Yogindera Worsted.

In the case of ICRA, Sebi sought clarifications from the lead managers on the conflict between the lead manager to the issue (SBI Caps) and SBI offering its shares in the IPO. The other clarifications pertained to whether the company was professionally managed with no promoters, possible lock-in of 20 per cent shares of Moody's Corporation — ICRA's strategic and largest shareholder, possible technical violation of the Unlisted Public Companies (Preferential Allotment) Rules, ESOS disclosures and accounting implications and so on.
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