ICICI Bank receives offers for stake in new subsidiary
Mumbai: ICICI Bank has received definitive offers from investors for subscription to a 5.9 per cent stake its new subsidiary for insurance and asset management business, ICICI Financial Services, ICICI Bank informed the Bombay Stock Exchange. The bank will offload this stake for Rs2,650 crore which values the company at Rs44,600 crore on a post-issue basis.

ICICI Bank did not disclose the details of the investors from whom it had received the subscription offers.

ICICI Bank further said the registrar of companies in Vadodara has approved the name 'ICICI Financial Services' for the new subsidiary to be set up by the bank instead of the earlier proposed name of 'ICICI Holdings.'
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Natco Pharma in Rs Rs 3.84 cr buy-back
Mumbai: Natco Pharma, which began the buy-back process on February 12, has bought back 2.71 lakh equity shares from shareholders for Rs3.84 crore till June 11.

In the fortnight ended on June 11, the company has bought back 66,000 equity shares for a total consideration of Rs91.34 lakh, the company said in a release to the BSE.

Natco Pharma the process would end on July 30. The maximum price, which the company would pay for buying back the shares, would be Rs150 per share.

The shares of Natco Pharma closed at Rs138.50, up 0.65 per cent on the BSE.
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Ascendas to set up Rs1,328 cr real estate fund for India
New Delhi: Ascendas, Asia's leading business space solutions provider has launched a 500 million Singapore dollar (about Rs1,328 crore) fund that will invest in real estate projects in India.

The fund has a target asset size of one billion Singapore dollar and an eight-year term. It would invest in real estate projects in India to develop land for industrial, commercial, residential and retail use.
Ascendas would develop business space within these projects, while participation in residential, commercial, retail, hotels, recreation and other supporting uses would be through other parties, it said.

Bahrain-based asset manager Arcapita and Dutch firm ING Private Banking are co-investors in the fund.
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MCX enters into pact with Shanghai Futures Exchange
Mumbai: The Multi Commodity Exchange of India (MCX) has signed a memorandum of understanding with Shanghai Futures Exchange (SHFE) of China to share knowledge and expertise.
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Gold falls to 8-month low of Rs8,600
Mumbai: Gold prices fell to an eight-month low of Rs8,600 on the bullion market on June 13 due to lack of buying and offerings by stockists triggered by fall in precious metals in global markets.

Off-marriage and festival seasons coupled with lack of industrial demand also pulled down the precious metal.
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United Spirits allots 76,160 shares
Mumbai: UB group company, United Spirits has alloted 76,120 equity shares upon conversion of 1,470 bonds aggregating to $1.47 mn.

The company said its Committee of Directors has approved allotment of 76,120 equity shares on conversion of 1,470 bonds at a price of Rs858 per equity share.

In March last year, the company had issued 100 million dollars worth bonds, which are due for conversion in 2011.

On allotment of shares after the conversion of bonds, the total issued and paid-up equity capital of the company stands increased to Rs94.55 crore from Rs94.48 crore.

Shares of United Spirits closed at Rs1,064.30, down 1.25 per cent on the BSE.
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DLF IPO subscribed almost two times
Mumbai: Real estate giant DLF’s initial public offering which seeks to raise up to Rs9,625 crore, received bids of upto 1.96 times of the total issue size at the end of the third day of the issue.

The issue received about 12 crore additional bids on June 13, taking the total to bids to about 34.33 crore shares as against 17.5 crore equity shares on offer. The IPO that closes today comprises 10.27 per cent of the post-issue capital of the company. The price band has been fixed at Rs500-550 a share.

Information available with available with stock exchanges said the maximum number of bids were received at the lower end of the price band.

If the issue is priced at the upper end of the price band, the company would figure among the country's ten most valued firms with a market capitalisation of over 20 billion dollars.
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Vishal Retail IPO subscribed 5.77 times
Mumbai: Vishal Retail initial public offering has been subscribed 5.77 times. Of the 47,82,609 shares on offer, the issue has received bids for 2,75,85,100 shares. Around 86.57 lakh bids were made at cut-off price of Rs270.

The company has taken the book building route, with the price band between Rs230 and Rs270.

The issue opened Monday and will close today.

Retail investors have bid 2.5 times the portion reserved for them, qualified institutional buyers have subscribed 1.08 times the shares allocated, and non-institutional investors 0.39 times, as per data available on National Stock Exchange until 12 pm.
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Religare ties up with IndusInd Bank for on-line trading
New Delhi: Financial services provider Religare has entered into a tie up with private sector IndusInd Bank to provide internet trading facility to the bank's customers apart from other offerings. Religare would offer a 3-in-1 benefit scheme to its savings account customers including a savings account, a depository account and an internet trading account by Religare, a release said.

This move will also contribute to the IndusInd Bank’s non-interest income.
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