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Maharashtra Seamless raises $75mn via convertibles
Mumbai: Indian pipe maker Maharashtra Seamless Ltd. has raised $75 million through an issue of convertible bonds, the Bombay Stock Exchange (BSE) said on Wednesday.

The zero-coupon, five-year bonds carry a yield to maturity of 6.20 percent and are convertible into shares at 506.68 rupees per share, a premium of 30 percent over the company's closing share price of 389.75 rupees on Tuesday.

Deutsche Bank was the sole book runner to the issue, which will be listed on the Singapore Stock Exchange.

The size of the offering was raised to $75 million from $70 million due to good demand, the BSE said.
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Cochin Airport board approves maiden public issue
Kochi: The board of directors of Cochin International Airport Ltd (CIAL) has approved its maiden public issue. The issue will hit the market early next year.

The airport plans to raise Rs51 crore from the market, Rs25 crore from the public issue and the remaining funds through a rights issue. Infrastructure companies need to issue only 10 per cent of their capital base to the pubic for listing in the stock markets. The company may also go in for a 6:1 rights issue, which will be issued at the face value.

The board has also decided on a 10 per cent dividend, up two per cent from last year. The dividend will involve a cash outflow of Rs17 crore.

For the first time, the company's turnover had crossed Rs100 crore in 2004-05 and its profit before tax rose to Rs48 crore, wiping out all its accumulated losses. The net profit has grown to Rs28 crore.

The company now has a paid-up capital of Rs149 crore. The authorised capital of the airport is Rs200 crore and the rights/public issue, will enable the authorised capital to be totally subscribed.

At present, the Government of Kerala holds 32 per cent of the equity, while NRIs and promoters hold another 32 per cent.
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SPL Ind. IPO subscribed by 5.72 times
Mumbai: SPL Industries Ltd's IPO of 5.14 crore shares, which opened on Wednesday, was subscribed by 5.72 times, of which 2.35 lakh shares were at the cut-off price. The issue closes on July 5.

On offer are 90 lakh equity shares of Rs10 each at a price band of Rs60-Rs70 a share.

The book running lead manager for the issue is Karvy Investor Services Ltd and co-book running lead manager is UTI Securities Ltd.
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RBI approves FII buying in Apollo Hospital
Mumbai: The RBI has notified that foreign institutional investors can purchase equity shares and convertible debentures up to 74 per cent of the paid-up capital of Apollo Hospitals Enterprise Ltd under the portfolio investment scheme.

The board of directors of Apollo Hospitals had passed resolutions to this effect, said an RBI press release.
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