FIIs attracted by Opto Circuits
Mumbai: FIIs Lehman Brothers and Alliance Bernstein plan to invest Rs41.92 crore in Opto Circuits for allotment of 12 lakh shares on preferential basis.

An extra ordinary general meeting (EGM) of the shareholders of the company would be held on 29 June, to consider the issue of equity on preferential basis to investors, Opto Circuits said in a communique to the Bombay Stock Exchange.

Opto Circuits said it would allot upto 12 lakh shares on a preferential basis to certain investors including — Lehman Brothers Asia Limited Sub Account- Lehman Brothers India Holdings Cayman II Ltd, Alliance Bernstein Hong Kong Ltd, subject to shareholders approval.

The company would offer equity shares of Rs10 each at a premium of Rs 350 per share, for cash on a preferential basis.

Lehman Brothers would be alloted 6 lakh shares amounting to Rs21.60 crore, Alliance Bernstein Hong Kong Ltd, would be issued5.64 lakh shares worth Rs20.32 crore.

The company would also issue up to 12 lakh share warrants on a preferential basis to promoters and other investors that could be convertible into one equity share of Rs10 each with a premium of Rs350 per share.
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Strides Arcolabs sets FCCB conversion price at Rs461.55
Mumbai: Pharmaceutical major Strides Arcolab has completed the $100 million dollars convertible bond issue and has fixed an initial conversion price of Rs 461.553 per share.

The foreign currency convertible bonds (FCCBs) issue was for raising $75 million.Barclays Capital, the lead manager to the issue, also has an option to increase the issue size by $25 million.

The initial conversion price of Rs 461.55 per share represents 34.20 per cent premium over yesterday's closing price of Rs342.65 on the NSE.

The shares of the company were trading at Rs331, down 3.16 per cent on BSE in the morning trade.
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Shareholders okay M&M's fund-raising plan
Mumbai: Shareholders of automobile major Mahindra and Mahindra have given their approval to the company's plans to raise up to Rs1,350 crore for launching new products, capacity expansion and acquisitions.

The board of M&M has been authorised to offer securities (in both equity and debt or both classes) to raise up to $300 million (Rs1,230 crore at current exchange rate) from international markets, public offering or on private placement basis.

The issue of securities, subject to statutory approvals, would carry an over-allotment option of up to 15 per cent of the amount of the initial offer in a single tranche.

Additionally, shareholders also authorised the M&M board to raise Rs 900 crore through the issue of shares, debentures (convertible to equity) to Qualified Institutional Buyers (QIBs), Mahindra and Mahindra informed the BSE.

However, the total amount to be raised from the proposed offer of securities and to QIBs would not in the aggregate exceed a sum of Rs 1350 crore, it had earlier said.

The company use the funds so raised for research and development, new products, balancing equipment, capacity expansion, absorption of new technology, investments, joint ventures and acquisitions, M&M had earlier said.

Shareholders accorded their approval to the proposals by way of a postal ballot.
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Lotus Mutual to launch fixed term debt fund
Mumbai: Lotus India Asset Management has launched a 375-day close-end fixed maturity plan.

Lotus India Fixed Maturity Plan-375 Days-Series I, open for subscription till June 19, could invest up to half its assets in government securities and the rest in money market instruments, the fund house said.

The fund will not charge any entry load but levy an exit load of 2 percent for redemption before 361th day from the date of allotment, it added.

The fund house managed assets worth about 36 billion rupees at the end of May, data from Association of Mutual Funds in India showed.
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Meghmani Organics IPO subscribed 24 times
Mumbai: The six crore share public offer of Meghmani Organics was subscribed 23.94 times. The IPO opened on Monday and closed Thursday.

The offer made through a 100 per cent book building offer was made in the price band of Rs17 and Rs19 per share of Re 1 each. Non-institutional investors subscribed 44.75 times the 60 lakh shares offered to them, qualified institutional buyers applied 19.43 times the 3.60 crore shares on offer, and retail investors subscribed the balance shares on offer 26.01 times.

Totally 1.43 billion bids were received.

Meghmani Organics makes pigments and agrochemicals.

The company has four manufacturing facilities located in the chemical belt of India. With the funds raised the company would finance a new high performance pigment plant at Vatva, Ahmedabad and a multi-purpose agro-chemicals plant at Panoli.
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