SEBI bars 14 entities from market
Mumbai: Mahesh Kumar Patel, Aarushi Consultancy and Gautam Patel have been debarred debarred by market regulator Securities and Exchange Board of India from accessing the securities market on charges of certain irregularities and contraventions of Sebi regulations.

The three and eleven others were alleged to have rigged up stock prices of Sword and Shield Pharma.

Jyotiben M. Patel, Rajni M. Patel, Heena R. Patel, Nilesh Patel, Pravin Rayani, Hiren Rathod, Parsottam P. Kundanani, Rajesh Modi, Praful H. Patel, Radhe Investment and Kishore Corporation have also been debarred from the securities market and prohibited from buying, selling or dealing in securities, either directly or indirectly, for one year.
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Vishal Retail plans Rs110-cr IPO
Mumbai: Vishal Retail has filed initial papers with the market regulator for an initial public offer of shares to raise Rs110 crore. Enam Financial Consultants will be the book-running leader manager to the issue.

Vishal Retail runs 46 stores across 17 states, covering a total of 1.1 million sq ft of retail space.
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Surana Ind to raise foreign holding to 95 pc
Mumbai: Surana Industries' board has approved raising the foreign shareholding limit up to 95 per cent of the paid-up capital of the company.
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Jubilant Organosys allots shares on FCCB conversion
Mumbai: Jubilant Organosys has allotted 1,77,964 equity shares of Re1/- each at a premium of Rs162.646 per share has been made to Goldman Sachs Investments (Mauritius) (I) Ltd and Ku vera Fund Ltd, on conversion of a part of the Foreign Currency Convertible Bonds (FCCBs) amounting to $650,000.
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Fortis Healthcare raises Rs148-cr through pre-IPO placement
New Delhi: Fortis Healthcare, has raised almost Rs148.90 crore in a pre-IPO placement to Quantum and Blue Ridge private investors who received over 1.19 crore equity shares, with each getting precisely 59.6 lakh shares.

Fortis had filed its Draft Red Herring Prospectus with the market regulator Sebi on September 29 for its proposal of an initial public offering of over 5.66 crore equity shares of Rs10 each. The shares would be issued at a premium to be decided through a 100 per cent book building process and would be listed both on BSE and NSE.

At least 60 per cent of the offering would be allocated to Qualified Institutional Buyers on a proportionate basis, 5 per cent of which will be available for mutual funds.

Non-institutional Investors would be allotted up to 10 per cent of the offering, while retail investors would be issued not less than 30 per cent.

The healthcare company proposes to allot 5 lakh equity shares to eligible employees of the company
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IDRs to be introduced by 2007
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) proposes to introduce Indian Depository Receipts (IDRs) in the Indian Capital Market by 2007, according to the Sebi chairman, M Damodaran.

The Sebi chairman said that in the next 12-18 months, some of the biggest companies in the world would file for IDRs in India. Other initiatives being planned by the Sebi are a dedicated exchange for Small and Medium Enterprises (SMEs) by next year and a comprehensive training institute for capital market personnel in Mumbai. The world-class institute would be set up on public p rivate partnership, he said.
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Pyramid Saimira plans IPO to raise Rs84.4-cr
Mumbai: Pyramid Saimira Theatre plans to raise 84.4 crore by issuing shares priced in the band of Rs88-100 a share through an initial public offer. The issue opens on December 11 and closes December 18, the company said in a statement.
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Mauritius investment firm hikes stake in Micro Tech
Mumbai: Software firm Micro Technologies (India) said that Passport India Investments (Mauritius) had acquired a 5.76 per cent stake in it. The latter bought more than 6,00,000 shares on November 30, raising its stake to 7.99 per cent, the company said.
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ICAI issue code for valuation of financial instruments
Mumbai: The Institute of Chartered Accountants of India (ICAI), has issued a new draft accounting standard for recognition and measurement of financial instruments. It has also modified its earlier draft standard on presentation of financial instruments.

This comes at a time when corporates have undertaken a large number of currency and interest rate swaps to reduce their liability on loans. At times, these are even rate and dollar bets. Under the present system, corporates often abstain from disclosing these off-balance sheet items. In the proposed rule, these derivative positions will not only have to be disclosed, but also provided for, depending on the nature of the transaction.

The standards cover all financial instruments including various derivatives, equity, debt, preference capital, bonds, convertible debentures and their combinations that corporates design for specific needs. The standards will also make it easier for investors to find the net worth of a company without making complex calculations.

The idea is to infuse transparency and enable a clearer picture of a company's health and provide scope for sharper comparison of companies. The standard on recognition and measurement of these instruments (AS 30) is based on the International Accounting Standard (IAS) 39.

As per the new norms, financial instruments have to be classified under four main categories - financial-assets-and-financial-liabilities-at-fair-value-through-profit-and-loss, held-to-maturity-investments, loan and receivables and available-for-sale-financial-assets.

The fair value approach will have to be followed in the first and the fourth class of instruments. For this, either the trade-date-accounting or settlement-date-accounting could be used. Under trade-date accounting, the date on which the entity commits to purchase or sell the asset will be considered.
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Power Finance Corp's IPO to be out by March
New Delhi: India's Power Finance Corp (PFC) may float an initial public offering of shares by the end of March 2007. The cabinet approval for the IPO has been obtained. As soon as market regulator SEBI gives permission, the company will launch its IPO company officials said.

The book value of the shares will be Rs62 and the premium will be decided by the market.

Upto 10 per cent stake of PFC, 24 per cent of Power Grid Corp, and 20 per cent in the Rural Electrification Corp would be offloaded. Proceeds from the offers would be used for expansion. Coal India is also exploring the option of releasing an IPO, and has approached the government.
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