Fortis IPO on despite legal trouble
New Delhi: Fortis' upcoming IPO would not be affected by the legal trouble surrounding the acquisition of Escorts Heart Institute and Research Centre by the former said Fortis' promoters. They said both the entity and the acquisition are legal. In the last 18 months the other side has not come up with anything significant to show that the acquisition is illegal.

Anil Nanda, estranged brother of Escorts Chairman Rajan Nanda, had filed a petition in the High Court seeking direction to restrain Fortis from raising money through an IPO. One of the main objectives of Fortis' IPO is to pay-off the debt incurred in acquiring Escorts Heart Institute.
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Gujarat Ambuja Exports in stake buy back
Mumbai: Gujarat Ambuja Exports plans to buy back 6,907,894 equity shares, representing 4.96 per cent of its equity share capital from the open market for up to Rs26.25 crore at a proposed maximum buy-back price of Rs38 per share each, the company informed the BSE. The buy back offer would open on April 16, and the shares would be accepted within 15 days of the relevant payout dates of the stock exchanges.

The last date for the buyback is January 15, 2008, or when the company has completed buyback to the extent of Rs26.25 crore, whichever is earlier.

The shares of the company closed at Rs30.10, up 15.77 per cent on the Bombay Stock Exchange yesterday. The scrip is expected to see a further jump in its share price when trading resumes on Monday fuelled by the news of the buy-back offer.
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