Nimbus considers floating Rs300 crore IPO
Mumbai: Private broadcaster Nimbus Communication, with channels like Neo Sports, is in talks with banks to float an initial public offer (IPO) for nearly Rs300 crore. Four domestic banks and three global banks met the management early last week for the IPO. The IPO is likely to hit the market in 6 months.

The deal is one of the largest private equity investments in the media and entertainment sector.

At that time, Nimbus' chairman Harish Thawani confirmed that this would be the final round of private equity investment before the company was listed. The investment was through compulsory convertible debentures which was likely to converted before the company's listing.

Thawani holds 54 per cent stake in Nimbus. However, post the conversion, his stake would come down to around 40 per cent.
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GVK completes $300 million in QIP
Mumbai: Infrastructure company GVK Power & Infrastructure (GVKPIL), has completed a $300 million Qualified Institutional Placement (QIP). The company's QIP issuance is the largest issue under the SEBI QIP regulations and the demand was nearly three times the issue size. The company said it has priced the issue at Rs 325 per share. The funds raised will be utilised for investment in key initiatives and also finance the equity requirements of the subsidiaries of GVKPIL.
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Aviva Life launches product with guaranteed returns
Kolkata: Aviva Life Insurance India has launched `Dhan Vriddhi', a product that provides a guaranteed addition of Rs70 per Rs1,000 sum assured for every completed year. The product ensures a 20 per cent payout of the basic sum assured as survival benefit at 5-year intervals till maturity.

The company says the product will offer the full sum assured with accrued guaranteed additions on the death of the policyholder.

While an individual (between 13 and 55 years) may pay a minimum annual premium of Rs5,000, the product can be bought for a term extending from 10 years to 25 years. The minimum sum assured is Rs50,000.
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Franklin in tie-up with Central Bank of India
Mumbai: Franklin Templeton Investments has signed a memorandum of understanding with Central Bank of India for distributing its products.

Central Bank of India will offer the entire range of Franklin Templeton mutual fund's products currently through 305 branches.
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Asahi Songwon IPO subscribed 1.85 times
Mumbai: The initial public offering of Asahi Songwon Colours was subscribed 1.85 times on the BSE and NSE. Bids were received across the price band of Rs90 - Rs108 per share. A total of 68,80,800 bids were received against the issue size of 37,22,222 shares.

The qualified institutional buyers portion was subscribed 3.21 times, non-institutional investors portion by 0.39 times and retail investors portion by 0.52 times. The issue opened on May 9 and closed on May 15.
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