Nelcast to float IPO to raise Rs95 cr
Mumbai: Castings and component manufacturing company Nelcast, which caters mainly to the commercial vehicle and tractor industries and has domestic clients such as Tata Motors, Ashok Leyland and Eicher Motors plans to enter the capital market with an IPO of 43.50 lakh equity shares to raise Rs95.27 crore. The issue, which constitutes 25 per cent of the post-issue paid-up capital, opens for subscription on June 4 and closes on June 8. The proceeds of the issue will be utilised to part-fund the setting up of a manufacturing unit in Gudur, Andhra Pradesh.

Exports currently account for 10.2 per cent of the turnover of the company and is targeted to touch 25-30 per cent.
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Reliance Money to open 10,000 kiosks by March 2008
Kolkata: Reliance Money will soon begin competing with strong retail brokerage players like ICICI Direct and will also start catering to institutional clients in a more organised manner, though retail will continue to be its focus.

The company is also planning to increase the number of its outlets in order to reach out to more customers. RML, which now has about 2,500 kiosks, will have 10,000 by the close of the fiscal. RML has tied up with Barista Coffee Co, which will install its kiosks across the country. The company hopes to strengthen its distribution reach through this association.

Reliance Money also plans to get into gold coin retailing and will provide a liquidity window for customers who, after having purchased gold coins from its outlets, hope to sell them back to the company. It will also work out tie-ups with select organisations with a view to increase points of presence.
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