JM Financial, Morgan Stanley to separate
Mumbai: JM Financial and Morgan Stanley have decided in principle to separate their operations for investment banking and brokerage operations. At present the two companies run a joint venture brokerage and investment banking firm. Under the terms, JM will sell to Morgan Stanley its 49 per cent stake in the brokerage joint venture, JM Morgan Stanley Securities Pvt.

Ltd., for $445 million. JM Financial will also buy Morgan Stanley's 49 per cent stake in their investment banking joint venture, JM Morgan Stanley Pvt. Ltd., for about $20 million, said the financial services company in a statement.
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Kotak AMC in tie-up with US-based T. Rowe Price
Mumbai: Kotak Asset Management Company has announced a tie-up with the US-based T Rowe Price, among the world's leading independent investment management firms, to launch a fund that will invest in the Luxembourg-domiciled T Rowe Price Funds Sicav-Global Emerging Markets Equity Fund.

The fund is expected to be launched in the next couple of months.

The fund will aim to outperform the MSCI Emerging Markets Index over the medium-to-long-term by investing in T Rowe Price fund.

This fund invests primarily in a widely diversified, global portfolio of transferable equity and equity-related securities of companies established or conducting a significant proportion of their business activities in the emerging countries of Latin Ame rica, Asia, Europe, Africa and the Middle East.
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PFC to list on BSE, NSE today
Mumbai: State-run Power Finance Corporation, which raised nearly Rs1,000 crore from its initial public offer earlier this month, will list on the bourses today with an issue price of Rs 85 per share.

PFC will be the second power sector PSU to be listed on the bourses after NTPC Ltd in 2004. During its highly successful IPO, PFC garnered Rs997.05 crore. The issue was oversubscribed 77.26 times, generating a demand of over Rs77,000 crore. Post-issue, the Government's stake in the company will fall by 10.22 per cent. It currently owns 100 per cent. The PSU had come up with an 11.73 crore-share IPO to augment its capital base to meet future capital requirements so as to exploit the growth opportunities available in Indian power sector.

PFC is a public financial institution and a non-banking financial company providing fund and non-fund based support for the development of the Indian power sector. Its earning for the half year ended September 2006 was Rs401.30 crore and Rs975.41 crore for 2005-06.
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MindTree fixes IPO price at Rs425/share
Mumbai: MindTree Consulting has fixed the issue price at Rs425 for the initial public offering (IPO) of 55,93,300 equity shares of Rs 10 each issued in the price band of Rs365-425 per equity share.

The issue closed for subscription on February 14, 2007, and was subscribed 103.28 times. The shares are proposed to be listed on the NSE and the BSE.

The issue comprised a net issue of 49,40,740 equity shares to the public, up to 3,72,900 equity shares reserved for subscription by eligible employees and up to 2,79,660 shares reserved for subscription by business associates.
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Morgan Stanley hikes stake in Venus Remedies
Mumbai: Morgan Stanley & Co International Ltd. along with its funds, has acquired an additional 1.19 per cent in drug maker Venus Remedies to take its total stake to 6.17 per cent.
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Karuturi Networks board considers bonus issue
Mumbai: The board of Karuturi Networks, the flowers retailer, will meet on March 1 for consideration of bonus shares in the ratio 1:1 to shareholders.
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HTIL shareholders to get special dividend
New Delhi: Hutchison Telecom International (HTIL), which sold a 67 pc stake in India's fourth largest mobile player Hutch-Essar to British mobile giant Vodafone for $11.1 billion, said it would plough back the money it gets from the sale of Indian assets for expansion of existing operations and also pay shareholders a dividend of HKD 6.75 per share.

The company has said it would also use $1.8 billion to retire debt.

The balance of the net proceeds from the transaction would be used to invest in telecommunications businesses including expansion of the company's existing operations and for working capital and general corporate purposes.

The company is expected to invest the money in other emerging markets while it cannot re-enter India for three years under a non-compete agreement with Vodafone.

Hutchison also said it would pay a special dividend of $12.96 per American depositary receipt.

The final amount of the special dividend and other details of its payment arrangement would be announced upon obtaining further approval of the board to be sought after completion of the sale has occurred, it added.
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FII holding in Max India to go up to 49 pc
Mumbai: Max India's board of directors at a meeting held on Thursday approved a proposal to allow Foreign Institutional Investors (FIIs) to hold 49 per cent stake of its total paid-up capital through shares or securities.

The board also approved raising up to Rs1,000 crore through issue of equity shares or any securities to Qualified Institutional Buyers in one or more tranches, subject to approval of shareholders. The company has convened an Extra-ordinary General Meeting of the shareholders on March 23 seeking approval for the aforesaid purposes.
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