Eveready Industries to re-list from today
Kolkata: The Eveready Industries stock is set to re-list on the bourses, from today, after hiving-off of its bulk tea business to McLeod Russel, a group company.

With the asset transfer, the paid-up capital of Eveready has come down to Rs27.89 crore, from the earlier Rs55.78 crore, resulting in the reduction in the face value of the stock to Rs5 from Rs10.

Eveready Industries from now on would be a player in the FMCG sector with its focus on dry cell battery, packet tea and torch businesses. The company is setting up a Rs600 crore new unit in Uttaranchal with a capacity of 400 million batteries per annum.

The existing shareholders of the company have also got one share of Rs 5 each of McLeod Russel for every share held, which would also be listed on the bourses shortly. McLeod operates 24 tea gardens.

The annual and Q4 results of Eveready are scheduled to be announced on April 28.
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Oriental Bank IPO oversubscribed on Day 1
Mumbai: The IPO of the Oriental Bank of Commerce (OBC) has been oversubscribed on the first day of opening, by 1.66 times already.

As per the latest details posted on BSE and NSE Web sites, the OBC issue received bids for 9.64 crore shares compared to issue size of 5.80 crore shares. The issue closes on April 29.

The maximum bids came at the upper price band of Rs260. At this price, bids for 5.96 crore shares were made, while at the lower price band of Rs235 bids for 3.32 crore shares were made and for the remaining shares, bids were at either at the cut-off price or between the upper and lower price bands.

In terms of the various class of investors making the bids on the first day, mutual funds were on top of list with bids for 4.48 crore shares (46.51 per cent of the total bids made) followed by financial institutions like LIC with bids for 3.26 crore shares (33.87 per cent) and FIIs made bids for 1.77 crore shares (18.41 per cent) and balance bids being made by Indian companies and individuals.
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Tera Soft to issue warrants at premium of Rs.21
Hyderabad: The board of directors of Tera Software has recommended an issue of 15-lakh share warrants at a price of Rs31 to be converted into 15-lakh equity shares of Rs10 each at a premium of Rs21 on a preferential allotment basis.

The board has decided to convene an extraordinary general meeting on May 20 to seek the approval of its shareholders.

In a communiqué to stock exchanges, the company said it would also seek the members' nod to authorise the company to borrow more than the aggregate of paid-up capital and free reserves subject to a maximum of Rs100 crore.
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Jhunjhunwala sheds 5.5 per cent in Crisil open offer
Mumbai: Rakesh Jhunjhunwala, the single largest shareholder in the rating firm Crisil, has sold 5.5 per cent stake to Standard & Poor's in the open offer which closed today. Jhunjhunwala along with his family held 14.26 per cent (or 9.07 lakh shares) in the rating firm.

S&P has come out with a conditional offer to acquire a maximum of 35.43 lakh shares (55.67 per cent) at Rs775 per share. It had said the minimum acceptance was for 26.43 lakh shares (41.52 per cent), failing which the offer would stand cancelled.

Other large shareholders in Crisil are ICICI Bank Ltd (10.75 per cent), Unit Trust of India (7.56 per cent), Oppenheimer Funds Inc A/c Oppenheimer International Small Company Fund (5.11 per cent), Aberdeen International India Opportunities Fund (Mauritius) Ltd (7.80 per cent), Life Insurance Corporation of India (3.16 per cent) and State Bank of India (3.14 per cent).

In today's trading, Crisil stock closed at Rs701.25 down 2.07 per cent on BSE.
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JK Paper expansion
New Delhi: The board of directors of JK Paper Ltd has approved an investment of Rs235 crore for expansion of the paper and board business in its meeting held on April 23.

The company has also informed the BSE in a notice that it has authorised the committee of directors to issue preference shares of the nominal value up to Rs1 crore to FIs/banks on mutually agreed terms and conditions.
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