Cairn Energy IPO to open December 11
Mumbai: Cairn Energy India's initial public offering (IPO) of 32.88 crore shares will open December 11 and close on December 15. Priced in the band of Rs160-190 per share Cairn expects to raise Rs6,247 crore from the country's second largest IPO.

The biggest offer was ONGC's IPO of Rs10,500 crore in 2004.

Company officials said the money raised will be sufficient to meet exploration and development expenses of $1.5 billion in the next three years.

The company will invest close to $2 billion in its operations over a three year period including a $1.5 billion investment in Rajasthan blocks, a $150 million investment in exploring the 10 new blocks it expects to be awarded under NELP 6 and $100 million investment in other projects.

Cairn placed 209.67 million shares worth Rs 3,700 crore in a pre-IPO private placing at a price of Rs 176.48 a share. A majority of these shares were picked up by the Malaysian state owned oil company Petronas.

Cairn India is estimated to have reserves of 754 million barrels of oil. Most of the reserves are estimated to be contained in the Rajasthan block. It is expected to operate about 20 pc of India's oil production by 2010 on the assumption that the country's crude production remains the same level and Cairn is able to meet the production target of 150,000 barrels oil per day from the Rajasthan block's northern fields, the company said in a statement.
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Unitech plans to list on LSE; expected to raise £360mn
New Delhi: Real estate company Unitech has announced its plans to raise more than Rs 3,100 crore (£360 million) through the listing of a newly floated company on the London Stock Exchange. Unitech has incorporated a new real estate investment company, Unitech Corporate Parks, in the Isle of Man and plans to list it on the London Stock Exchange's alternative investment market with an institutional placement of its shares.

Unitech Corporate Parks Plc said in a regulatory filing that the offer size is expected to be about £360 million ($700 million).

The company expects to co-invest in the initial portfolio alongside Unitech Limited and its affiliates.

Unitech Limited is the largest listed real estate developer in India by market capitalisation, which stood at about $8.9 billion as on November 28, 20 06.
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Assam Company raises Rs214-cr through FCCBs
Mumbai: Tea producing company, Assam Company has successfully raised Rs 214.41 crore ($48 million) through foreign currency convertible bonds (FCCBs). The company raised the amount through zero coupon FCCBs convertible into equity shares at Rs 28.75, at a premium of 19 per cent, the company informed the Bombay Stock Exchange.

The company has raised an additional $2 million through zero coupon unsecured FCCBs, with this the aggregate amount raised by the company stands at Rs 214.41 crore ($48 million).

The company had issued $40 million zero per cent FCCBs due on 2011, subject to an over allotment option of up to $10 million.
The bonds have tenure of five year and seven days, with yield-to-maturity of 8.25 per cent. London-based Silverdale Services Ltd was the sole lead manager for the offering.

The shares of the company were trading at Rs 23.75, up 2.59 per cent on the BSE.
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AIA Engg to raise Rs125-cr
Mumbai: AIA Engineering plans to raise Rs 125 crore through various securities on a Qualified Institutional Placements (QIP) basis in the international market in order to fund its expansion plans the company informed the BSE. The company would raise the amount to expand its capacity to around one lakh TPA to meet the growing market requirements, either through greenfield or brownfield expansion or both and for suitable inorganic growth opportunities.

The funds so raised would also help in sourcing of certain key raw materials and other major inputs like power, long-term working capital requirements and for general corporate purposes of the company.

The company decided to raise the amount after the special resolution passed by the shareholders at their EGM yesterday, to raise up to Rs 150 crore through Foreign Currency Convertible Bonds, Global Depository Receipts, QIP issue or a combination t hereof.
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Punishment, jail likely for fictitious, multiple public issue applicants
New Delhi: The government is considering the act of making multiple applications for public offers punishable under the Companies Act while those putting in fictitious applications may be punished with 5 years imprisonment.

The standing committee on finance has recommended these measures in its report on the IPO scam. The panel has taken a bleak view on the way the different regulatory bodies have handled the scam and has endorsed a Sebi proposal to revamp the management of the two depositories NSDL and CDSL.

Currently, multiple applications from the same person in a public offer, only runs the risk of being rejected. But after tracking the way the IPO scam broke out and taking depositions from different agencies, the committee, headed by BC Khanduri, says this is not enough. It said these amendments must be part of the exercise for a comprehensive revision of Companies Act that the ministry of company affairs has undertaken.
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Torrent Power recommends 12 pc dividend
Mumbai: Torrent Power's board of directors has recommended 12 per cent dividend on equity shares for 18 months period ending on September 30, 2006, which works out to Rs 1.20 per equity share of Rs 10 each. The company further informed that the register of members and share transfer books of the company will remain closed from December 13, 2006 to December 14, 2006 (both days inclusive) for the purpose of payment of dividend and 2nd annual general meeting t o be held on December 15, 2006.
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Jindal Saw recommends 5 per cent dividend
Mumbai: Jindal Saw has informed the BSE that the board of directors of the company has recommended a dividend of 5 per cent per equity share of Rs 10 each (previous year Rs 4) to be approved by the shareholders in the annual general meeting to be hel d in December 2006.

Reliance Capital to pay Rs2.5 per unit dividend in liquid fund
Mumbai: Reliance Capital Asset Management would pay a dividend of Rs 2.5 per unit in the monthly dividend plan of its Reliance Liquid Fund-Treasury Plan-Institutional Option. The fund house has fixed December 4 as the record date.
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