GBN public issue to be priced in Rs230-Rs250 band
Mumbai: Global Broadcast News (GBN), which owns and operates CNN-IBN TV channel, is planning to raise Rs105 crore through an initial public offering (IPO).

The IPO, which will open on January 15 and close on January 18, has been priced in the band of Rs230-250 per share.

GBN is part of the TV 18 group that operates channels like CNBC-TV 18, CNBC Awaaz and web portals like moneycontrol.com.
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Holcim hikes Ambuja stake
Mumbai: Swiss cement major Holcim has picked up a 1.65 per cent stake in Gujarat Ambuja Cements for more than Rs300 crore through open market operations, taking its holding in the company to nearly 21 per cent.

Holderind Investments, part of the Holcim group, acquired 22.5 million shares of Gujarat Ambuja for Rs136.65 a piece. Indian promoters, the Sekhsharia-Neotia family, hold 5.28 per cent stake.

Holcim had bought 3.7 per cent in Gujarat Ambuja Cements from the Indian promoters for Rs690 crore two months ago.

The Gujarat Ambuja stock today closed at Rs139.55 on the BSE, 2.12 per cent higher than yesterday's close of Rs136.65. It touched an intra-day high of Rs 141.
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Cairn lists at 7.5-per cent discount to IPO price on BSE
Mumbai: Cairn India debuted on the Bombay Stock Exchange with a 7.5 per cent discount to its issue price of Rs160. The stock listed at Rs148, went down to the day's low of Rs128.65 before closing at Rs137.50.

The company raised Rs5,600 crore through its initial public offer, including funds raised via private placement, offering 320.8 million shares to institutional and retail investors.

Cairn stands at number 31 in terms of market capitalisation with a market cap of Rs24,273 crore. On NSE, the company's shares listed at Rs140. The weighted average price on BSE was Rs136.50 a share.

Cairn's sale document had said the output from its largest fields may get hindered because the Oil and Natural Gas Corporation, designated by the government to buy the oil hasn't yet planned a pipeline.

The pipeline, which Cairn says, is to be built by a unit of state-owned Oil & Natural Gas Corp., is 311 miles (498 kilometers) long. The unit, Mangalore Refinery & Petrochemicals Ltd. will build the pipeline if Cairn shares costs or agrees to sell crude from the fields at a discount.
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Margins for `commodity' guarantees
Mumbai: In a notification issued on Tuesday, the RBI has asked banks to maintain a minimum margin of 50 per cent and minimum cash margin requirement of 25 per cent (within the range of 50 per cent) for guarantees issued on behalf of commodity brokers in favour of national commodity exchanges such as NCDEX, MCX and NMCEIL.

This guideline already applies to guarantees on behalf of share and stockbrokers said the RBI circular.
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NSE stake may go to five investors
Mumbai: US-based global investment banking giant Goldman Sachs and the New York Stock Exchange (NYSE), may acquire a 26-per cent stake in National Stock Exchange (NSE), India's biggest bourse.

Indian FIIs IL&FS, IFCI, IDBI and ICICI Bank, are said to be selling their holdings in the exchange to Goldman Sachs and NYSE in separate deals.

The valuation of the NSE is expected to be over $2 billion. Some of the biggest global players have already taken a stake in commodity exchanges. Fidelity was first one to enter when it bought around 9 per cent stake in MCX; later, Goldman acquired over 7 per cent in NCDEX, the other online comex.

The proposed sale of stakes comes close on the heels of guidelines issued by the RBI on foreign investment in Indian stock exchanges. The RBI has allowed foreign investment up to 49 per cent in stock exchanges, fixing foreign direct investment (FDI) cap at 26 per cent and FII limit at 23 per cent. Securities and Exchange Board of India (SEBI) has stipulated investment limit for single foreign investor at 5 per cent beyond which an FII or any other investor like foreign stock exchange will not raise its stake in stock exchanges.

NSE has 21 promoters some of which include LIC, ICICI Bank, IL&FS and IDFC. ICICI holds 12.5 per cent while IL&FS has 7.1 per cent. NSE made a net profit of Rs206 crore on a revenue of Rs 472 crore. In FY07 it is expected to report a profit of Rs250 crore due to a fabulous bull run.

It has a 70-per cent share of all stock transactions in India.
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