Citi, Blackstone tie up with IDFC, IIFCL for infra fund
New Delhi: US-based Citi Group and Blackstone have tied up with infrastructure finance companies IDFC and IIFCL to set up a $5 billion (Rs22,000 crore) corpus to fund the India Infrastructure Financing Initiative.

The India Infrastructure Financing Initiative will have equity and quasi-equity of $1 billion and $3 billion long-term debt recpectively.

As per an agreement, signed today by the four entities in the Finance Ministry, the equity financing programme will be managed by IDFC and the fund will be invested in greenfield, brownfield and operating projects.

Debt financing will be channelled through IIFCL, in several tranches over the next three years for projects appraised by IDFC, certain banks and financial intermediaries.

IDFC, Citi and Blackstone will together invest $250 million while the balance is expected to come from reputable international investors as well as select domestic institutional investors, including IIFCL.
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SBI Caps ranks as top lead manager: PFI
Mumbai: The investment banking arm of State Bank of India, SBI Capital Markets, has been ranked as the top mandated lead arranger and advisor in the Asia-Pacific region by Project Finance International (PFI) for 2006.

The company has also been ranked 9th and 3rd globally in the 'Project Finance Arranger' and 'Project Finance Advisory' categories, respectively, in 2006 by PFI, thereby, becoming the only Indian investment bank to figure among the top 10.
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Pru ICICI launches Fusion Fund Series-II
Mumbai: Prudential ICICI Asset Management Company (AMC) has launched Prudential ICICI Fusion Fund Series-II, a three-year close-ended diversified equity fund. The new fund offer will be open till March 16. The fund targets to capture the growth and potential of small- and mid-cap companies with a portfolio of 30-40 companies.

The fund plans to identify performers from the large universe of small & mid-cap stocks that display growth potential and reward long term investors. The fund will also provide investors with a built-in insurance cover for 3 years. It will turn into an open-ended scheme at the end of three years.
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Kotak Mahindra launches new scheme
Kochi: Kotak Mahindra Mutual Fund has launched a scheme called Kotak Emerging Equity Scheme. The scheme is a three-year close-ended equity growth scheme. The investment objective of the scheme is to generate long-term capital appreciation from a portfolio of equity and equity related securities, by investing predominantly in mid- and small cap companies.

Kotak Emerging Equity Scheme would follow a fundamentally driven bottom-up approach in identifying and investing in stocks that have the potential to grow manifold.
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Abhishek Mills IPO opens Feb 20
Mumbai: Textile and infrastructure company Abhishek Mills is entering the capital market with an initial public offering to part fund its Rs218.78 crore expansion. The company is coming out with a public issue of 41 lakh equity shares of Rs10 each for cash at a premium to be decided through the 100 per cent book building process. The price band has been fixed at Rs95 to Rs110. The issue opens on February 20 and closes on February 26.

The issue constitutes 29.27 per cent of fully diluted post issue capital of the company.

Of the total expansion cost of Rs218.78 crore, the company is raising term debt of Rs149.9 crore from the technology upgradation funds scheme (TUFS) and Rs68.88 crore will be raised from the issue and internal accruals.
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House of Pearl slips on debut
Mumbai: The share of House of Pearl Fashions debuted on the bourses at a discount of 9.1 per cent. The stock opened at Rs500 on the BSE against its issue price of Rs550. It touched an intra-day high at Rs580.25, low at Rs445.05 before closing at Rs469.40.

On the NSE, the stock opened at Rs499.90, witnessed an intra-day high at Rs525, low at Rs444.20 and closed at Rs 469.95.

The stock of Redington (India) Ltd made a debut on the BSE at a premium of 23.89 per cent at Rs140 against its offer price of Rs113. The stock touched an intra-day high at Rs174.45, low at Rs125 before settling at Rs163.25. On the NSE, thestock opened at Rs130 at a premium of 15.04 per cent, peaked at Rs174.40 and closed at Rs163.70.
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Tubeknit Fashions to enter capital market
Mumbai: Tubeknit Fashions proposes to enter the capital market with an initial public offering of 37,55,000 equity shares and an offer for sale of the promoters' holding of 5,20,000 equity shares of Rs10 each. Out of the total issue, 2 lakh shares will be reserved for employees. The issue would comprise 25.03 per cent of the fully diluted post paid up issue of the company.

The price band of the share has been fixed at Rs100-Rs120. The issue opens on February 21 and closes on February 27. The proceeds will part-fund the company's expansion, which includes the setting up of a cotton yarn-spinning mill with 20,400 spindles.
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