Resurgere Mines & Minerals India, a company engaged in the business of extraction, processing and sale of mineral products and exploration and development of mining assets, will list on the bourses with its equity shares on September 1, 2008. The issue price is Rs 270 per share.
The public issue of 4,450,000 Equity shares of Rs 10 each was subscribed 1.16 times.
Motilal Oswal Investment Advisors Pvt. Ltd was the BRLM for the Issue and PL Capital Markets Pvt. Ltd and Ashika Capital Ltd were the Co-BRLMs for the Issue. The Equity shares are proposed to be listed on BSE and NSE.
The Company proposes to utilize the net proceeds of the Issue to part finance its plan for purchase of Plant and Machinery valued at Rs 1,285.64 million for setting up of its own extraction and crushing facilities at the mines and purchase of six railway rakes worth Rs 1,163.60 million to set up own logistics infrastructure facilities, besides meeting margin money requirement for working capital.
The Company proposes to part finance the cost through term loans of Rs 860 million to be raised from banks, Rs 430 million through Private Equity funding from Merrill Lynch International and Rs 137.30 million through Pre-IPO allotment. Merrill Lynch International holds 3,000,000 Equity shares, India Business Excellence Fund-I holds 910,000 Equity shares, IL&FS Trust Co. Ltd ( Trustees of Business Excellence Trust-India Business Excellence Fund ) hold 402,500 Equity shares, Mr Motilal Oswal hold 250,000 Equity shares and Mr. Raamdeo Agarwal holds 200,000 Equity Shares in the Company.
Source: Moneycontrol.com
Friday, August 29, 2008
3 banks get SEBI nod for IPO money
Three banks - Corporation bank, Union Bank of India and HDFC bank - have received SEBI nod for offering the new payment facility for IPOs under SEBI’s new scheme where investor application money will not be blocked with the IPO issuer till allotment. It also does away with the refund process.
These three banks can now be part of the Applications Supported by Blocked Amount (ASBA) process.
This process allows for a new mode of payment in IPOs wherein the application money of an investor will remain in an account until the allotment process. After the shares are allotted, only the amount of money required for payment for the allotted number of shares will be debited from the applicants’ accounts. These three banks are eligible to act as Self Certified Syndicate Banks (SCBS) in public issues which open on or after September 1, said a release issued by SEBI today. The respective banks have also announced the select bank branches where this facility will be available from September 1, 2008, reports The Hindu Business Line.
Source: Moneycontrol.com
These three banks can now be part of the Applications Supported by Blocked Amount (ASBA) process.
This process allows for a new mode of payment in IPOs wherein the application money of an investor will remain in an account until the allotment process. After the shares are allotted, only the amount of money required for payment for the allotted number of shares will be debited from the applicants’ accounts. These three banks are eligible to act as Self Certified Syndicate Banks (SCBS) in public issues which open on or after September 1, said a release issued by SEBI today. The respective banks have also announced the select bank branches where this facility will be available from September 1, 2008, reports The Hindu Business Line.
Source: Moneycontrol.com
Thursday, August 28, 2008
BSNL IPO issue dropped from board meeting agenda
The Board of state-run BSNL today skipped discussion on its proposed public offer as the company is still trying to make the employees union agree to dilution of equity. However, the ITI-BSNL merger issue, which is also opposed by the union, came up for discussion.
Source: Congoo.com
Source: Congoo.com
20 Microns fixes IPO price band at Rs 50-55
20 Microns, a pioneer and leader in the micronised minerals and trend setter in the market for usage of ultrafine minerals for the Paints & Plastic Industries, has fixed the price band between Rs 50 and Rs 55 per equity share for its initial public offering of 43,50,632 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process. The company filed a red herring prospectus with the Registrar of Companies, Gujarat, at Vadodara, on August 19, 2008.
The issue consists of a fresh issue of 16,75,000 equity shares of Rs 10 each and an offer for sale of 26,75,632 equity shares by Gujarat Venture Capital fund 1995. Up to 2,17,532 equity shares will be reserved for subscription by eligible employees. The issue will constitute 30.81% of the post issue paid up capital of the company. The ussue has been graded by the Credit Analysis & Research (CARE) and has been assigned the IPO Grade 3 indicating Average Fundamentals.
