Shri Adhikari Brothers plans FCCB issue
Mumbai: Shri Adhikari Brothers Television Network Ltd has allotted 1.5 per cent foreign currency convertible bonds amounting to $7 million. The FCCB issue closes Wednesday and the said bonds are to be listed on Singapore Stock Exchange Securities Trading Ltd, the company said in a notice to the BSE.
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Dubai Exchange to offer trading in rupee futures
Mumbai: The Dubai Gold and Commodities Exchange (DGCX) will launch trading in Indian rupee futures from tomorrow. This will provide another avenue to individuals and companies to hedge their currency risks. Till about mid-1960s, the rupee was the official currency in the Persian Gulf.

The rupee exposure risks are currently hedged in the non-deliverable forwards (NDF) market in East Asia and in the rupee forwards market in India.

Each Indian rupee contract on the DGCX would represent Rs2 million and the prices would be quoted in US cents per 100 rupees, with a minimum price fluctuation of $2 per contract.

Currency futures are standardised exchange-traded contracts settled at a specified price on a specified date and are guaranteed by the clearing houses. Unlike futures contracts, forward contracts are negotiated between two parties for delivery of a cash commodity to a buyer at a future date.

Currency traders said the rupee futures trading in Dubai is unlikely to have an impact on the forward contracts market or the NDF market. The daily turnover in the forwards market is about $2 billion and about $1 billion in the NDF market.
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DLF minority investors miss out on DLF's bonanza debenture-to-bonus share offer
Mumbai: More than 500 minority shareholders of realty company DLF have not been able to benefit from the company's bonanza debenture-to-bonus share offer.

According to information available, only about 280 investors of the 1,100 minority shareholders of the Delhi-based DLF applied for the company's bonanza debenture-to-bonus share offer.

The offer, made by the company after last November's extraordinary general meeting, would have resulted in each investor receiving a minimum of 31,328 shares of Rs2 each, which at Rs500 — the lower price band of DLF's public issue — would be worth over Rs1.56 crore.

The possible reason for the low level of application could be that these shareholders have lost their share certificates (DLF was listed on the Bombay Stock Exchange from 1974 to 1983 and on the Delhi Stock Exchange from 1974 to 2003).

DLF's IPO prospectus shows that 437 shareholders did not participate in the debentures, while another 51 investors lost out as their share certificates were lying with the company since 1981 and hence presumed as inactive.

The prospectus also shows another 219 investors as inactive as these investors have not encashed their dividends for the financial year ended March 31, 2005.

The three categories of investors have lost out a total of 12,23,12,000 shares valued at a about Rs6,115 crore at the lower IPO price band of Rs500 per share.
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Edelweiss Capital to float IPO
Chennai: Edelweiss Capital is planning to float a public issue to raise between Rs400 crore and Rs600 crore.

Last year, Edelweiss had a turnover of Rs400 crore and net profit about Rs100 crore. In the current year, the company expects a turnover of Rs700 crore.

In recent times, Edelweiss has emerged as one of the more active investment bankers in the country, providing a range of services including capital raising, private placements, mezzanine and convertible debt, mergers and acquisition advisory services and restructuring advisory services.
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Tata Tea open offer for Mount Everest from July 27
Mumbai: Tata Tea's open offer for 20 per cent stake in Mount Everest Mineral Water Ltd will open on July 27 this year. The specified date for the offer is July 4.

Tata Tea had last week announced the acquisition of a 24 per cent stake in Mount Everest for Rs110 crore. Mount Everest is the manufacturer of the Himalayan brand of mineral water.

The open offer is subsequent to this acquisition, and has been priced at Rs140 per share.
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