Goldman proposes acquiring MCX stake
Mumbai: After acquiring a five per cent stake in the National Stock Exchange, investment firm Goldman Sachs is proposing to buy a stake in the Multi Commodity Exchange (MCX), India's largest commodity bourse. Goldman Sachs holds seven per cent stake in the National Commodity and Derivatives Exchange Ltd (NCDEX), the other leading commodity bourses.

Apart from this the New York Mercantile Exchange, London Metal Exchange and The Tokyo Commodity Exchange have also initiated talks with MCX and come just ahead of the publication of final guidelines on foreign shareholding in Indian commodity exchanges. The idea is to firm up plans in readiness for the guidelines.

The Forward Markets Commission has told all commodity exchanges not to change shareholding patterns until the new guidelines are issued.

The shareholders of MCX include Financial Technologies (I) Ltd, State Bank of India and its associates, National Bank for Agriculture and Rural Development (Nabard), National Stock Exchange of India, Fidelity International, Corporation Bank, Union Bank of India, Canara Bank, Bank of India, Bank of Baroda, HDFC Bank and SBI Life Insurance.
Back to News Review index page  

Radha Madhav to offload 10 lakh shares at Rs65 each
Mumbai: Packaging firm Radha Madhav Corp. board has approved an issue of 10 lakh equity shares at Rs65 each to India Star Mauritius. The board also approved issue of convertible, redeemable preference shares of up to $10 million to Deutsch e Bank Group.
Back to News Review index page  

Power Finance public issue subscribed 72 times
Mumbai: The initial public offering of Power Finance Corporation was oversubscribed 72.26 times on the BSE and NSE at 7:00 p.m Tuesday.

8,47,70,58,640 bids were received against the issue size of 11,73,16,700 shares and 27,36,91,200 bids were made at the cut off price.

Enam Financial Consultants Pvt Ltd, ICICI Securities and Kotak Mahindra Capital Company are the book running lead managers to the issue.
Back to News Review index page  

Mudra Lifestyle to float IPO
New Delhi: Mudra Lifestyle which makes ferments, is entering the capital markets with an initial public offering to raise funds for expanding facilities and increasing capacity. The company says it has earmarked an investment of Rs177.4 crore for expansion and would raise about Rs77 crore from the IPO. The company has raised Rs100 crore through debt.

The company's public issue of 95.8 lakh equity shares of Rs10 each would open on February 8 and close on February 14. The issue, through a 100 per cent book building process, would constitute 26.62 per cent of the post issue paid up capital of the company. The price band has been fixed at Rs75 to Rs90 per share.

Mudra had raised Rs14 crore through a pre-IPO placement of 19.2 lakh equity shares to SIDBI Venture Capital and SBI, leaving a net offer to the public constituting 25.29 per cent of the post issue paid-up capital of the company.
Back to News Review index page  

DBS Chola plans capital protection fund
Mumbai: DBS Cholamandalam Asset Management has filed initial papers with the Securities and Exchange Board of India to launch a close-end, capital protection oriented fund. DBS Chola Capital Protection Oriented Scheme Series 1 would offer three and five years plans, the fund house said in its offer document.

Under the three-year plan, the fund would invest at least 80 percent of its assets in debt and money market instruments and the rest in equities, it said. Under the five-year plan, allocation to equities could go up to 30 percent of the assets with the rest invested in debt and money market instruments, it added.

The fund house managed assets worth about Rs2,300 crore at the end of January, data from Association of Mutual Funds in India showed.
Back to News Review index page  

Kamat Hotels to raise funds up to $50 million through bonds
Mumbai: Kamat Hotels (India) plans to raise up to $50 million through a foreign currency convertible bond issue. The bonds will be issued around mid-February and listed on the Singapore stock exchange, the company said.
Back to News Review index page  

Broadcast Initiatives to float IPO: price band at Rs100-120
Mumbai: Broadcast Initiatives promoted by Sri Adhikari Brothers, is planning to enter the capital market with an initial public offering (IPO) of 85.50 lakh equity shares of Rs10 each for cash at a premium to be decided through a 100 per cent book-building process. The price band for the issue has been fixed between Rs100 and Rs120 per share. The issue opens on February 9 and closes on February 14.

Of the total issue, 1 lakh equity shares will be reserved for the employees. A minimum of 50 per cent of the net issue to the public shall be allocated to qualified institutional buyers (QIBs); of which, 5 per cent will be reserved for mutual funds.

Further, not less than 15 per cent of the net issue to the public shall be given to non-institutional bidders and not less than 35 per cent will be available for retail individual bidders on a proportionate basis.

The net issue to the public will constitute 44.27 per cent of the fully diluted post issue paid-up capital of the company.

The company plans to use the funds raised through the IPO for its channel, `Janmat' and for purchase of land and construction of studio; purchase of production, post production and broadcasting equipments; prepayment of loans and general corporate purposes.
Back to News Review index page