Citigroup company acquires 19.9 pc stake in Anand Rathi
Mumbai: The private equity arm of Citigroup Inc,Citigroup Venture Capital International has bought 19.9 per cent in Anand Rathi Securities for an undisclosed sum.
Anand Rathi plans to will use the money to grow all parts of its business, namely wealth management, institutional brokerage and retail brokerage arms. The funding will also be used to further expand the company's network of branches.
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SEBI constitutes committee on infrastructure funds
Mumbai: The Securities and Exchange Board of India has announced the constitution of a committee to suggest an action plan to frame guidelines for mutual funds to launch and operate in infrastructure funds. This follows the Budget announcement of the Finance Minister, P. Chidambaram that mutual funds would be allowed to operate in infrastructure funds in order to promote the flow of investment to the infrastructure sector.
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Indiabulls Real Estate falls below listing price on day one
Mumbai: Indiabulls Real Estate, which was de-merged from Indiabulls Financial Services in January, listed on the BSE at Rs380.05. The stock touched a high of Rs414.80 before closing at Rs325.65.

On the NSE, the stock opened at Rs408. It touched an intra-day high of Rs419 and a a low of Rs325.60 at which it closed.
As per the scheme of arrangement, Indiabulls Real Estate on February 4 issued over 16.86 crore equity shares of Rs 2 each in the exchange ratio of 1:1.

Indiabulls Real Estate has also issued an equal number of warrants to the existing warrant holders of Indiabulls Financial Services.

Further, Indiabulls Real Estate allotted Rs1.10 crore equity shares of Rs 2 each at premium of Rs68 per share upon conversion of warrants to the promoters of the company on January 9.
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ICRA IPO subscribed 75 times
Mumbai: The initial public offering of credit assessor ICRA was subscribed 75.04 times on the BSE and the NSE at 7.30 pm Friday. Bids were received across the price band of Rs 275-330.

The total number of bids received was 19.37 crore against the issue size of 25.81 lakh shares. Some 4.57 crore bids were received at the cut-off price. The company will not receive any proceeds from the offer.

IFCI and the administrator of the specified undertaking of Unit Trust of India (UTI), which hold 21.13 per cent and 7.95 per cent stake, respectively in the company, will offload their entire stake post-issue. The shareholding of SBI will come down to 9.99 per cent from 11.5 per cent. SBI Capital Markets and Kotak Mahindra Capital Company are the book running lead managers to the issue.
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Orbit Corp issue subscribed 3.85 times
Mumbai: The initial public offering of Orbit Corporation was subscribed 3.85 times on the BSE and the NSE on Friday as of 5 p.m on Friday. Bids were received across the price band of Rs108-Rs117. A total of 3.50 crore bids were received against the issue size of 91 lakh shares while 23 lakh bids were received at the cut-off price.
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ITC Infotech to go public
Bangalore: IT services company and fully-owned subsidiary of ITC, ITC Infotech, is planning to go public although no date for the listing has been finalized.

Y C Deveshwar, chairman, ITC said the company may opt for the bourses `at some point of time'.

Deveshwar said ITC Infotech is structured as a separate company, not as a division which indicates that at a point of time, it could go public Deveshwar said here on the sidelines of an event organised by the Confederation of Indian Industry on Friday.

ITC Infotech is a $64 million company with a headcount of over 4,200 employees. The tier-II firm competes with the likes of the global service providers like HP, IBM and Accenture and also tier-one Indian players for enterprise system integration solutions, infrastructure and testing services projects. Some of its clients include British American Tobacco, Abbey National Bank, Finnair, DHL, PTC and Unilever. Around five per cent of the company's revenues come from ITC.
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FIPB approves JM Financial realty foray
New Delhi: The Foreign Investment Promotion Board has approved JM Financial's proposal to invest Rs560 crore in Indian venture capital undertakings engaged in real estate development. The investment will be routed through a Mauritius-based entity.

The JM Financial proposal was part of the 29 foreign direct investment proposals worth Rs837.65 crore approved by Finance Minister P Chidambaram recently.
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Commodity exchanges may touch Rs37k billion turnover
New Delhi: The turnover of commodity exchanges in 2006-07 financial year is likely to touch a huge Rs37 lakh crore against just Rs5,70,000 crore in 2004-05.

The commodity market regulator Forward Markets Commission said the total turnover of all the 23 national and regional bourses stood at Rs35,08,856 crore till March 15 of 2006-07 fiscal.
The FMC, which releases market data every fortnight, said the combined turnover of commodity exchanges during the first fortnight of March this year was Rs1,82,114 crore.

The surge has been primarily led by the three leading national bourses - Multi Commodity Exchange (MCX), National Commodity and Derivatives Exchange (NCDEX) and National Multi Commodity Exchange of India (NMCE), which together account for nearly 94 per cent of the total business.

The turnover of leading agri-commodity exchange NCDEX jumped by nearly 24 per cent to Rs41,665 crore during Mar 1-15 compared to Rs33,632 crore in its previous fortnight.

The government banned futures trading in wheat and rice on February 28 when the Budget was presented in Parliament while announcing a freeze on launching new contracts till an expert committee submits it report.
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