The company intends to utilize the proceeds of the fresh issue in the IPO towards the current ongoing expansion plans of the manufacturing capacities at various locations, invest in the sub-micron particle sizes required by end-market and general corporate purposes.
The equity shares are proposed to be listed on Bombay Stock Exchange Ltd. and National Stock Exchange of India Ltd.
The book running lead manager is Keynote Corporate Services Limited.
Source: Moneycontrol.com
The issue consists of a fresh issue of 16,75,000 equity shares of Rs 10 each and an offer for sale of 26,75,632 equity shares by Gujarat Venture Capital fund 1995. Up to 2,17,532 equity shares will be reserved for subscription by eligible employees. The issue will constitute 30.81% of the post issue paid up capital of the company. The ussue has been graded by the Credit Analysis & Research (CARE) and has been assigned the IPO Grade 3 indicating Average Fundamentals.
The company intends to utilize the proceeds of the fresh issue in the IPO towards the current ongoing expansion plans of the manufacturing capacities at various locations, invest in the sub-micron particle sizes required by end-market and general corporate purposes.
The equity shares are proposed to be listed on Bombay Stock Exchange Ltd. and National Stock Exchange of India Ltd.
The book running lead manager is Keynote Corporate Services Limited.
Source: Moneycontrol.com
Nu Tek India attracts 4% premium on debut
Settles at Rs 199.30 on BSE compared to IPO price of Rs 192
Nu Tek India settled at Rs 199.30 on BSE, a premium of 3.80% over the IPO price of Rs 192.
On BSE, 1.30 crore shares were traded on the Nu Tek India counter. The stock hit a high of Rs 225 and a low of Rs 194. The stock debuted at Rs 201.10, a premium of 4.73% over the IPO price.
The current price Rs 199.30 discounts, the company's year ended March 2008 EPS of Rs 12.30, by a price earning (PE) multiple of 16.20.
Nu Tek, a telecom infrastructure services provider, had fixed the issue price the top end of the Rs 170 - Rs 192 IPO price band.
Nu Tek India IPO ended on 1 August 2008 with 1.63 times subscription. The issue received bids for 73.49 lakh shares as against 45 lakh shares on offer. The qualified institutional buyers (QIBs) category was subscribed 2 times, the non-institutional investors portion was subscribed 1.78 times and the retail portion was fully subscribed.
Nu Tek India intends to utilise proceeds to meet the cost of capital expenditure, overseas acquisition and augmenting the long term working capital.
The company operates in states like Jharkhand, Orissa, West Bengal, Uttar Pradesh, Punjab, Jammu & Kashmir, and Uttarakhand. It has already started operations in Mumbai, Maharashtra and Goa.
The company provides services pertaining to technical support, operational & maintenance and telecom implementations. It undertakes turn-key projects which constitutes 57% of their business activities.
Nu Tek India reported a net profit of Rs 21.27 crore on revenue of Rs 95.16 crore in year ended March 2008.
Source: CapitalMarket.com
Nu Tek India settled at Rs 199.30 on BSE, a premium of 3.80% over the IPO price of Rs 192.
On BSE, 1.30 crore shares were traded on the Nu Tek India counter. The stock hit a high of Rs 225 and a low of Rs 194. The stock debuted at Rs 201.10, a premium of 4.73% over the IPO price.
The current price Rs 199.30 discounts, the company's year ended March 2008 EPS of Rs 12.30, by a price earning (PE) multiple of 16.20.
Nu Tek, a telecom infrastructure services provider, had fixed the issue price the top end of the Rs 170 - Rs 192 IPO price band.
Nu Tek India IPO ended on 1 August 2008 with 1.63 times subscription. The issue received bids for 73.49 lakh shares as against 45 lakh shares on offer. The qualified institutional buyers (QIBs) category was subscribed 2 times, the non-institutional investors portion was subscribed 1.78 times and the retail portion was fully subscribed.
Nu Tek India intends to utilise proceeds to meet the cost of capital expenditure, overseas acquisition and augmenting the long term working capital.
The company operates in states like Jharkhand, Orissa, West Bengal, Uttar Pradesh, Punjab, Jammu & Kashmir, and Uttarakhand. It has already started operations in Mumbai, Maharashtra and Goa.
The company provides services pertaining to technical support, operational & maintenance and telecom implementations. It undertakes turn-key projects which constitutes 57% of their business activities.
