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Satyam Infoway issue oversubscribed
Mumbai: The American depository shares issue of Satyam Infoway has been
oversubscribed by about 27 times, making it the largest-ever oversubscribed global issue
by an Indian company. The stock has been listed on the Nasdaq stock market.
The company received about $2 billion worth of applications. It
will retain about $75 million at $18 per share. Close to 25 per cent of the subscription
has come from retail investors. The issue was managed by Merill Lynch and Salomon Smith
Barney.
About 59 per cent of the post-issue stake will be held by
Satyam Computers, 17 per cent by CDC, 2 per cent by Sterling Computers, an employee stock
option plan of 4 per cent and the rest with the public and institutions.
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Hindustan Zinc to be
divested
Mumbai: The government has decided to disinvest 25 per cent in
India’s only primary producer of zinc, Hindustan Zinc. The local zinc industry has a
2,50,000 tonne demand while supply is around 1,90,000 tonne.
For the financial year 1998-99, Hindustan Zinc made a net
profit of Rs.76.3 crore on a net sales of Rs.1,309 crore.
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Business India to go
public
Mumbai: Ashok Advani promoted Business India Publications Ltd.
will float an issue to raise Rs.90 crore. The promoters will hold 50 per cent of the
post-issue equity. The company plans to acquire new magazines, repay debts and start a new
computer magazine after the issue.
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RPL to go for NYSE listing
Mumbai: Reliance Petroleum Ltd. may soon be listed on the New York Stock
Exchange with the symbol ‘RPL’, as soon as it converts its global depository
receipts into American depository receipts. The company’s GDRs are listed on the
Luxembourg Stock Exchange.
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Vintage issue
oversubscribed
Mumbai: Vintage, the Indian partner of the US-based greeting card
company, Hallmark, has had its issue oversubscribed by about eight times. The issue
targeted about Rs.28.3 crore. Blueberry, a venture capital firm holds 14 per cent of the
share capital of Vintage.
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