GE Shipping relists
Mumbai: Great Eastern Shipping has re-listed on the stock exchanges after the de-merger of its offshore business. The company's closed at Rs 222.80, as against the last traded price of Rs 336.70 on November 7 (before the de-merger). Over 57.13 lakh shares were traded on the NSE, while the BSE saw a trade of 37.25 lakh shares at the GE Shipping counter.

The issued, subscribed and paid-up equity capital of GE Shipping before the arrangement/ de-merger was Rs 190.34 crore, consisting of 19.03 crore equity shares of face value Rs 10 each, which was reduced to Rs 152.27 crore, consisting of 15.22 crore equity shares of face value Rs. 10 each after the de-merger.
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Gitanjali Gems raises $110 m from overseas
Mumbai: Diamond and jewellery making company, Gitanjali Gems (GGL) a has raised $110 million (approximately Rs 495 crore) through the issue of foreign currency convertible bonds (FCCBs). The FCCBs mature on November 25, 2011, and will be converted into equity shares at a conversion price of Rs 275 per share, which is a premium of approximately 28 per cent.

The FCCBs will be listed on the Singapore Stock Exchange. On conversion, the underlying equity shares of the company will be listed on the Bombay Stock Exchange and the National Stock Exchange.
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Cairn India sets IPO price band in Rs 160-190 range
Mumbai: Cairn Energy has decided to set a price range of Rs 160-190 per share for the forthcoming initial public offering of Cairn India. The price band values the latter at over Rs 33,540 crore ($ 7.5 billion) at the upper end of the price band. At the lower end of the band, the valuation works out to Rs 28,245 crore ($6.32 billion). The IPO offers 32.88 crore shares and will raise between Rs 5,261 crore and Rs 6,247 crore from the market.

The total flotation consists of 53.85 crore shares if the 20.97 crore shares privately placed with a clutch of investors, mainly Malaysia-based Petronas are taken into account. The company had raised Rs 3,700 crore ($822 million) from this placement. The private placement works out to approximately Rs 176 per share.

The total flotation would mean gross proceeds of between Rs 8,616 crore and Rs 9,947 crore. Cairn India will retain approximately Rs 2,682 crore of the proceeds while the parent company Cairn will receive gross proceeds of between Rs 5,934 crore and Rs 7,265 crore, said a statement from Cairn.
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Lanco Infra lists at Rs 270
Mumbai: Lanco Infratech, an infrastructure development company with interests in power, construction and property development, has listed on the bourses at Rs 270, at a premium of 12.5 per cent to the issue price of Rs 240. The public issue was oversubscribed 11.88 times.

At the BSE, the stock touched an intra-day high of Rs 275 and low of Rs 239.55 before closing at Rs 241.40. The stock touched an intra-day high at Rs 290 on the NSE before settling at Rs 241.40.

The company entered the capital markets with an initial public issue of 4.44 crore equity shares of Rs 10 each at a premium to be decided by the book building process.
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Tanla Solutions to launch follow-on offer
Mumbai: Tanla Solutions integrated telecom solutions and products provider, is coming out with a follow-on public issue to raise around Rs 421 crore in the price band of Rs 230-265 per share. The company is offering 1.59 crore equity shares forming about 28.59 per cent of the fully diluted post issue paid-up capital of the company. The issue opens for subscription on December 11 and closes on December 14. The company's shares are currently listed on the Hyderabad, Ahmedabad and Madras stock exchanges. After the current offer, the company is proposed to be listed on these exchanges as well as on the BSE and the NSE.
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Software Technology to delist from DSE
Mumbai: Software Technology Group International would delist its equity shares from the Delhi Stock Exchange Association Ltd (DSE). The board of directors of the company at its meeting recently approved the delisting of its securities voluntarily from the Delhi Stock Exchange, subject to necessary approvals, the company informed the Bombay Stock Exchange.
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Minal Engineering allots 19:5 bonus
Mumbai: Minal Engineering's board of directors has allotted 50,42,980 bonus shares in proportion of nineteen equity shares of Rs 10 each fully paid up for every 5 existing issued and subscribed equity shares of Rs 10 each fully paid up.
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