Fidelity acquires 5 pc stake in Ess Dee Aluminium
Mumbai: Mutual fund Fidelity International has acquired a 5 per cent equity stake in Ess Dee Aluminium, which provides packaging materials to pharma companies. The fund has invested close to Rs40 crore in the company's stock in the open market pegging the latter's enterprise value at Rs800 crore.

ICICI and Marc Faber already hold around 3.5 per cent and 4 per cent equity, respectively, in Ess Dee Aluminum.

The Rs130-crore Ess Dee Aluminium is planning to invest $40-45 million to set up a plant in Dubai and also looking to acquire a company in South Africa. It has recently set up a plant in Sikkim, which offers tax benefits.
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House of Pearl allots shares to JM Morgan Stanley
Mumbai: House of Pearl Fashions has allotted more than 4.29 lakh equity shares of Rs10 each at Rs550 per share under greenshoe option to JM Morgan Stanley. The latter had earlier purchased over 1.82 lakh shares of the company in the open market.

Of the shares purchased in the open market, 306 shares are still to be delivered, failing which House of Pearl would allot them at an issue price of Rs550 each as part of greenshoe option to JM Morgan Stanley, the company said.
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Flex Industries raises $85 million through FCCBs
Mumbai: Flex Industries has raised $85 million through the issue of Foreign Currency Convertible Bonds (FCCBs) in international markets. The company raised $13 million through FCCBs, exercising an over-allotment option, in addition to $72 million that it raised earlier this month, Flex Industries informed the BSE.

The company also said its board of directors would consider the proposal for payment of interim dividend to shareholders on March 28.
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Great Offshore board declares 80 pc interim dividend
Mumbai: Great Offshore has declared payment of interim dividend of 80 pc to its shareholders which means 80 paise per share to shareholders.
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Sebi allows short-selling by institutions
Mumbai: Sebi chairman M Damodaran said the Sebi board, which met today, has approved a proposal to allow short-selling by institutions. He said the Sebi board also approved a proposal for mandatory grading of IPOs, which will be reviewed periodically.

Damodaran said regarding real estate IPOs, land bank details should be accompanied by ownership status, and valuations should be based on current prices.

On delisting via the book-building process, Damodaran said a final decision on the issue would be taken at the next board meeting scheduled in May.
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IPOs to be graded
Market regulator Securities and Exchange Board of India (SEBI) has made it mandatory for companies planning initial public offers to get rated by agencies and tightened disclosures for real estate IPOs.

The grading of IPOs will come into effect immediately and the fees to be paid for grading of IPO would be paid by companies he said.

The regulator also said real estate firms must provide ownership or purchase agreement details to justify their claims about land holdings. SEBI hoped this would prevent firms from exaggerating their real assets.
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Indiabulls acquires 1.18 pc stake in IPCL
Mumbai: Indiabulls Capital Services has acquired a 1.18 per cent stake in Mukesh Ambani group company IPCL through open market transactions for Rs44.76 crore.

Indiabulls Capital acquired 16.69 lakh equity shares at a price of Rs268.24 in a bulk deal on the National Stock Exchange.

Indian Petrochemicals Corporation Ltd (IPCL) is soon going to seek shareholders approval for its merger with Reliance Industries.
RIL is the country's largest private sector company with a leadership position in the petrochemicals industry, while IPCL is India's second largest company in that sector.
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McKinsey arm acquires stake in Fortis Healthcare
Mumbai: Consulting firm McKinsey and Company's investment arm VASCO has acquired a stake worth Rs10.69 crore in healthcare company Fortis Healthcare. In a pre-IPO placement round, VASCO Inc picked up 6.7 lakh equity shares in Fortis Healthcare at a price of Rs159.50 per share, Fortis said in a statement.

As per SEBI regulations, the issued shares would be subject to lock-in after the completion of th e IPO, it said. Fortis had recently raised Rs87 crore through pre-IPO placement to Trinity capital VSB.
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