Ansal to raise Rs680-cr through QIP route
New Delhi: Ansal Properties and Infrastructure (APIL) is raising Rs680 crore through the qualified institutional placement (QIP) route.

The company will issue 67.5 lakh shares priced at Rs1,010 per share. In the process, the company's promoter Sushil Ansal will dilute close to 15 per cent equity. APIL has already appointed DSP Merill Lynch as lead manager for the issue.

Sources said that the company will use proceeds from the QIP issue to part-finance expansion plans in the existing business as well as diversifying into some other businesses.
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ONGC's objection could hit Cairn's IPO
New Delhi: Oil major ONGC, a 30 per cent equity partner with Cairn Energy in the Barmer oil blocks, objected to some of the disclosures made in the draft red hearing prospectus (DRHP) filed by Cairn India for its forthcoming public issue.

ONGC has written to Sebi, objecting to what it describes as "partial disclosure of facts" which it says is impacting the credibility of its subsidiary MRPL.

ONGC said it has asked for full disclosures instead of partial facts which is impacting MRPL's credibility. The Cairn India IPO is set to open on December 11 and it remains to be seen what happens over the next few days, given the objections raised by ONGC.

Cairn's production schedules for crude may get delayed due to MRPL's failure to keep its commitment on building the pipeline.
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Bullion prices rally
Mumbai: Precious metals were highly volatile today but ended in positive zones yesterday.

Gold February futures closed up $1.10 at $637, and MCX Gold closed at Rs9,269/10gms. March Silver also showed good reversal and closed at $14.035 - up 24 cents. On MCX, silver closed at Rs20,753/kg.

The dollar remains a key factor in deciding market direction with yesterday's BOE, ECB decisions and jobs data potentially adding further volatility to the bullion prices.

MCX bullion has opened on a positive note today - Gold opened at Rs 9,280/10gms and silver opened at Rs 20,800/kg.
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Court notice sent to Escorts, Rajan Nanda on Fortis IPO
New Delhi: The Delhi High Court has issued notices to Escorts and its chairman Rajan Nanda, on a plea filed by his estranged brother Anil Nanda, seeking direction to delete the name of Escorts Heart Institute and Research Centre (EHIRC) f rom Fortis Healthcare's proposed IPO.

In September last year, Fortis had acquired the four hospitals of Escorts for Rs650 crore, but Anil Nanda later challenged the sale.
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Scam related beneficiaries not to benefit: FM
New Delhi: The Government has said all illegal beneficiaries of the IPO scam last year this would be dislodged and fresh allotment of shares will be made in favour of deserving applicants.

Finance Minister, P Chidambaram said, the government has caught the illegal beneficiaries and punished them. He said a system has been put in place to detect such irregularities in future so that no one could make multiple applications during any IPO. Now quoting Permanent Account Number (PAN) has been made mandatory for making any application," the Minister said.
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Oracle hikes bid for India's i-flex, shares zoom
Mumbai: Oracle Corp has upped its offer for Indian banking software provider i-flex Solutions Ltd. (IFLX.BO) to $1.3 billion, sending i-flex shares 17 per cent.

Oracle has said it wants to take its stake in i-flex to 90 percent and is willing to pay to Rs2,100 per share, up 42 per cent from Rs1,475 previously.

|The revised offer, which Oracle said was final, represented a 20 percent premium to i-flex's closing price on Thursday. It values i-flex at 49 times forecast earnings, versus a sector average of Indian application software makers of 24.

Oracle owns 55 per cent of i-flex and in September offered to pay up to $531 million to increase its stake to 75 per cent.
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