NSDL freezes 20 lakh demat accounts
Mumbai: Depositories National Securities Depository Ltd and Central Depository Services Ltd have frozen about 20 lakh demat accounts after account holders failed to submit PAN card details before the December 31 deadline.

The Securities and Exchange Board of India had made it mandatory for all investors to provide PAN card details for transactions in the cash market from January 1, 2007.

"Out of the 21.6 lakh demat accounts, we have frozen approximately 6.1 lakh accounts," said a senior official at CDSL.

NSDL has frozen 18 lakh accounts, which had some balance or holding, said an official with NSDL. He added that this number did not consist of accounts, which had zero holding and the number will be provided shortly.
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Page Industries files for IPO
Bangalore: Page Industries, which is the exclusive licensee of Jockey International Inc (US) for India, Sri Lanka, Nepal, Bangladesh and the Maldives, has filed its draft red herring prospectus with the Securities and Exchange Board of India to enter the capital market with an initial public offering.

The company proposes to issue 28.04 lakh equity shares of Rs10 each for cash at a premium to be decided through a 100 per cent book-building process, said a press release.

Of this, 14.12 lakh equity shares will constitute fresh issue of equity shares and the balance 13.91 lakh equity shares are an offer for sale by the promoters. The total offer constitutes 25.14 per cent of the post issue fully diluted paid-up capital of the company.

According to the release, Page Industries proposes to reserve 15,000 equity shares for allotment to eligible employees of the company. The balance 27.89 equity shares are the net offer to the public. Of this net offer, up to 50 per cent will be allocated to qualified institutional bidders, of which up to 5 per cent will be allotted to mutual funds only.
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GTL Infrastructure board approves 1:1 rights issue
New Delhi: Telecom infrastructure provider GTL Infrastructure Ltd's board has approved a rights issue at par to part finance the company's plans to set up a pan-India passive telecom network of 6,700 towers with a capital investment of Rs2,030 crore.

The rights issue would be in the ratio of one share for every share held by existing shareholders, subject to necessary approvals if any, the company said in a release.
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Eicher to delist at Rs150 per share
Mumbai: Eicher Goodearth, Eicher Goodearth Holdings, Eicher Investments , Eicher Holdings & Vikram Lal & Family has offered Rs 150 per share to shareholders for delisting Eicher from the stock exchanges.

The acquiring company (Eicher Goodearth) along with persons acting in concert has offered to acquire up to 28,02,800 equity shares of Rs10 each representing 25.16 per cent of the fully paid-up equity share capital of Eicher.

"The floor price, which is the average of the last 26 weeks high and low closing prices, is Rs91.54. The minimum price at which the acquirer offers to acquire the shares offered to it in the delisting offer is Rs150 per share price representing a 63.9 pc premium to the floor price of the company.
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Kotak MF files for gold ETF with SEBI
Mumbai: Kotak Mutual Fund has filed its draft offer document with the Securities and Exchange Board of India (SEBI) for a gold exchange traded mutual fund scheme.

The Deutche Bank and Standard Charted Bank would be the custodians of the fund. It Fund house would invest in gold in domestic markets, gold related instruments and track the spot price of gold in domestic markets.

The fund might also be engaged into gold lending, and deposit gold with banks in return for fees. The scheme's performance would be benchmarked against price of gold.
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SEBI advocates freezing payout in Nissan Copper counter
Mumbai: The Securities and Exchange Board of India (SEBI) has advised stock exchanges to freeze the payout in the Nissan Copper scrip and transfer it to the trade-to-trade segment following unusual price movement and turnover in the counter.

The freeze will not be applicable for original allottees who received shares under the retail investor quota. The allottees have to provide documents to prove this.

Nissan Copper debuted on the bourses on Friday, ending the first trading day with 236 per cent premium — from the opening price of Rs40 to Rs128 at the end of the day.

Nissan Copper engaged in manufacturing copper tubes and other copper related products, entered the capital market with an initial public offering of 64.10 lakh shares of Rs10 each aggregating to Rs25 crore.

The offer was oversubscribed 4.7 times. The retail portion was subscribed five times and the qualified institutional buyers (QIB) portion was lower at 1.51 times.

The scrip hit the upper circuit of Rs154.55 after opening at Rs128.80. It, however, closed at Rs115.20, losing 10.56 per cent.

The Citizens Action Forum, a city-based NGO, has written to the market regulator alleging irregularities in the Nissan Copper scrip movement. The scrip today saw around 4.4 million shares being traded through a large number of bulk deals.
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