Pyramid Saimira issues FCCBs worth $90mn
Mumbai: Pyramid Saimira Theatre has issued $90 million (Rs369 crore) of foreign currency convertible bonds. The proceeds of the issue shall be used for potential strategic acquisitions outside India (permitted by the RBI and the Government of India) and for any other purposes as may be permitted from time to time in compliance with the applicable guidelines issued by the RBI and the Government of India.

The FCCBs will have a maturity of five years and one day and will be convertible into equity shares of the company at a conversion price of Rs454 per share, a premium of approximately 32 per cent, over the close on June 28, at the BSE.

The FCCBs will mature on June 4, 2012. The underlying equity shares on conversion will be listed on the BSE and NSE. The FCCBs are going to be listed on the Singapore SE.
Back to News Review index page  

DLF enters top ten league in M-cap
Mumbai: DLF has entered the league of the top 10 market-cap companies in India. With a market capitalisation of Rs97,183 crore on listing day at a stock price of Rs570 DLF is ranked ninth in the list.

ICICI Bank, though ranked 8th with a market cap of Rs88,960 crore, will remain at that position or can move up after the listing of shares of its Rs20,000 crore follow-on public offer.

Reliance is the leader with a market cap of Rs2,40,000 crore while ONGC is at number two followed by Bharti, NTPC, Reliance Communications, Infosys, TCS and ICICI Bank. BHEL, with a market cap of over Rs75,000 crore, rounds off the top ten ranking.

The DFL promoters, however, will still be only the fourth richest Indian after Mukesh Ambani, Sunil Mittal and Anil Ambani. Azim Premji, the promoter of Wipro, will slip to number five in the new billionaire list.

Mukesh Ambani with a net worth of over Rs1,50,000 crore is the undisputed leader of the billionaire club. Sunil Mittal who hold 60.95% in Bharti is worth Rs1,00,000 crore. Anil Ambani will be at number three with a net worth of Rs85,600 crore followed by K P Singh and Azim Premji with a net worth of Rs61,600 crore.
Back to News Review index page  

DLF plans to raise $1bn from overseas markets
Mumbai: DLF group plans to raise $1 billion from investors, including Lehman Brothers Holdings Inc., and may sell shares in property trusts overseas.

The company has zeroed in on Singapore and West Asia which are two markets where there is a demand for the kind of assets" the company does business in.

DLF Assets Pvt, which will raise the money to bid for the assets of parent DLF and others, will turn itself into a real estate investment trust when the Indian government allows such vehicles. DLF Assets acquired 5.5 million square feet of property from DLF Ltd. and plans to buy an additional 7 million square feet this year and will obtain 10 million square feet each year.

DLF Assets has raised $700 million and has commitments for $300 million. Lehman Brothers invested $200 million, D.E. Shaw, the hedge fund manager, has put in $400 million and the founders of DLF are putting in $100 million, the company said.
Back to News Review index page  

L&T plans $1bn infrastructure fund
Bangalore: L&T is planning to set up a $1-billion infrastructure fund in India from which about $500 million would be raised for various projects said company officials.

L&T will contribute about $50 million as seed capital for the fund.

The fund will be used for kickstarting various infrastructure projects in the country.
Back to News Review index page  

IDFC raises Rs 2,100 cr through QIP
Mumbai: Infrastructure Development Finance Company (IDFC) has placed its qualified institutional placement offering of Rs2,100 crore through an issue of 16.5 crore equity shares at a price of Rs127 per share. The issue has generated significant interest from a number of high quality institutional investors across Asia, Europe and the US, said the company in its communiqué to BSE.

The company would use the proceeds of the offering to augment its capital base, enhance the strength of its balance sheet for its lending operations, provide seed capital to some of the funds the company manages and to explore opportunities in principal investments and for general corporate purposes.

The settlement is expected to take place by July 10 and then the shares will be listed on the NSE and BSE.
Back to News Review index page  

Reliance Money ties up with DTDC
New Delhi: Anil Dhirubai Ambani group company Reliance Money, has announced that it has tied-up with DTDC Courier and Cargo for retailing its financial products.

As per the tie-up, DTDC would install Reliance Money Web-enabled retail kiosks at its own and franchisee outlets and collection centres across the country. DTDC has over 4,200 outlets and collection centres.
Back to News Review index page  

India Growth Fund launched by Lotus India AMC
Mumbai: Lotus India AMC, a joint venture between Fullerton Fund Management Group and Sabre Capital Worldwide, has launched its open-ended diversified equity scheme - Lotus India Growth Fund.

The investment objective of the scheme is to generate long-term growth of capital by investing in a diversified portfolio of predominantly equity and equity-related securities.

The new fund offer priced at Rs10 per unit (plus entry load) opens for initial purchase from July 9 and closes on July 19. The fund will re-open for ongoing purchases/redemptions no later than August 4.

The fund will invest 65-100 per cent in equity and equity related instruments and 0-35 per cent in debt and money market instruments.

An open-ended diversified equity fund, Lotus India Growth Fund has the flexibility to invest across companies without having any bias towards a particular sector, investing style or market capitalisation. It can invest across large cap, mid-cap or small cap stocks; across growth, value or blend stocks.

The minimum application amount is Rs5,000 and in multiples of Re1 thereafter.
Back to News Review index page  

Allied Digital's IPO subscribed by 61 times
Mumbai: The initial public offering of Allied Digital Services Ltd was subscribed 60.87 times on the BSE and NSE at 7.15 p.m. A total of 27.52 crore bids were received against the issue size of 45.22 lakh shares, while 5.34 crore bids were received at the cut off price. Bids were received across the price band of Rs170-Rs190. The qualified institutional buyer portion was subscribed 74.04 times and the retail individual investors portion was subscribed 38.07 times.
Back to News Review index page  

BEML offer price fixed at Rs1,075
Mumbai: Bharat Earth Movers has fixed the issue price of its follow-on issue at Rs1,075 per share.

The follow-on issue, which opened for subscription on June 27 and closed on July 3, was subscribed over 30 times. The company had set a price band of Rs1,020 to Rs1,090 per share for the FPO.
Back to News Review index page