Max India raises Rs1,000-cr through QIPs
New Delhi: Max India Ltd has raised Rs1,000 crore through a qualified institutional placement (QIP), which was subscribed more than 2.3 times, the company said. It has also announced a Rs300 crore investment from the World Bank's funding arm, International Finance Corporation, Washington, to expand its healthcare business.

Addressing a press conference here on Wednesday, B. Anantharaman, joint managing director, Max India Ltd, said: "The company plans to use the net proceeds from this issue to meet its additional funding requirements in line with its strategic business plans to grow its existing businesses. A portion of the proceeds will also to be used for general corporate purposes including acquisitions and investments in new ventures."

The QIP raises the foreign institutional investment holding in the company to 39 per cent from 26 per cent earlier.

Regarding Max New York Life (MNYL), Anatharaman said they hoped to add another 400 new offices to their existing 165 across the country in the next two to three years and an additional 50,000 agents to their current strength of 25,000 agents.

The IFC investment, which comes with IFC acquiring about 3.4 per cent stake in Max Health care Institute for about Rs50 crore, will fund three new hospital projects.
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United Breweries makes open offer for Deccan Aviation, at Rs155 per share
Mumbai: United Breweries (Holdings) Ltd is making an open offer for 20 per cent equity in Deccan Aviation Ltd, at a price of Rs155 per share, which is the price it paid for the 26 per cent stake it picked up in the company last month.

Meanwhile, Deccan Aviation shares closed at Rs133.45 on Wednesday, as against the previous day's close of Rs132.95.

The offer will open on July 25 and close on August 13, and is being managed by Edelweiss Capital Ltd.

The Kingfisher-Air Deccan group currently has a fleet of 71 aircraft, including 41 Airbus aircraft and 30 ATR aircraft. The group offers a maximum number of 537 daily flights, connecting 69 cities.
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Vijay Sheth moves to buy out 14.43% stake in Great Offshore from KM Sheth group
Kolkata: Vijay K Sheth, managing director of Great Offshore Ltd (GOL) and a co-promoter, proposes to buy out the 14.43 per cent stake of five other family holders, led by KM Sheth, current chairman of GOL and Great Eastern Shipping. The move would allow Vijay Sheth to take over management control in the company.

On Wednesday, Vijay Sheth infirmed the stock exchanges through his investment outfit, Meltar Trading & Investment Company Pvt Ltd, that he proposed to acquire 55 lakh shares, representing 14.43 per cent of GOL from Bharat K. Sheth, Ravi K, Sheth, KM. Sheth and Ms Jyotsna K. Sheth.

GOL was created out of GE Shipping in 2006.

The acquisition will also be made anytime between June 26 and June 30, and in the price range of Rs825 and Rs900 per share.

Post-acquisition, the shareholding of Meltar Trading in GOL would be 70,81,147 shares, aggregating to 18.58 per cent. The Vijay Sheth group's holding would consequently increase to a little over 24 per cent.

The current holding of the KM Sheth faction in GOL is around 18 per cent, while Vijay Sheth's group holds around 6 per cent.

Market sources would have it that Vijay Sheth and his associates are also likely to exit GE Shipping by divesting their 3 per cent holding in the company to the KM Sheth faction.
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BEML enters capital market for Rs450 crore
Mumbai: The Bangalore-based Bharat Earth Movers Ltd (BEML) is entering the capital market with a follow-on public offer of about 49 lakh new shares, of Rs10 each. The stake sale will allow the company to fund the expansion of the metro coach manufacturing facility at Bangalore, and also to set up a 5 MW windmill for captive consumption and for other corporate purposes.

The company will raise about Rs450 crore through the offer, which will be made at a price band to be decided one day prior to the issue opening date, according to a release.

The issue opens for subscription on June 27 and closes on July 3.

The issue would constitute 11.77 per cent of the fully diluted post-issue paid-up equity capital of the company. At least 50 per cent of the net issue to the public shall be allotted on a proportionate basis to qualified institutional buyers, of which five per cent will be earmarked for to mutual funds.

Further, 15 per cent of the net issue shall be available for allocation on a proportionate basis to non-institutional bidders, while 35 per cent of the net issue to the public shall be for allocation on a proportionate basis to retail bidders.

BEML will change its name to BEML Ltd by September 2007, he added.

ICICI Securities Primary Dealership Ltd is the book running lead manager to the issue.

According to VRS Natarajan, chairman and managing director, the company has targeted revenues of Rs5,000 crore by 2013-14, from Rs2,600 crore last fiscal.
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