Sterlite to list $2 bn ADS in mid-June
Mumbai: Sterlite Industries will list its $2 billion (Rs8,000 crore ) American Depository Shares (ADS) issue, the largest by any Indian company, on the New York Stock Exchange by mid June.

Road-shows for the issue, which will part-finance its plan to set up a power plant at an investment of Rs12,500 crore, will begin towards the end of this week.

The company would sell 125 million ADS under the book-built issue with a minimum price of Rs531.84. The issue has the option to sell an additional 18.75 million shares, or 15 per cent of the issue, depending on the response.

The ruling market rate is expected to work as the bench- mark as it hovers higher than the indicated price.

After the issue, shareholding of London-based Vendanta Resources, the promoters, will come down to around 64 per cent from 80 per cent, depending on the subscription of the greenshoe option (under which the oversubscribed portion of a share issue can be exercised.
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McLeod Russel to give 20 per cent dividend
Kolkata: After announcing a 107 per cent increase in profit at Rs47.47 crore in 2006-07 (Rs22.92 crore in 2005-06), the board of directors of McLeod Russel India has announced 20 per cent dividend on Monday.

The company said the figures for 2006-07 reflected the impact of the amalgamation of Doom Dooma Tea Company with effect from April 1, 2006, and therefore not comparable with the figures for 2005-06.

The company experienced an increase of Rs7 per kg on an average in the selling price of tea, contributing to higher PBDIT of Rs89 crore (Rs39 crore) on a total sales turnover of Rs 606 crore (including Dooma Dooma) as compared to Rs511 crore in the previous year. The company also exported 25 million kgs of tea in 2006-07 (22 million kgs in 2005-06).

The profit from the sale of investments and proceeds from placement of shares under Qualified Institutional Placement enabled the company to reduce its debt burden during the year under review by Rs160 crore to Rs403 crore, comprising Rs220 crore of working capital and another Rs183 crore of term loans, and thus to improve the debt-equity ratio to 0.7 from 1.31 in the previous year.
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Eleven stocks moved into rolling segment
Mumbai: Kadamb Constructions, The Mysore Paper Mills, Vedant Hotels, Micro Forge (India), Gujarat Reclaim and Rubber Products, P.G. Industry, The Industrial & Prudential Investment Company, Shree Global Tradefin, Raasi and Enterprises, Shital Commercial Ltd and Ronson Traders - have established connectivity with both NSDL and CDSL before March 31 and are eligible for shifting from trade for trade segment to rolling segment.

Trading in the companies may be shifted to rolling segment from trade for trade segment by stock exchanges provided that at least 50 per cent of non-promoter holdings in the company is in demat mode before shifting as per clause 35 of listing agreement. Also, there should be no other grounds for continuation of trading in TFTS.
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