BSE to sell 41 pc stake
Mumbai: The Bombay Stock Exchange (BSE) has decided to sell 41 pc stake to 20 investors, including domestic and foreign financial institutions, for about $ 384 million.

The investors are said to include public sector insurance behemoth Life Insurance Corporation of India (LIC) and State Bank of India (SBI).

Exchange officials said this was the largest private placement done in India and spoke volumes of the franchise of the exchange.
BSE held its board meeting and extra-ordinary meeting (EGM) to complete the demutualisation process. The deadline for completing the 51 pc stake sale held by broker- members in BSE, Asia's oldest exchange, is mid-May this year.

Recently, BSE sold 5 pc stake each to Franfurt-based Deutsche Boerse AG and Singapore Exchange at Rs5,200 per share. The deal valued the exchange at $800 million.

The 41 pc share will also be sold to select investors at Rs5,200 per share.
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UTV Motion Pictures to list abroad
Mumbai: UTV Software Communications movie division - UTV Motion Pictures - is ready to be listed on the Alternative Investment Market (AIM) of the London Stock Exchange. UTV will transfer all its domestic and international motion picture production activities into its listed overseas subsidiary.

UTV's present Hollywood motion picture business including co-productions like Mira Nair's The Namesake, Chris Rock's I think I Love My Wife, Will Smith and also M Night Shayamlana's The Happening and its worldwide distribution activity of Indian movies are a part of its overseas subsidiaries. The company's film production businesses worldwide (including the movie production slate of Indian movies) will be part of the listed entity in future.
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LIC Mutual to offer close-ended equity fund
Mumbai: LIC Mutual Fund Asset Management has filed initial papers with the Securities and Exchange Board of India to launch a three-year close-end fund.

LICMF Progressive Equity Fund would initially invest in debt and money market instruments and systematically allocate the funds to equity instruments in the next three years, it said. The fund house managed assets worth about $96 billion at the end of March, data from Association of Mutual Funds in India showed.
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Indiabulls to allot shares to Farallon arm at Rs162 a share
Mumbai: Indiabulls Financial has allotted 1.15 crore equity shares at Rs162 each adding up to Rs186.3 crore to Oberon, promoted by US-based fund, Farallon Capital Management LLC. However, as per the share subscription agreement by Indiabulls and Farallon Capital Management in June last year, Oberon was supposed to be allotted equity shares at Rs300 upon conversion of the preference shares issued to them.

Oberon provided a notice recently stating intention to convert the convertible preference shares issued by Indiabulls Financial pursuant to the share subscription agreement dated June 18, 2006 into equity shares of face value Rs2 each.

With the issue of said equity shares as aforesaid to Oberon, the paid up equity capital of Indiabulls Financial stands increased to Rs 38 crore from Rs36 crore.
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