Nu Tek India reported a net profit of Rs 21.27 crore on revenue of Rs 95.16 crore in year ended March 2008.
Source: CapitalMarket.com
Monday, August 25, 2008
SVPCL to refund IPO application money to investors
SC has rejected SVPCL petition that challenges BSE turning down its IPO. SVPCL will refund application money to investors, reports CNBC-TV18.
The company had entered capital market with a public issue of Rs 34.50 crore through a 100 per cent book-building process between October 22-26, 2007. The price band was at Rs 40-45 per equity share. Its issue just subscribed 1.09 times, as per NSE website data.
BOB Capital Markets Ltd was the book running lead manager for the issue and UTI Securities Ltd is the co-BRLM.
Source: Moneycontrol.com
The company had entered capital market with a public issue of Rs 34.50 crore through a 100 per cent book-building process between October 22-26, 2007. The price band was at Rs 40-45 per equity share. Its issue just subscribed 1.09 times, as per NSE website data.
BOB Capital Markets Ltd was the book running lead manager for the issue and UTI Securities Ltd is the co-BRLM.
Source: Moneycontrol.com
Thursday, August 21, 2008
NHPC IPO to hit market in October
The state-run NHPC's initial public offering of 167 crore equity shares, the largest in Indian history, is likely to open on October 13.
According to the draft schedule drawn for the IPO that may raise around Rs 1,670 crore, the company would list on the Bombay Stock Exchange and National Stock Exchange on November 6.
The IPO would be closed on October 17. NHPC Board had earlier this month approved the IPO together with five per cent disinvestment of government stake and may become the first PSU to go public after Left parties withdrew support from the UPA government.
The Board of the company, which on August 6 filed a revised draft red herring prospectus (DRHP) with SEBI, is likely to decide on a price band for the IPO on September 16 and an Empowered Group of Ministers would approve it on September 19.
NHPC would file the prospectus with SEBI quoting the price band on September 22 and the same would be filed with Registrar of Companies on September 25.
NHPC, which accounts for 3.7 per cent of country's total power generation capacity, targets to double its power generation capacity by 2012 from the present 5,200 MW and has outlined expansion plans worth Rs 28,000 crore.
The IPO would comprise sale of 10 per cent of fresh equity shares and five per cent disinvestment of government equity.
According to the scheme, domestic roadshows for the public offering would begin on September 29, while international roadshows would commence on October 6.
The company board is likely to meet on October 18 to fix an issue price and within two days the EGOM would ratify that.
Source: Financialexpress.com
According to the draft schedule drawn for the IPO that may raise around Rs 1,670 crore, the company would list on the Bombay Stock Exchange and National Stock Exchange on November 6.
The IPO would be closed on October 17. NHPC Board had earlier this month approved the IPO together with five per cent disinvestment of government stake and may become the first PSU to go public after Left parties withdrew support from the UPA government.
The Board of the company, which on August 6 filed a revised draft red herring prospectus (DRHP) with SEBI, is likely to decide on a price band for the IPO on September 16 and an Empowered Group of Ministers would approve it on September 19.
NHPC would file the prospectus with SEBI quoting the price band on September 22 and the same would be filed with Registrar of Companies on September 25.
NHPC, which accounts for 3.7 per cent of country's total power generation capacity, targets to double its power generation capacity by 2012 from the present 5,200 MW and has outlined expansion plans worth Rs 28,000 crore.
The IPO would comprise sale of 10 per cent of fresh equity shares and five per cent disinvestment of government equity.
According to the scheme, domestic roadshows for the public offering would begin on September 29, while international roadshows would commence on October 6.
The company board is likely to meet on October 18 to fix an issue price and within two days the EGOM would ratify that.
Source: Financialexpress.com
General insurers may be allowed to tap capital market
The Initial Public Offering (IPO) of Bharat Sanchar Nigam Ltd (BSNL) is expected to take precedence over the capital raising proposals of the public sector general insurance companies.
Sources said that the Government was not opposed to the capital raising plans of the four general insurance companies — New India Assurance Company Ltd, National Insurance Company Ltd, Oriental Insurance Company Ltd and United India Insurance Company Ltd.
The plans are now awaiting amendments to the General Insurance Business (Nationalisation) Act of 1972 and the Insurance Act of 1938.
