Tata Steel falls on concerns over equity dilution
Kolkata: Tata Steel lost around 3.15 per cent on the bourses closing above 500 mainly due to apprehensions over substantial dilution of equity, which some market players felt may dent its future earnings per share.

Tata Steel's decision to depend heavily on equity rather than on debt for financing the Corus takeover also took the market by surprise though an institutional fund manager felt that Tata Steel would provide a long-term opportunity for investors. The Tata Steel stock closed at Rs511 with a combined traded quantity of 1.78 crore shares on the NSE and BSE. About 41 per cent of traded shares were presented for delivery on the NSE.
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Aries Agro plans IPO
Hyderabad: Aries Agro, a plant nutrition solutions company, has filed a red herring prospectus with Sebi to float a public issue in the next few months to raise Rs54 crore. The company has announced a major expansion programme that will take total manufacturing capacity to 95,400 tonnes per annum (tpa) from 21,600 tpa by the year-end.

Apart from the 32,400 tpa manufacturing facility it opened, the Mumbai-based company would open two others in Ahmedabad and Lucknow catering to the Western, Northern and Central States.

The company registered turnover of Rs74 crore in 2006-07 against Rs59 crore in the previous year.
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BEML to come out with follow-on issue
New Delhi: Bharat Earth Movers has filed a draft red herring prospectus with SEBI for a follow-on public offer. The company is raising money for the planned expansion of its Metro coach manufacturing facility in Bangalore, and for upgrading its current facilities. The company is offering 49 lakh equity shares of Rs10 each through a 100 per cent book-building process. The company has reserved 4.9 lakh shares for its employees, the net issue to the public is for 44.1 lakh equity shares.

After the issue, which would constitute 11.77 per cent of the post-issue paid-up equity capital of the company, the Government holding is expected to be 54 per cent.
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