Himadri Chem plans to raise funds through shares, warrants
Kolkata: Himadri Chemicals & Industries is issuing warrants and equity shares to fund its acquisition in China and capacity expansion at home.

It has planned to raise additional funds of Rs145.34 crore through issue of 60 lakh equity shares of Rs10 each at a price of Rs229.25 per share and issue of 3.40 lakh warrants of Rs 10 each, carrying a right to apply for one equity share of Rs10 each, at a price of
Rs229.25 per share within a period 18 months from the date of issue.

Of the issue, Citigroup Venture Capital International Growth Partnership Mauritius Ltd would get 45 lakh shares and 2.55 lakh warrants. Three promoter-controlled entities and five non - promoter entities (investment trusts) would get the rest of the equity and warrants. It has also proposed to increase in authorised capital from Rs 26 crore to Rs 33 crore.
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Essar de-lists US arm Aegis
Mumbai: Essar Group has completed the process of de-listing of its US-based subsidiary, Aegis Communication, from the OTC BB of NASDAQ through a short-term merger process at a total equity valuation of $57.4 million.

Aegis engaged in in-bound call centre operations, has a network of centres across India and the US, with a total of 7,000 seats.
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Oracle's open offer for i-flex delayed
Mumbai: Oracle's open offer for 20 per cent equity stake in i-flex Solutions has been delayed, said the company. It said that a revised schedule of activity will be announced separately.

The open offer price of Rs 1,475 per share of i-flex will remain unchanged, said DSP Merrill Lynch, manager to the issue, in a notice to the stock exchanges on Tuesday on behalf of Oracle.
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Infy shareholders approve ADS conversion
Bangalore: Shareholders of Infosys Technologies Ltd have approved the company's proposal to convert up to 30 million local shares into American Depository Shares (ADS), which should help the software major get into the Nasdaq 100 Index, raise its brand equity in US and win more customers.

The proposed sponsored ADS issue is the third such issue by the company since it got listed on Nasdaq in 1999. The last sponsored ADS issue in 2005 exceeded a billion dollar in size. At Monday's closing price of $51.66, the proposed issue if fully subscribed would exceed $1.5 billion in size.
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IIFCL to raise $1.2 billion through ECBs
New Delhi: India Infrastructure Finance Company (IIFCL) has been allowed to raise funds worth $1. 2 billion in external commercial borrowings (ECB).

The government will extend a guarantee for the repayment of debt, but company officials said they may not exercise it, as they are hopeful of securing good interest rates in the international markets even without the guarantee. The government has fixed the borrowing limit for IIFCL at Rs10,000 crore for 2005-06.

IIFCL is the infrastructure financing arm of the government set up in January this year, to finance projects in specified sectors like roads, ports, airports and tourism through a special purpose vehicle (SPV).

The finance ministry informed the economic editors conference on Tuesday, that IIFCL has raised Rs 1800 crore to provide financial assistance to 31 projects so far. These funds include a ten year bond domestic paper for Rs 500 crore at a coupon rate of 8.7 pc. The rest was in the form of loans from Allahabad Bank, SBI and LIC. The order book of IIFCL includes projects in power, sea ports, airports and road sectors.
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FIPB clears Guardian Industries 100 per cent arm
New Delhi: The Foreign Investment Promotion Board (FIPB) has ruled in favour of Guardian Industries to set up a wholly owned subsidiary in India.

The US-based glass manufacturer's Indian joint venture partner Modi Rubber, which owns 21 per cent stake in float glass manufacturer Gujarat Guardian, had refused to grant a no-objection certificate to Guardian (which owns 50 per cent in the joint venture) for setting up a separate subsidiary.

The FIPB had, subsequently, called on both Modi Rubber and Guardian to present their arguments explaining their position. Modi Rubber had said that this case attracted Press Note 1 as the new venture is in the same field and the existing joint venture was not sick or defunct. Guardian, in turn, had explained that it would not hurt the interests of Gujarat Guardian Ltd, as it held a substantial 50 per cent stake in the venture.
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