But clearance for the capital raising efforts is likely only after completion of the Rs 42,000-crore BSNL’s mega IPO. The sources said that the Government’s efforts were to push through with the 10 per cent divestment in BSNL. The BSNL focus was largely driven by the ticket size, the sources said.
The large ticket size would help the Government raise large resources and partly help in complying with the fiscal deficit targets for the current year, estimated at 2.5 per cent of the Gross Domestic Product.
Of smaller size
Raising of resources by general insurers through a combination of capital restructuring and IPOs would, however, be of far smaller magnitude.
The smaller ticket size notwithstanding, the sources said, indications are that the insurers would be permitted to access the domestic capital markets this financial year itself. This was particularly in view of general insurers’ urgency in capital requirements for growing their business.
Besides, general insurers also have pressed the need to reduce reliance on cross border risk capacities for conforming to regulatory solvency margins.
Solvency margin
At present, the regulator’s prescribed solvency margin is 150 per cent. Solvency margin implies the excess of capital and value of assets over the insured liabilities. At present, the PSU general insurers have solvency ratios in excess of two times over their insured liabilities.
However, this was largely in view of the low insurance penetration. The general insurance market is currently about Rs 35,000 crore or about 0.65 per cent of the Gross Domestic Product.
The Asian average is about 3 per cent of the GDP. Stepping it up to Asian levels, the sources said, would require capital infusion.
The combined net worth (paid-up equity + general reserves) of the four PSU insurers is currently about Rs 13,000 crore.
Besides, the sources said, valuation exercises for the four companies are yet to begin. New India Assurance, Oriental Insurance and United India Insurance have hired the Boston Consulting Group as external consultants. National Insurance has appointed PwC as its consultant.
The sources said that the consultants would not be valuing the companies.
But the process for beginning a valuation would be in place even as the amendments to the statutes are completed over the next few months, the sources added, reports The Hindu Business Line.
Source: Moneycontrol.com
Sources said that the Government was not opposed to the capital raising plans of the four general insurance companies — New India Assurance Company Ltd, National Insurance Company Ltd, Oriental Insurance Company Ltd and United India Insurance Company Ltd.
The plans are now awaiting amendments to the General Insurance Business (Nationalisation) Act of 1972 and the Insurance Act of 1938.
But clearance for the capital raising efforts is likely only after completion of the Rs 42,000-crore BSNL’s mega IPO. The sources said that the Government’s efforts were to push through with the 10 per cent divestment in BSNL. The BSNL focus was largely driven by the ticket size, the sources said.
The large ticket size would help the Government raise large resources and partly help in complying with the fiscal deficit targets for the current year, estimated at 2.5 per cent of the Gross Domestic Product.
Of smaller size
Raising of resources by general insurers through a combination of capital restructuring and IPOs would, however, be of far smaller magnitude.
The smaller ticket size notwithstanding, the sources said, indications are that the insurers would be permitted to access the domestic capital markets this financial year itself. This was particularly in view of general insurers’ urgency in capital requirements for growing their business.
Besides, general insurers also have pressed the need to reduce reliance on cross border risk capacities for conforming to regulatory solvency margins.
Solvency margin
At present, the regulator’s prescribed solvency margin is 150 per cent. Solvency margin implies the excess of capital and value of assets over the insured liabilities. At present, the PSU general insurers have solvency ratios in excess of two times over their insured liabilities.
However, this was largely in view of the low insurance penetration. The general insurance market is currently about Rs 35,000 crore or about 0.65 per cent of the Gross Domestic Product.
The Asian average is about 3 per cent of the GDP. Stepping it up to Asian levels, the sources said, would require capital infusion.
The combined net worth (paid-up equity + general reserves) of the four PSU insurers is currently about Rs 13,000 crore.
Besides, the sources said, valuation exercises for the four companies are yet to begin. New India Assurance, Oriental Insurance and United India Insurance have hired the Boston Consulting Group as external consultants. National Insurance has appointed PwC as its consultant.
The sources said that the consultants would not be valuing the companies.
But the process for beginning a valuation would be in place even as the amendments to the statutes are completed over the next few months, the sources added, reports The Hindu Business Line.
Source: Moneycontrol.com
SVPCL to refund IPO application money to investors
SC has rejected SVPCL petition that challenges BSE turning down its IPO. SVPCL will refund application money to investors, reports CNBC-TV18.
