PAN to be solely used for identification
Mumbai: Stock market regulator SEBI has decided to discontinue the practice of quoting Unique Identification Number (UIN) and has made Permanent Account Number (PAN) the only identification number for transactions in securities markets.

SEBI also asked the bourses to inform brokers, market participants and clearing members about the new regulations by disseminating the information on their websites.
The move is expected to check malpractices noticed in public offers by companies.
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BEML FPO to be priced in Rs1,020-1,090/share band
Mumbai: Bharat Earth Movers (BEML) has decided to fix a price band of Rs 1,020-1,090 per share for the follow-on public offer (FPO) of 49 lakh equity shares.

The issue opens on June 27 and closes on July 3, 2007. The issue constitutes 11.77 per cent of the fully diluted post-issue paid-up equity capital of the company. Post-issue, the government holding in BEML will not be less than 54 per cent chairman and managing director V RS Natarajan said.

BEML has reported a 10 per cent increase in net profit at Rs 204.93 crore for the year ended March 31, 2007 when compared with Rs 186.93 crore in FY06. Total income increased to Rs 2,479.28 crore from Rs 2,126.92 crore in FY06.

According to a release issued to the BSE today, the meeting also approved the payment of second interim dividend of 80 per cent i.e Rs 8 per share.
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Onmobile plans IPO
Mumbai: The Bangalore-based value-added services (VAS) provider OnMobile is planning to float an initial public offering (IPO) of Rs 500-600 crore.

The company's maiden offer is expected to open during the current financial year and it intends to invest the proceeds for its foray into the Wireless Application Protocol (WAP) and General Packet Radio Service (GPRS) segments.

The company is gearing up to become an end-to-end VAS solution provider, said sources close to the development.

If OnMobile succeeds in raises around Rs 500 crore, it will be the one of the largest IPOs in the VAS sector. According to industry analysts, the company has an estimated value of around $300 million (around Rs 1,250 crore).

Onmobile was incubated by Infosys Technologies in 2000, and at present the IT major holds a 14 per cent stake in it.

OnMobile provides a host of value-added services, mobile content distribution, interactive media portals, 1-to-1 direct marketing via mobiles, and m-commerce in the fast-growing Indian telecom market with 150 million plus subscribers. The company's competitors include IMI Mobile, Cellebrum and Mauj, among others.
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Gujarat NRE's Australian IPO fully subscribed
Ahmedabad: The IPO of India NRE Minerals, the Australian flagship subsidiary of Gujarat NRE Coke Ltd, was fully subscribed on the closing date.

The Australian company's IPO comprised 30 million shares at A$0.50 each aggregating to A$15 million. It had opened on May 21 and closed on June 22.

Gujarat NRE Coke would continue to hold more than 90 per cent stake in India NRE Minerals Ltd even after the present public offer. India NRE Minerals Ltd owns and operates the NRE No. 1 colliery with proven resources of more than 300 million tons in the southern coalfields of New South Wales in Australia. It has produced high-quality coking coal catering to both the domestic and export markets. The mine re-commenced production in September 2005 producing more than six lakh tonnes of coking coal, exported to India.

The current issue has been floated to raise funds for the commencement of long wall mining supported by external technical consultants with a view towards ramping up of production from the mine from the current level of one million tonnes per annum (mtpa) to more than four mtpa.
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