Reliance pref warrants' conversion price fixed at Rs1,402
Mumbai: The conversion price for the 12-crore preferential warrants in Reliance Industries to be issued to its promoters has been fixed at Rs1,402 per share, according to a statement from the company.

RIL chairman, Mukesh Ambani, and others will be spending Rs16,800 crore if they decide to convert all the warrants issued to them within 18 months. This will also increase their stake in RIL from 50.6 per cent to 55 per cent.

The price of Rs1,402 per share is the average of the weekly high and low of the closing prices of the company's equity shares quoted on the National Stock Exchange during the two weeks preceding the relevant date i.e. February 27, said the company.

According to the board decision of February 24, the promoters will pay up 10 per cent of the price immediately upon being allotted the warrants, and the remainder when the promoters decide to convert their warrants into shares within a period of 18 months from the time of allotment.

Reliance Industries has initiated the necessary steps to implement its proposal of the preferential offer of warrants to its promoter/promoter group pursuant to the board meeting held on February 24.
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Nagarjuna Const to raise $180 million
Hyderabad: Nagarjuna Construction Company (NCCL) is planning to raise funds of about $180 million by issue of equity shares to Qualified Institutional Buyers and / or by issue of GDRs / FCCBs / other permitted Securities. The company's shareholders at the company EGM held here gave their approval for the move.

The EGM also approved the issue and allotment of warrants on preferential basis to M/s A V S R Holdings Pvt Ltd, an investment company belonging to the promoters of the company at Rs217 per warrant.

In other developments the shareholders okayed an increase in investment limit by FIIs in the shares of the company from 49 per cent to74 per cent and enhancement of authorised capital of the company from Rs50 crore to Rs60 crore.
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Prithvi Info allots FCCBs worth $50 million to Lehman Brothers
Hyderabad: Prithvi Information Solutions has allotted zero-coupon foreign convertible currency bonds (FCCBs) equivalent to $50 million to Lehman Brothers International (Europe), at a conversion price of Rs469.13 per equity share.

The proceeds of the FCCB issue will be utilised for overseas acquisitions. Each bond has a value of $1 lakh with a yield to maturity of 8.58 per cent.

The FCCBs will be listed on the Singapore Stock Exchange.

According to company officials Prithvi Information Solutions has identified a few companies for acquisition. With financial closure now completed, Prithvi will proceed to complete these acquisitions, subject to detailed due diligence.

Prithvi is in talks with three boutique companies in the US and one in the Europe, across the enterprise solutions, healthcare, manufacturing and insurance verticals.
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C&C Construction lists at 20% premium on BSE, declines
Mumbai: C & C Constructions shares debuted on the BSE at a premium of 20.28 per cent at Rs350 against the issue price of Rs291 but opened at a discount on the NSE by 1.05 per cent at Rs288.

The stock touched an intra-day low at Rs229.15 before settling at Rs239.90 on the BSE. A total of 46,87,908 shares were traded.

On the NSE, the stock opened at Rs288, witnessed an intra-day low at Rs229.15 before closing at Rs241.45. Total traded shares were 44,30,766 shares.
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Transwarranty falls below IPO price on listing day
Mumbai: The stock of Transwarranty Finance debuted on the BSE at Rs60, a premium of 15.38 per cent against its issue price of Rs52. The stock reached an intra-day high of Rs63 and a low of Rs46.10 before closing at Rs47.25.

On the NSE, it opened at Rs56, a premium of 7.69 per cent, touched an intra-day high of Rs60.90 and closed at Rs47.45. The company's trading volumes on the BSE was 67,89,016 shares, while that on the NSE was 54,19,044 shares.
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Holcim to hike control in ACC, Gujarat Ambuja
Mumbai: Swiss cement company Holcim will hike its control in ACC and Gujarat Ambuja Cements for almost Rs2,700 crore.
Holcim is in talks to buy Gujarat Ambuja Cements' 33 per cent stake in Ambuja Cement India (ACIL) that, in turn, holds 35 per cent in ACC and 9.93 per cent in Gujarat Ambuja Cements. At present, Holcim owns 67 per cent in ACIL.

This will make ACIL a wholly-owned Holcim subsidiary.

At current stock market prices, ACIL's holding in these two companies is worth nearly Rs8,150 crore. Gujarat Ambuja's one-third stake in ACIL could, thus, be valued at around Rs2,700 crore.

In 2005, Holcim had bought a 67 per cent stake in ACIL - 40 per cent from the government of Singapore and American International Group and 27 per cent through subscription of preferential shares- for $800 million (Rs3,502 crore).
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Textile companiess rush in with IPOs as TUFS expiry looms
Mumbai: Textile companies are rushing ahead with capital raising plans before the expiry of government sponsored Technology Upgradation Fund (TUF) in March 2007.

Six textile companies mobilised over Rs400 crore by issuing IPOs in 2007. Under the TUF, the textiles firm receives the required finance at the subsidised interest rate of 5 per cent from the special fund created by the government.

Some of the companies which have already approached the capital market in recent times are House of Pearl Fashions, Hanung Toys, Technocraft Industries, Mudra Lifestyle, Indus Fila, Abhishek Mills, Evinix Accessories and Vijayeshwari Textiles.

The removal of textile quota restrictions imposed by the European Union (EU) and the US as per the WTO agreement has seen an increase in the export sales of domestic textile firms.

With the availability of incentives for export promotions in domestic market and huge opportunities for growth lying ahead in the export market, many small- and mid-sized textile companies are rushing to the primary market to raise funds to finance their expansion facilities.
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