The company had entered capital market with a public issue of Rs 34.50 crore through a 100 per cent book-building process between October 22-26, 2007. The price band was at Rs 40-45 per equity share. Its issue just subscribed 1.09 times, as per NSE website data.
BOB Capital Markets Ltd was the book running lead manager for the issue and UTI Securities Ltd is the co-BRLM.
Source: Moneycontrol.com
The company had entered capital market with a public issue of Rs 34.50 crore through a 100 per cent book-building process between October 22-26, 2007. The price band was at Rs 40-45 per equity share. Its issue just subscribed 1.09 times, as per NSE website data.
BOB Capital Markets Ltd was the book running lead manager for the issue and UTI Securities Ltd is the co-BRLM.
Source: Moneycontrol.com
Saturday, August 16, 2008
Reliance Infratel IPO deadline lapses
Reliance Infratel, the telecom infrastructure unit of Reliance Communications, is learnt to have deferred its plans for an initial public offering (IPO) because of the current volatility in the stock markets.
The outer deadline for completion of its IPO was August 11. A company has to complete the IPO process within 90 days after obtaining SEBI’s observations on its draft red herring prospectus.
Reliance Infratel had got the regulator’s approval for its proposed IPO on May 12. The prospectus was filed with SEBI on February 4.
The deadline, after which the regulator’s approval lapses, has passed without any announcement of an initial public offering by the company.
A spokesperson for Reliance Communications declined to comment on this development. It could not be ascertained whether the company would revive its IPO plans in the immediate future.
This is the third major IPO that is being deferred in recent times after that of commodity exchange MCX and mutual fund company UTI AMC. This clearly reflects the falling level of confidence among corporations and investors in the Indian financial markets, analysts said.
Moreover, all the Anil Dhirubhai Ambani Group stocks have been losing ground on the bourses. Analysts feel that the poor performance of the Reliance Power scrip, post its listing, could have also prompted the company to go cautious with the Infratel IPO. On the very day the RPower issue was listed, the scrip slipped below its offer price of Rs 450.
Reliance Infratel intended to issue 8.91 crore shares constituting 10.05 per cent of the post-issue paid-up equity capital of the company. Through this IPO, the company was expected to mop up about Rs 6,000 crore from the capital markets.
Source: thehindubusinessline.com
The outer deadline for completion of its IPO was August 11. A company has to complete the IPO process within 90 days after obtaining SEBI’s observations on its draft red herring prospectus.
Reliance Infratel had got the regulator’s approval for its proposed IPO on May 12. The prospectus was filed with SEBI on February 4.
The deadline, after which the regulator’s approval lapses, has passed without any announcement of an initial public offering by the company.
A spokesperson for Reliance Communications declined to comment on this development. It could not be ascertained whether the company would revive its IPO plans in the immediate future.
This is the third major IPO that is being deferred in recent times after that of commodity exchange MCX and mutual fund company UTI AMC. This clearly reflects the falling level of confidence among corporations and investors in the Indian financial markets, analysts said.
Moreover, all the Anil Dhirubhai Ambani Group stocks have been losing ground on the bourses. Analysts feel that the poor performance of the Reliance Power scrip, post its listing, could have also prompted the company to go cautious with the Infratel IPO. On the very day the RPower issue was listed, the scrip slipped below its offer price of Rs 450.
Reliance Infratel intended to issue 8.91 crore shares constituting 10.05 per cent of the post-issue paid-up equity capital of the company. Through this IPO, the company was expected to mop up about Rs 6,000 crore from the capital markets.
Source: thehindubusinessline.com
Thursday, August 14, 2008
Gujarat NRE files case against Austral Coke
Gujarat NRE Coke Ltd filed a civil suit in the Calcutta High Court against Austral Coke and Projects Ltd, its directors, auditors, merchant bankers and others associated with Austral Coke’s IPO seeking financial compensation for misusing the Gujarat NRE Coke name in a “distorted and misleading” way with a view to selling its issue to public investors.
Gujarat NRE Coke has taken serious objection to Austral Coke’s use of the Gujarat NRE Coke name “in a distorted and misleading way to sell its issue to public investors”. Gujarat NRE Coke has prayed that, by using its name, Austral Coke has severely damaged the reputation of Gujarat NRE Coke leading to loss of market capitalisation and shareholder interest, and for this it has sought compensation.
