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Bharti seeks authorisation for board to approve FII investments
New Delhi: Bharti Tele Ventures has informed the Bombay Stock Exchange that the shareholders of the company will approve a special resolution authorising the board for investment by foreign institutional investors (FIIs).

Consequent to board approval, the FIIs will be able to invest in the shares, debentures convertible into shares or any other security of the company by way of purchases or acquisition from the market, under the portfolio investment scheme of FEMA.

The investment will also be subject to the condition that the total holding of all the FIIs put together shall not exceed the sectoral capital, as may be prescribed by the Government or a statutory authority from time-to-time.

The Government recently allowed telecom companies to increase the FDI holding up to 74 per cent. This includes equity holding from FIIs.
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Indiabulls Financial scrip takes a tumble on I-T survey
Mumbai: The Income-Tax Department visited three out of 129 offices of Indiabulls Financial Services' subsidiary, Indiabulls Securities, under a survey for the purpose of third party verifications.

Indiabulls, in a notice to stock exchanges, said the income-tax survey was related to collection of transactions and verification details of the clients of Indiabulls Securities who have dealt in penny stocks.

In the last one month, Indiabulls name has been repeatedly been mentioned in SEBI orders against the promoters of various companies for manipulation of the stock price of their companies.

Several clients had done transaction in these stocks through Indiabulls.

The news of I-T officials visiting Indiabulls offices led to a sharp fall in the stock price of the company. At close, the stock of the company was down almost 10 per cent at Rs158.10 at the BSE.
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UTI Mutual hikes stake in IVRCL to 9.45 per cent
Hyderabad: The UTI Mutual Fund has acquired 5.11 lakh shares of IVRCL Infrastructures & Projects Ltd, aggregating 2.39 per cent of its total share capital on October 17 through the market purchase route.

Post this, the holding of UTI MF in IVRCL increased to 20,20,859 shares aggregating to 9.45 per cent of its total share capital.
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Spentex plans to raise Rs.81 cr through pref. issue
New Delhi: Textile firm Spentex Industries will raise Rs81 crore through preferential allotment of equity shares to Citigroup Venture Capital International Growth Partnership Mauritius (CVCI) and the promoters of the company.

CVCI will hold 30 per cent stake in Spentex after the preferential allotment, a company statement said.

Of the Rs81 crore, CVCI will contribute Rs70 croreand the rest would come from the promoters, it added. The capital raised would be used to expand capacities in the yarn-manufacturing sector.
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Bharat Overseas Bank plans Rs.100 crore IPO
Mumbai: The Bharat Overseas Bank Ltd aims to launch a Rs100-crore initial public offer of shares in the next two months, according to sources.

Sources said that it will be a new share issue and they are awaiting RBI (Reserve Bank of India) approval.

Indian Overseas Bank Ltd is the largest shareholder of Bharat Overseas with a 30 per cent stake. Other shareholders include ING Vysya Bank Ltd and Karnataka Bank Ltd.
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