Rediff.com to list in India
Bangalore: The $30 million internet firm, Rediff.com has acquired a minority stake in Bangalore-based software firm Tachyon which has developed a software 'Quillpad' which enables internet users to type in English alphabets to input words in other languages in the respective scripts on the basis of phonetics, allowing them to communicate in the language of their choice. Rediff.com has adopted this technology to its email and messenger platforms.

Rediff with cash reserves of close to $60 million and which adds around $1 million to it every quarter is trying to use its cash backing ventures after going through a decade of ups and down in the internet domain. Rediff is also looking at listing in India though it has not decided the time frame. Rediff.com has a user base of close to 50 million with 90 pc of them in India and with necessary utilities such as bill payments, travel reservations coming on to the internet and with growth in broadband, this company is set to reap the benefits of this growth.
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AIA Engg raises Rs125-cr thru QIP
Mumbai: AIA Engineering, a manufacturer of high chrome mill internals, has raised Rs125 crore through qualified institutional placements to qualified institutional buyers. The offer was priced at Rs1,225 at a discount of 3.27 per cent to the closing price of Rs1,266.35 on December 13; the floor price was Rs903.23 per equity share as per the SEBI formula.

The company said that the issue proceeds would be used for further expansion programme up to 1,00,000 TPA to meet the growing market requirements, either through greenfield or brownfield expansion or both and for suitable inorganic growth opportunities.
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PFC public float to be launched in Feb
New Delhi: Power Finance Corporation's proposed initial public offering is likely to be launched by February 2007 according to the power secretary, R.V. Shahi. PFC plans to sell 10.22 per cent of its post issue capital of 117 million shares to the public through the IPO. The Government currently holds 100 per cent equity in PFC.

The Union Cabinet earlier gave its go-ahead to Rural Electrification Corporation (REC), National Hydroelectric Power Corporation (NHPC) and Power Grid Corporation of India Ltd (PGCIL), besides PFC, to tap the market to raise capital for expansion. He also said that North Eastern Electric Power Company (Neepco), which is also completely owned by the Government, is also planning to launch an IPO.
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Bharat Oman to launch Rs1,000-cr public offer
Mumbai: Bharat Oman Refineries is planning an initial public offering of Rs1,000 crore in 2007 to raise money for the Bina Refinery in Madhya Pradesh, according to Ashok Sinha, chairman and managing director of BPCL.

Bharat Oman was earlier an equal joint venture between BPCL and Oman Oil Company and at present Oman Oil holds two per cent stake in the venture. BPCL will offload 25 per cent stake through the IPO.

Sinha said that the greenfield refinery project would cost about Rs10,378 crore; a loan of Rs6,400 crore has already been tied up with a consortium of 20 banks led by the State Bank of India. The equity component would be brought in over the next 12 months. This would include equity infusion by BPCL, strategic investors, as well as the funds raised through the IPO.
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Govt may ban trading in grains
New Delhi: The government is considering bringing in the Forward Contracts (Regulation) Bill, 2006, through the ordinance route that will ban trading in grains. This is as the harvest season is just a couple of months away and commodity prices are continuing to rise. The standing committee's report on the Bill was tabled today, the last day of the winter session of Parliament. Among the main recommendations of the committee is one to ban trade in all agricultural products, especially grain, in commodity exchanges, including forward/future contract derivatives and options. All tax sops with regard to wealth and income tax have also been withdrawn, according to the report of the standing committee.

The government had introduced the Bill in March 2006 to provide a regulatory structure to commodity exchanges, from where it had been referred to the standing committee.
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