Actis to set up $300-m realty fund
New Delhi: Actis, a UK-based private equity firm, is in the process of setting up a separate $200-300 million real estate fund. Actis has, till now, been investing in India from two separate funds estimated at about $475 million.

According to sources, the new fund would be substantially larger than the previous one, and combined with the realty fund may take the total quantum of funds, allocated for India by the private equity firm, to close to a billion dollars. The firm is in talks with a couple of players for making investments and has set up a new team to look at realty investments.
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S&P upgrades six banks, 3 companies
Mumbai: Standard & Poor's Ratings Services has upgraded the ratings of State Bank of India, ICICI Bank Ltd, IDBI Ltd, Bank of India, Indian Overseas Bank and UTI Bank Ltd to "BBB-/Stable/A-3" from "BB+/Positive/B".

It has also upgraded the corporate credit ratings of Indian Oil Corporation Ltd, NTPC Ltd and National Hydroelectric Power Corporation Ltd to `BBB-' from `BB+'.

The ratings company also expects the performance of Indian banks to improve in 2007 on the back of increased fee income, improving asset quality and improving risk management practices, despite a possible increase in absolute NPAs.
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Oriental Trimex IPO to open on Feb 8
Ahmedabad: Oriental Trimex, engaged in marble and granite business, plans to enter the capital market with an IPO through a book-building process to raise between Rs35 crore and Rs40 crore for its ongoing expansion plans. The issue will open on February 8 and close on 14.

The public issue is of one crore equity shares of Rs10 each at the price band of Rs40-48 per share. The post-issue equity capital will be of Rs15.50 crore, with promoters' stake at 39.37 per cent.

The book running lead manager to the issue is Allianz Securities Ltd and lead manager is Canara Bank.
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No change in MphasiS open offer price
Bangalore: Though Electronic Data Systems (EDS) has revised the dates for the open offer to acquire 20 per cent more shares of MphasiS, it has, however, left the open offer price unchanged at Rs204.5 a share. This is significantly lower than the current ruling price.

As per the revised schedule, the open offer opened on Monday, January 29, and will close on February 19. The open offer to acquire over 3.3134 crore shares, when successfully completed would increase EDS' stake in MphasiS to over 70 per cent. The last date for revising the offer price/number of shares is February 8.

MphasiS shares closed higher by a per cent at Rs287.9 on the BSE on Monday. They had hit a 52-week high of Rs319.40 on January 4.
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Essar Oil board approves delisting
Mumbai: Essar Oil's board of directors has approved a proposal for delisting the company's shares from the bourses, and has decided to seek the consent of shareholders for the purpose.

Essar Energy Holdings (EEHL), along with persons acting in concert (PAC), holds 21,79,81,874 equity shares and 51,26,708 global depository shares representing 78,43,86,324 shares aggregating 87.96% of the total equity share capital of company.

Essar Steel received approval from the board yesterday for delisting its shares from the bourses.
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