Rel Comm raises $1 billion in FCCBs
New Delhi: Reliance Communications (Rel Comm) controlled by Anil Dhirubhai Ambani has raised a record $1 billion (nearly Rs4,400 crore) through Foreign Currency Convertible Bonds (FCCB) to meet part of its capital expenditure of $2.5 billion for 2007-08.

The zero rate FCCBs would mature after five years at Rs661 a share, reflecting a 30 pc premium over the current market price, a company official told.
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JM Fin India Fund picks stake in International Tractors
Mumbai: JM Financial India Fund, a $200-million corporate private equity fund, has acquired a stake worth Rs125 crore in International Tractors Ltd. (ITL).

Domestic tractor market player International Tractors has a pan-India network of over 800 exclusive dealers and also has partnership deal with Yanmar (Japan), the second largest tractor manufacturer in the world.
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HSBC launches Unique Opportunities Fund
Mumbai: HSBC Investments has launched a three-year closed ended fund the "HSBC Unique Opportunities Fund" which aims to invest in companies facing "out-of-ordinary" conditions but with strong fundamentals.

The fund is targeted towards long term investors with a high risk appetite, said officials at HSBC Investments.

According to HSBC officials the out-of-ordinary conditions are temporary and event driven and would include turnaround or recovery situation, financial restructuring, out-of-favour industries, new products, merger and acquisitions, asset plays among others.

The offer period of the fund runs from February two to February 22. The minimum investment amount is Rs10,000 while at the end of three years, the fund will automatically convert into an open-ended fund.
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Indiabulls to demerge broking arm
Mumbai: Indiabulls Financial Services will demerge its brokerage services - Indiabulls Securities- in a proposed re-organisation of business. Indiabulls is also consider alternatives like amalgamation of the entire business and undertaking of Indiabulls Credit Services with the company.

Additionally, the company will consider the transfer by way of a demerger of the undertakings, business, activities and operations of the company pertaining to provision of broker dealer services, in particular, Indiabulls Securities Ltd, on a going concern basis, and seek permission to list the resulting entity.

The company expects that the restructuring initiatives would unlock significant value and also streamline the operations and ownership structure of the company. The board has appointed certain advisers and has authorised a committee to prepare and present a draft proposal and related documents for the restructuring of the company to be placed before and approved by the board at a later date.
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Citigroup Global hikes stake in Jain Irrigation
Mumbai: Foreign fund house Citigroup Global Mkts has increased its stake in Jain Irrigation to 6 per cent, by picking up an additional 2.3 per cent stake for an undisclosed amount.

On January 31, Mauritius-based Citigroup picked up 13.35 lakh shares of Jain Irrigation in a secondary market purchase, the drip irrigation systems manufacturer informed the BSE.

Though the company did not provide financial details of the transaction going by the last traded price of Jain Irrigation on January 31 at Rs396.45 --- the deal may be worth Rs52.92 crore.

With this, Citigroup holds 34.06 lakh shares where as it previously held 3.54 per cent stake representing 20.71 lakh shares in Jain Irrigation.
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Evinix Accessories IPO price band at Rs100-120
Mumbai: Evinix Accessories, which manufactures fashion accessories, plans to enter the capital market with an initial public offering of 35 lakh equity shares in the price band of Rs100 to Rs120.

The issue is being made through a 100 per cent book building process, where 50 per cent of the issue shall be allocated to qualified institutional bidders; 5 per cent of the QIB portion shall be available for mutual funds.

Fifteen per cent of the issue shall be available for allocation to non-institutional bidders and 35 per cent shall be allocated to retail individual investors. The issue would constitute 32.71 per cent of the fully diluted post paid up equity capital of the company. The company is looking to raise Rs35-Rs42 crore to fund its expansion plans.
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Euro Ceramics to hit capital market on 7 February
New Delhi: Ceramic tiles maker Euro Ceramics has fixed the price band for its proposed initial public offer between Rs150-Rs180 per share, which will open for subscription on 7 February.

The company is entering the capital market with an initial public offer of over 56.21 lakh shares through a book building process and expects to raise about Rs84-100 crore.

The company says it will utilise the proceeds of the public offer to part finance manufacturing facilities for our sanitary ware products at a cost of Rs77 crore.

The net issue to the public will comprise of 32.16 per cent of the fully diluted post IPO paid up capital of the company.

The equity shares of the company would be listed on both the BSE and NSE.

The book-running lead managers to the issue are UTI Securities Ltd and Enam Financial Consultants Private Ltd.
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