PTC India plans Rs1,200-cr share sale to fund expansion
New Delhi: Power trading firm PTC India's board of directors has approved a resolution for raising funds to the tune of Rs1,200 crore subject to shareholders' approval.

The company will discuss the share sale plan at its shareholder meeting to be held in September. The amount, according to officials, would be raised through the issue of fresh shares and could take place in tranches.

During the last fiscal, the cumulative capacity tied up through long-term projects by PTC was 6,676.3 MW. PTC also entered into MoUs with another 35 projects, totalling a capacity of 16,703 MW, for which power purchase and sale agreements were under negotiations.
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Bajaj Capital may enter share broking, depository space
New Delhi: Bajaj Capital, engaged in distribution of financial products, has decided to diversify into stock broking and launch an investment portal during diwali this year. The stock broking foray would be done through a subsidiary company — Bajaj Capital Investor Services. The company has already commenced pilots projects in 10 cities for offline broking.

The company officials said Bajaj Capital would not be a deep discount broking house.

Company officials said Bajaj Capital was in the process of transforming into non-banking financial advisory house with an independent and open-architecture business model.
In the recent years, about 25 per cent of the company's total revenues came from financial planning based sales.

Bajaj Capital has no plans to tap the capital market.
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SEBI allows FoF to update NAVs next day
Mumbai: SEBI has extended the time limit for uploading the net asset value for fund-of-fund(FoF) schemes of mutual funds to 10 a.m. the following business day on the AMFI Web site. This has been done in view of the practical difficulties being faced by the MFs in uploading the NAV of FoF schemes on Web sites.

A release from SEBI said the NAVs of these schemes shall appear in the newspapers with one day time lag. The published NAV's would be made available with an asterix explaining that the NAVs are with one day/or the actual time lag.
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Citigroup wants to acquire 85 per cent in Sharekhan for Rs650 cr
Chennai: Citigroup Venture Capital has said it wants to acquire 85 per cent stake in retail brokerage firm Sharekhan Ltd for about Rs650 crore.

Details of the deal, such as whether existing shareholders will offload their stake partly or completely, are being worked out, said Jaideep Arora, director, Sharekhan.

Currently, the Morakhia family owns about 44 per cent stake in the company while 42 per cent is held by private equity firms HSBC Private Equity, Intel Capital and General Atlantic.

The brokerage house is working out as what stake each of these parties will have to offload and is also evaluating options of other private equity firms buying stake in the company.

The company plans to use the capital raised through private equity to fund its Rs 200-crore expansion, which includes expanding its online platform across India and launching international operations in Dubai by November.

Sharekhan has over 679 branches in 234 cities and about four lakh trading members.
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Robert Bosch increases offer price for Motor Industries
Mumbai: German engineering company Robert Bosch GmbH has raised its offer price for an additional 20 per cent stake in India's Motor Industries Company Ltd (MICO) by Rs600 to Rs4,600 a share.

The revised offer is 1.8 per cent lower than Motor Industries' Tuesday closing price of Rs4,685.75 on the Bombay Stock Exchange.

Bosch said it would pay the revised price for all shares validly tendered and accepted under the offer. On April 27, Bosch made an open offer to buy 6,410,292 shares in Motor Industries at Rs4,000 a share. Bosch already owns a 60.55 per cent stake in the company.
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Tata Power raises $950 million through bridge loan
Mumbai: Tata Power Company has taken a bridge loan of Rs950 million from a group pf lenders led by Barclays Bank to fund its acquisition of 30 per cent stake each in two Indonesian thermal coal companies.

The bridge loan has a tenor of 1 year. Tata Power intends to refinance this bridge loan facility immediately after the acquisition, and Barclays who has expressed interest in doing so, will be given preference.

On March 30, Tata Power agreed to buy stakes in PT Kaltim Prima Coal and PT Arutmin Indonesia, and related trading companies owned by PT Bumi Resources Tbk for $1.1 billion. Tata Power said it has completed the acquisition of the stakes in the coal produ cers.
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Indiabulls Real Estate plans $200 million GDR issue
Mumbai: Indiabulls Real Estate plans to raise $200 million through issue of global depositary receipts and had appointed Merrill Lynch as the book running lead manager.
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Strides Arcolab completes $100 m bond issue
Mumbai: Pharmaceutical company Strides Arcolab has raised $100 million through the issue of convertible bonds, to be listed at the Singapore Stock Exchange.

The company has completed the issue and allotment of convertible bonds due in 2012, Strides Arcolab said in a release to the BSE. The bonds are due in 2012 and were issued at an initial conversion price of Rs461.55 per share with a fixed rate of exchange of Rs40.70 per dollar, the company said.

The funds raised through the issue would be utilised to meet capital expenditure, finance potential overseas acquisition programmes and invest in a foreign subsidiary.

Barclays Capital was the sole bookrunner and lead manager for the offering. State Bank of India acted as the financial advisor to the issue.

Shares of Strides Arcolab were trading at Rs335.90, up 0.39 per cent on BSE in early morning trade.
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Spice IPO subscribed more than 30 times
Mumbai: The Initial public offer (IPO) of mobile service provider Spice Communications was subscribed over 30 times on its last day of offer.

The IPO received 346.94 crore bids for its offer of 11.3 crore equity shares, latest data available on the stock exchanges show. The IPO would close for subscription at the end of working hours today.

Yesterday, the QIB portion of the issue had received subscriptions of more than five times of the reserved shares for the category with major demand coming from the Foreign Institutional Investors.

Spice Communications expects to raise up to Rs520 crore through its maiden public offering with a price band of Rs41-46 per share. A major portion of the issue proceeds would also be used for repayment of debt and payment to vendors for network equipment.
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BEML public offer fully subscribed
Mumbai: The follow-on public offer of defence public sector undertaking BEML was fully subscribed on its first day of launch.

The issue received bids for 49.42 lakh shares for 49 lakh equity shares on offer, latest data available on the stock exchanges show. The price band of the offer has been fixed between Rs1,020-1,090. The issue would close on July 3.

The proceeds of the FPO would be used to part-finance the company's Rs900 crore capex programme over a period of three years.

The investment in the company was needed to fuel its growth plan and would also help it to achieve the Rs5,000 crore revenue target by 2013-14.
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