IDBI offloads stake in NSE for $50 mn
Mumbai: IDBI has sold 9 lakh equity shares constituting 2 per cent of the issued and paid-up capital of National Stock Exchange of India Ltd to MS Strategic (Mauritius) Ltd for $50 million. The deal is subject to approval from the statutory and regulatory authorities concerned.
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HDIL issue subscribed 0.26 times on first day
Mumbai: The initial public offering of Housing Development and Infrastructure Company was subscribed 0.26 times on the first day.

Data on the NSE at 5 p.m showed that a total of 76,91,376 bids were received against the issue size of 2,97,00,000 shares while 1,57,458 bids were received at the cut-off price. Most bids were received at the lower end of the price band of Rs430-Rs500.

The Qualified Institutional Buyers (QIBs) portion was subscribed 0.38 times while the Retail Individual Investors (RIIs) portion was subscribed 0.020 times.

Kotak Mahindra Capital Company Ltd and Enam Financial Consultants are the book running lead managers to the issue.
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BEML subscribed 1.16 times
The follow on issue of Bharat Earth Movers Ltd was subscribed 1.16 times on its second day. 57,06,770 bids were received against the issue size of 49,00,000 shares and 1,19,790 bids were received at the cut off price. Maximum number of bids were received at the lower end of the price band of Rs1,020-Rs1,090.

The QIB portion was subscribed 2.53 times and the RII portion was subscribed 0.087 times.

ICICI Securities Primary Dealership Ltd is the book running lead manager to the issue.
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Suryachakra Power Corporation IPO subscribed 1.02 times
Suryachakra Power Corporation initial public offering was subscribed 1.02 times on its third day. A total of 34582500 bids were received against the issue size of 34000000 shares and 2813700 bids were received at the cut off price.

Bids were received across the price band of Rs17-Rs 20.
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Meghmani Organics lists at Rs33.25
Mumbai: The stock of Meghmani Organics debuted on the BSE at a premium of 75 per cent at Rs33.25 against its issue price of Rs19. The stock touched an intra-day high of Rs34 and a low of Rs26.15 before closing at Rs26.65.

On the NSE, the stock opened at Rs33.25, which was also its intra-day high. It touched a low of Rs26 and closed at Rs26.60.

The total traded quantity was 4.72 crore and 6.09 crore shares on the BSE and NSE respectively.
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Fidelity acquires eFunds for $1.8 bn in cash
Mumbai: US-based Fidelity National Information Services (FIS), has acquired eFunds Corporation (EFD) in an all-cash transaction valued at approximately $1.8 billion (around Rs7,380 crore). Under the terms of the agreement, EFD shareholders will receive $36.50 in cash for each share of common stock.

eFunds, headquartered in Gurgaon, New Delhi has close to 4,000 employees in India. It also has a presence in Chennai and Bangalore. Similarly, FIS has had a presence in India since 2003.

In February this year, FIS expanded its offshore presence in India through the acquisition of California-based Second Foundation, a provider of offshore global information technology services. As a result of the acquisition, FIS' wholly owned subsidiary, Fidelity Business Solutions India has centres in Bangalore and Chandigarh. This acquisition added close to 600 employees to FIS's operations. FIS had close to 2,000 employees in India and Philippines.

eFunds provides risk management, electronic funds transfer (EFT) services, prepaid card processing, and global outsourcing solutions to more than 10,000 financial services companies in more than 80 countries.
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