Fidelity Investments stake in Zee crosses five per cent
Mumbai: Fidelity Investments has informed the National Stock Exchange, NSE, that FMR Corp, Fidelity International, and their direct and indirect subsidiaries have acquired 260,496 shares in Zee Telefilms, which aggregates to about 0.06% of Zee's total paid up capital.2005.

The mode of acquisition was through the open market, and after the acquisition the shareholding of FMR Corp and Fidelity now stands at 5.01 per cent of Zee's total paid up capital.

The total holding now stands at 20,694,046 shares.
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Uttam Galva Steels mulling the issue of ADRs/GDRs
Mumbai: Uttam Galva Steels is considering the issuance of GDRs or ADRs, in order to raise $50-60 million. Foreign Currency Convertible Bonds are an option as well, company officials have indicated.

The borrowing will be done through financial instruments or securities carrying a right to subscribe to the equity shares, company sources told the BSE. The amount will be used to minimise the company's long-term debt.

Uttam Galva is on a capacity expansion drive, and expects volumes to go up by 50 per cent in the coming year. Company officials say that they expect the earnings per share to increase as well.
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Yes Bank's IPO postponed
Mumbai: According to media reports, Yes Bank has postponed its IPO to June/July this year, as the bank is still awaiting clearance from the Sebi for its prospectus. The bank was earlier scheduled to hit the primary market with an IPO of seven crore shares in order to raise Rs300-350 crore.

The bank had earlier filed a red-herring prospectus with the SEBI for its offer, which was to be made through the book-building process. The bank has appointed DSP Merrill Lynch and Enam Financial Services as lead managers for the IPO.

The promoter holding will undergo a dilution, post the IPO, with the equity stake of the principal promoters, Rana Kapoor and Ashok Kapur, reducing from 52% to 40%. Rabo Bank's (Netherlands) stake in the bank after the issue will fall to 14.8% from the current 20%. The bank, however, intends to increase its stake back to 20% through market purchases within a year of the bank listing.
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