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NSE plans brokers’ plaza
Mumbai: Citicorp Information Technology Industries and NSE.IT, the
infotech company of the National Stock Exchange, are joining hands to set up a
brokers’ plaza, effectively a private website for NSE brokers to interact with
sub-brokers, clients and investors. The plaza will enable brokers to conduct their
dealings electronically and will create a common shared market for e-trade. The facility
will become operational in the first quarter of 2000.
NSE.IT and Citicorp Information Technology Industries have
signed a memorandum of understanding in this regard. NSE officials say that by the time
the Securities and Exchange Board of India finalises and clears regulations for e-trade in
the capital market, the facility will be ready for operations.
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Infrasoft plans IPO
Mumbai: Infrasoft, a producer of banking software products with
web-enabled and e-commerce integration facilities, is planning an initial public offering
of around Rs 25 to Rs 50 crore. The company will utilise the funds for overseas expansion.
Infrasoft has changed its focus to development of
infrastructure software. It has also opened a 100 per cent subsidiary in Boston in the US
and operates an office in London.
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Orient Information plans
private placement
Mumbai: Orient Information Technology, an information technology company,
is planning a private placement of around 2.5 million shares to institutional investors
and mutual funds. The funds raised will be used to finance its $7 million capital
expenditure programme.
This will be the company’s second placement of equity
shares. It had, in 1998, placed three million shares with high net worth investors at a
premium of Rs 12 per share. The company’s equity capital had gone up to Rs 7.50
crore. The price and size of the present placement are yet to be finalised.
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HCL Tech hikes IPO price
Mumbai: HCL Technologies has announced a revised indicative price range
of Rs 500-580 per share for its forthcoming initial public offer. The initial price range
was Rs 450-540 per share. Based on the revised price range, the issue size amounts to
between Rs 710-823 crore. This will be the largest Indian information technology IPO.
The initial price range has been revised based on the
investor feedback and response during the roadshows. The final price will be determined
through the book building process.
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BoB to tap foreign markets
Ahmedabad: Bank of Baroda has sought the finance ministry’s
permission to tap foreign markets to enhance its equity base so that it can improve its
operations.
K. Kannan, chairman and managing director of the bank, has
been quoted by The Economic Times as saying the government is considering an
amendment to the Banking Nationalisation Act, enabling banks to tap foreign markets.
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SBI Gilts plans debt issue
Mumbai: SBI Gilts, a primary dealership subsidiary of the State Bank of
India will raise Rs 100 crore from the debt market. The company has obtained a rating of
Ind D-1 plus, the highest category rating, from Duff & Phelps India.
This will be the first time that the company is tapping
the market with a rated instrument.
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