DLF IPO price band at Rs 500-550
New Delhi: Real estate major DLF has set a price band of Rs500-550 per equity share for its forthcoming initial public offering opening on June 11 and closing on June 14.

The company had filed its draft prospectus in January for 17.5 crore equity shares of Rs 2 each. The company thus proposes to raise Rs8,750 crore at the lower end of the price band and Rs9,625 crore at the upper end.

The issue would constitute 10.27 per cent of the fully diluted post-issue capital of the company, reducing the promoter's stake to around 88 per cent.
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NSE is world's third-fastest growing stock exchange
Mumbai: The National Stock Exchange (NSE) has emerged the world's third fastest growing bourse in terms of increase in number companies listed while the Bombay Stock Exchange (BSE) has consolidated its position as the largest bourse in terms of listed companies.

NSE is growing faster than the New York Stock Exchange (NYSE), Nasdaq and London Stock Exchange (LSE) and recorded a 15 pc jump in the number of listed firms to 1,244 during the one-year period ended April 2007.

NSE's growth is next only to the 23.3 pc growth at Poland's Warsaw Stock Exchange and 15.4 pc growth of the Malta Stock Exchange, data compiled by the World Federation of Exchanges (WFE) showed. However, Warsaw and Malta Stock Exchanges' 23.3pc and 15.4 pc growth rates respectively was also primarily due to a lower base.

BSE has consolidated its position as home to the largest number of listed companies in the world. While BSE recorded a growth of just 0.6 pc in the year to April, it consolidated its position as the biggest bourse in terms of listed companies.

Tokyo Stock Exchange, with 3,886 companies, is the closest rival with 940 firms less than BSE. LSE was the third-biggest with a total of 3,251 companies, followed by Nasdaq with a total of 3,114 companies listed there.
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Meghmani Organics plans Rs102-cr IPO
Mumbai: Meghmani Organics, a manufacturer of pigments and agrochemicals, is entering the capital markets with a public issue aggregating Rs102 crore. The issue, which is being made through a 100 per cent book building issue opens on June 4 and closes on June 7. The price band has been fixed at Rs17-19 per equity share of Rs1 each.

The proceeds of the issue would be utilised to set up a new high performance pigment plant at Vatva, Ahmedabad for Rs14.5 crore and an agrochemicals plant at Bharuch for Rs11.42 crore. In addition, the company will be investing Rs14.10 crore in its subsidiary Meghmani Energy Ltd to set up a 3 MW captive power plant. The rest of the funds will be utilised to finance working capital needs.

Post-issue, the promoters' stake will come down to 47-48 per cent in the company. Clients of the company include multinationals such as Sun Chemicals, the Flint Group, and Valent USA Corporation.
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PowerGrid, NHPC public offers face Clause 49 blues
New Delhi: The public floats of the Power Grid Corporation of India (PGCIL) and National Hydroelectric Power Corporation (NHPC) are likely to be delayed, with both companies yet to appoint the requisite number of independent directors on their boards as stipulated under Clause 49 of the Listing Agreement.
The state-owned companies have not yet appointed even a single independent director on their boards. PGCIL needs six independent directors and NHPC requires seven directors before they can go public. The Government is in the process of clearing the appointment of independent directors on the board a PGCIL official said.
The company was earlier planning to come out with its IPO in April, which has been pushed back on account of delays in clearances from the Securities and Exchange Board of India.

NHPC has revised its IPO dates to early July, provided the company gets Government approval to appoint independent directors before that. NHPC plans fresh shares amounting to around 10 per cent of its authorised share capital of Rs15,000 crore. The Government, which currently holds 100 per cent equity in the company, will sell 5 per cent of its shares to the public.
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