Panoramic Universal to float $15mn GDR issue
Mumbai: Hospitality and real estate company, Panoramic Universal, plans to raise $15 million through a GDR issue inclusive of a green shoe option of $3 million. The GDRs are likely to be listed on the Luxembourg Stock Exchange and the capital raised through this issue will be used to fuel the company's ambitious growth plans in India, including acquisitions and construction of hotels and a travel agency.

The company plans to acquire two hotels in the US and construct a three-star hotel in Thane, near Mumbai. The two hotels will be acquired in the US by March next year and the company has acquired land for constructing a five-star hotel in Pune. One more five-star hotel is likely to be set up in Goa for which negotiations for land purchase are being conducted, the company said.
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HT Media shareholders consider stock split
Mumbai: HT Media's shareholders would vote on a proposal to split shares of the company in the ratio of 1:5. The company would sub-divide the equity shares of face value Rs10 each into five equity shares of Rs2 each, subject to necessary approvals. After this, the company's authorised share capital of Rs72.50 crore would comprise of 26.25 crore equity shares of Rs2 each and 20 lakh preference shares of Rs100 each, with effect from the 'record date' to be determined by the board.

Earlier in October, HT Media Ltd's board had approved the sub-division of the equity shares in 1:5 ratio and demerger of the content creation for Web sites and syndication division of Go4i.com (India) Pvt Ltd into itself, subject to necessary approvals.
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Shrenuj gets shareholders approval for amalgamation
Mumbai: Diamond and jewellery manufacturer and exporter, Shrenuj and Company has received shareholders approval for the scheme of amalgamation of three companies with itself.

The shareholders passed the scheme of amalgamation of Moon Diamonds Ltd, Shrenuj Diamonds Pvt Ltd and Lavanya Jewels Ltd with itself, Shrenuj and Company informed the BSE.

As per the scheme of amalgamation the board approved a swap ratio of three fully paid up equity shares of Rs2 each in the company to be issued for every two fully paid up equity shares of Rs10 each held in Shrenuj Diamonds Pvt Ltd.

One fully paid up equity shares of Rs2 each in the company will be issued for every one fully paid up equity shares of Rs10 each held in Lavanya Jewels Ltd.
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Dr Reddy's to offer 13.5 million ADS
Mumbai: Pharmaceutical major Dr Reddy's Laboratories will offer up to 13.5 million American Depositary Shares (ADS) and has filed a shelf registration statement on Form F-3 with the US Securities and Exchange Commission relating to the proposed ADS offering.

The ADS offer of 13.5 million shares excludes the underwriter's over-allotment option and the company would file a prospectus supplement in due course of time, it added.

The company said in its F-3 registration statement that it may offer, from time to time, ADSs outside India, including in the United States and each ADS represents one equity share. The price of the ADS would be determined by reference to the prevailing market prices of the company's equity shares. The ADSs would be traded on the New York Stock Exchange, under the ticker symbol 'RDY'.

Each ADS represents one equity share of par value Rs 5 per share.

The net proceeds from the issue, unless otherwise specified in the prospectus, would be used for general corporate purposes, which may include geographic expansion, potential acquisitions of companies and technologies, capital expenditures for increasing production capacities and investments in its subsidiaries or joint ventures, the company said.
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HDFC starts operations in United Kingdom
Mumbai: Housing Development Finance Corporation Limited (HDFC) has started its operations in London UK.

With its office located at Trafalgar Square, HDFC will provide advisory services on housing finance and property acquisition in India.

HDFC opened its first overseas office in Dubai in 1995. Besides this seven franchisees across the Middle East source home loans for HDFC and non-resident Indians account for 10 per cent of HDFC's loan book.
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Crayon Capital to launch Rs 40-cr art fund
Mumbai: Asset management company, Crayon Capital, will soon launch its art fund `Crayon Capital Art Fund', worth Rs40 crore. The fund has a minimum investment of Rs10 lakh with a lock-in period of three years. This close-ended fund opens on November 15 and the first closure date is December 15.

According to company officials, `Crayon Capital Art Fund - Scheme 1' shall be a conservative fund looking at low risk and medium-to-high returns. The fund will invest in a diversified portfolio of about 50 leading artists and emerging artists who have demonstrated a "history'' of investor interest in their work.

History' will be qualified as "artists who have consistently exhibited in leading museums and galleries around the world and have sold in leading auctions".

Art critic and author, Ms Ella Datta, has been appointed as the advisor to the art fund.
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Standard Chartered MF launches arbitrage fund
Mumbai: Standard Chartered Mutual Fund has launched Standard Chartered Arbitrage Fund, an open-ended equity scheme that will invest in cash and futures across markets. The new fund offer opens on November 14 and closes on November 30. The fund will purchase securities in the spot market for immediate resale in the futures market to profit from the price spread available at the time of sale, as price discrepancies exist in the spot and futures market. Dividends along with all capital gains over one year would be tax-free. The fund will invest up to 35 per cent in debt and money market instruments.

The minimum investment for this scheme for Plan A (regular investors) is Rs10,000 and for Plan B (institutional investors), Rs1 lakh.

The exit load would be 0.25 per cent up to 30 days from the date of investment in both plans.
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DLF IPO likely to go ahead as shareholder dispute resolved
New Delhi: Real estate major DLF has resolved all differences with its minority shareholders regarding allotment of debentures and this could clear the way for the revival of its IPO process for raising Rs13,600 crore from the capital market.

DLF shareholders, at its extra-ordinary general meeting (EGM) approved the issue of 81,983 or 2 pc unsecured redeemable debentures of Rs100 each to minority shareholders who had filed a complaint with market regulator Sebi alleging that they did not receive the letter of offer of the debenture issued in December last year.

The minority shareholders' issue was the major reason for the collapse of its much-hyped IPO in August, and the company had to withdraw its draft prospectus after failing to get the required regulatory approvals.

The minority shareholders are being offered debentures on the same terms and conditions as previously offered so that they do not lose out, a company official said.

The shareholders also approved a bonus share issue of seven equity shares of Rs2 each for every share of Rs2 held after the conversion of the debentures into equity shares and subsequent splitting of shares.
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Templeton to acquire Rahejas stake in AMC
Mumbai: Franklin Templeton Investments has agreed to acquire 25 pc stake in Franklin Templeton Asset Management (AMC) held by Hathway Investments, a part of the Rajan Raheja group of companies.

Franklin Templeton Investments is one of the largest fund houses in India with over Rs23,920 crore of assets under management (AUM) and an investor base of over 19 lakh. It is a subsidiary of Franklin Resources, a global investment management organisation.

The group has over $526.8 billion in AUM globally, and is present in 29 countries with a client base of over 17 million shareholder accounts.
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