SEBI panel to look into share transfer hitches
Mumbai: SEBI has set up a group to suggest suitable measures to address issues relating to difficulties faced by investors while dealing with transmissions of securities in physical and dematerialised mode.

The Group headed by R.K. Nair, executive director, SEBI, A.P. Bakliwal, president, Bombay Shareholders Association, S.V.M.D. Rao, GM SEBI, and Ananta Barua, joint legal adviser, SEBI shall examine various procedures followed by listed companies and registrar and share transfer agents for transmission of physical shares; explore the implementation of the concept of either or survivor in depository system; suggest uniform norms and procedures relating to the transmission of physical shares, specifically with reference.
Back to News Review index page  

DLF issue receives 78 pc subscriptions on day one
Mumbai: Delhi-headquartered DLF's mega IPO received bids for 78 per cent of the shares on offer on the opening day of issue.

Foreign investors bid for 120.01 million shares out of the 104.4 million shares reserved for the qualified institutional buyers (QIBs) while domestic finanacial institutions submitted bids for 13.36 million shares. The QIB portion was subscribed by 1.28 times.

But, the response from retail investors, who generally place bids on the last day of application, was slow. The retail portion was subscribed by 0.0328 per cent on the first day. For the total of 52.2 million shares reserved for retail investors, the company received bids for 1.7 million shares on the opening day.

The company is raising Rs8,750-9,625 crore through the IPO at a price band of Rs500-550 per share.

The share sale will give DLF a market value of as much as $24 billion, more than double that of Unitech, which is the country's biggest property developer. The real estate major added that it can develop up to 575 million sq ft of real estate space on 10,255 acres (4,150 hectares) of land that it owns or has rights to in 31 cities.
Back to News Review index page  

Shriram EPC to float IPO
Chennai: Shriram EPC has decided to float an initial public offering and has appointed Kotak Mahindra Bank and ICICI Securities as book running lead managers (BRLM) to the issue.

Chennai-based Shriram EPC Ltd, provides engineering,

procurement and construction services. Its main operations are in power (thermal, biomass and wind), metallurgy (steel plants) and cement. The company also has expertise in rehabilitating old sewer pipes. Last year, the company's turnover was a little over Rs300 crore, more than double the previous year's turnover of Rs142 crore. Net profit was Rs17 crore.
Back to News Review index page  

Lazard to float MF
Mumbai: The UK-based investment bank, Lazard Group, may enter the Indian asset management business through Lazard India.
Lazard India was set up by international banker Udayan Bose and is now a full-owned subsidiary of Lazard, UK, after Bose sold his stake in 2004.

According to a recent Thomson Financial report, Lazard is among the top 10 financial advisors and was involved in 5 deals in India. Globally, its asset management business provides investment management and advisory services to institutional clients, financial intermediaries, private clients and investment vehicles.

The company's total assets under management stood at $124.9 billion as of March 31, 2007. These were managed for institutional (corporations, labour unions, public pension funds, insurance companies and banks; and through sub-advisory relationships, mutual fund sponsors, broker-dealers and registered advisors) and individual clients (mainly family offices and high-net worth individuals).
Back to News Review index page