Allianz can raise stake in Bajaj ventures
Mumbai: The Munich-based Allianz SE has the option to raise its equity in the general insurance company to 50 per cent and life insurance to 74 per cent, when the Government hikes the permissible foreign direct investment limit from the current 26 per cent. Bajaj Auto and the German Allianz currently hold 74 per cent and 26 per cent stake, respectively, in both ventures. The purchase price of the shares will be determined by the timing of exercising the call and put options, as per the joint venture agreement filed with IRDA.

For options exercised until April 22, 2016, in the non-life insurance venture (Bajaj Allianz General Insurance), Allianz would have to pay Rs10 per share and interest compounded at 16 per cent per annum from April 23, 2001. For options exercised after April 22, 2016, Allianz will have to pay the highest among three methods - the earlier mentioned pricing formula, price of the stock if the venture is listed or a fair value of the company as determined by a mutually accepted accounting firm.

As regards Bajaj Allianz Life Insurance, each share will initially cost Rs5.42 in addition to an interest of 16 per cent per annum from July 31, 2001 to the date of payment. If the call option is exercised after July 30, 2016, Allianz will have to use the same method as for the non-life insurance company.
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Usha Martin to split stock
Kolkata: The Usha Martin board proposes to reduce the face value of the stock through a split. The present face value of the stock is Rs5. This is planned to be split into five of Re 1 each.

The company has announced a change in shareholding. After recent completion of equity warrants conversion by the promoters, their holding in the company has undergone a change. UMIL Share & Stock Broking Service stake has gone up in April to around 17 per cent from 14.24 per cent as on March 31, 2007. Usha Martin Finance Ltd, another promoter group outfit, has improved its holding to 6.44 per cent from 5.65 per cent. As a result, the combined holding of the promoters have gone up to about 47 per cent from 43.71 per cent as on March 31, 2007. There are a total 31 individuals and entities of the promoter group who hold the stake in the company.
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AMP Capital to launch $500 mn infrastructure fund
Mumbai: Global investment company AMP Capital Investors will introduce a $500 million equity fund this year to invest in infrastructure in India and China.

The company has already invested $100 million in Indian infrastructure from its earlier two funds and is planning to invest an additional $50 million. The major investments of AMP's infrastructure funds include Indraprasta Gas (IGL), Bharti Telecom and Pipavav Port.

AMP Capital is also planning to raise a multi-million fund in 2008 to invest in real estate like shopping malls, industrial logistics, non-CBD (central business district) offices and IT offices across the country.

AMP is entering real estate and equities in India after it exited the life insurance business in 2005. It sold off AMP Sanmar Life Insurance to Anil Ambani-controlled Reliance Capital.

AMP Capital Investors has funds worth $15 billion under management in Australia and New Zealand, while its parent AMP has assets of $107 billion under management. It has a team of 200 management staff in retail management in these countries. It has 44 properties ranging from 50,000 sq feet neighbourhood centres to 1.5 million sq feet mega malls.
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Bhagwati Banquets lists at 15.86 pc premium
Mumbai: Bhagwati Banquets and Hotels debuted on the BSE at a premium of 15.86 per cent premium at Rs46.35 against the issue price of Rs40. The stock reached a high of Rs57.20 and a low of Rs45.35 before closing at Rs50.65. On the NSE, it opened at a 12.5 per cent premium at Rs45. The stock closed at Rs49.05 after touching an intra-day high of Rs57.35 and an intra-day low of Rs30. The total traded quantity of shares was 4,10,70,604 and 3,69,19,442 on the BSE and NSE respectively.
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Major changes to be made in capital structure of CSE
Kolkata: The Calcutta Stock Exchange (CSE) has proposed to bring in major changes in its capital structure.

The exchange has proposed that the equity shares, each with face value of Rs250, be sub-divided so that each share will have face value of Re1. The record date for the sub-division will be fixed later. The CSE will also amend a key clause of its memorandum of association pertaining to authorised capital. The latter will be Rs10 lakh, divided into 10 lakh shares of Re1 each.

The exchange has also proposed issuing new shares representing the sub-divided shares with new distinctive numbers. Further, it has proposed that two shareholders be elected to act as representatives in an empowered committee for completion of the demutualisation process. CSE's demutualisation scheme requires the exchange to divest a minimum of 51 per cent of its shares to the public (i.e., entities other than shareholders with trading rights).

The Securities Contracts (Regulation) (Manner of Increasing and Maintaining Public Shareholding in Recognised Stock Exchanges) Regulations, 2006 has laid down the manner of increasing the public shareholding.
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Suzlon to raise $300 mn overseas
Mumbai: Wind turbine maker Suzlon Energy has come out with a $300 million foreign currency convertible bond issue with a conversion price of 1,800 per share ($44.12), the company said. The bonds were priced at a premium of 59.6 per cent to Tuesday's share price of 1,127.90, Suzlon said in a statement issued late on Wednesday.

The bonds, which have a maturity of five years and one day, are expected to be listed on the Singapore Exchange Securities Trading Ltd, the company said.
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