Among other things, Gujarat NRE Coke has also sought an injunction restraining Austral Coke, or any of its associates, from making and publicising any sort of comparison between Gujarat NRE Coke and Austral Coke, reports The Hindu Business Line.
Source: Moneycontrol.com
Gujarat NRE Coke has taken serious objection to Austral Coke’s use of the Gujarat NRE Coke name “in a distorted and misleading way to sell its issue to public investors”. Gujarat NRE Coke has prayed that, by using its name, Austral Coke has severely damaged the reputation of Gujarat NRE Coke leading to loss of market capitalisation and shareholder interest, and for this it has sought compensation.
Among other things, Gujarat NRE Coke has also sought an injunction restraining Austral Coke, or any of its associates, from making and publicising any sort of comparison between Gujarat NRE Coke and Austral Coke, reports The Hindu Business Line.
Source: Moneycontrol.com
Resurgere Mines & Minerals India IPO subscribed 1.16 times
Receives bids for 51.40 lakh shares as against 44.50 lakh on offer
The Resurgere Mines & Minerals India IPO was oversubscribed 1.16 times on its final day. The IPO received bids for 51.40 lakh shares as against 44.50 lakh on offer.
The qualified institutional buyers (QIB)’s portion was subscribed 1.34 times, non-institutional investors portion was subscribed 2.41 times and retail individual investor portion was subscribed 1 time.
The price band of the issue has been fixed between Rs 263 to Rs 272. The issue opened for subscription on 11 August 2008 and closed on 13 August 2008. At the upper end of the price band the company would raise up to Rs 121.04 crore, while at the lower level it would raise about Rs 117.04 crore.
The company plans to utilise the issue proceeds for purchasing plant and machinery and purchase railway rakes to set up own logistics infrastructure facilities and funding working capital requirements.
Resurgere Mines & Minerals India is in the business of extraction, processing and sale of mineral products and exploration and development of mining assets. The product range includes various forms of iron ore such as Lump ore, Size ore, Calibrated Lump ore (CLO) and iron ore fines etc. and bauxite. The company sells all these products domestically except iron ore fines, which the company exports to China.
The company reported 110.4% spurt in net profit to Rs 66.56 crore on 154.80% surge in net sales to Rs 418.57 crore in the year ended March 2008 over the year ended March 2007.
Source: Capitalmarket.com
The Resurgere Mines & Minerals India IPO was oversubscribed 1.16 times on its final day. The IPO received bids for 51.40 lakh shares as against 44.50 lakh on offer.
The qualified institutional buyers (QIB)’s portion was subscribed 1.34 times, non-institutional investors portion was subscribed 2.41 times and retail individual investor portion was subscribed 1 time.
The price band of the issue has been fixed between Rs 263 to Rs 272. The issue opened for subscription on 11 August 2008 and closed on 13 August 2008. At the upper end of the price band the company would raise up to Rs 121.04 crore, while at the lower level it would raise about Rs 117.04 crore.
The company plans to utilise the issue proceeds for purchasing plant and machinery and purchase railway rakes to set up own logistics infrastructure facilities and funding working capital requirements.
Resurgere Mines & Minerals India is in the business of extraction, processing and sale of mineral products and exploration and development of mining assets. The product range includes various forms of iron ore such as Lump ore, Size ore, Calibrated Lump ore (CLO) and iron ore fines etc. and bauxite. The company sells all these products domestically except iron ore fines, which the company exports to China.
The company reported 110.4% spurt in net profit to Rs 66.56 crore on 154.80% surge in net sales to Rs 418.57 crore in the year ended March 2008 over the year ended March 2007.
Source: Capitalmarket.com
Wednesday, August 13, 2008
Oil India public offer likely in October
The Oil India Ltd IPO is likely to open in October.
The tentative decision on IPO timing follows the recent approval by the Centre for appointing six new independent directors on board and conform to clause 49 of the listing agreement.
This has cleared the last hurdle before the company can go ahead with the IPO.
According to sources, the OIL board will meet on Tuesday to approve inclusion of the new directors and discuss pending issues regarding the proposed Rs 1,400-crore IPO.
It may be mentioned that the IPO was originally scheduled to hit the capital market in February-March this year. However, the opening was delayed due to non-availability of due approval for expansion of the board which was considered a pre-requisite.
“The Centre recently cleared appointment of six new directors on our board. We are holding discussions relating to the IPO with our issue managers. The issue is expected to open in October, most preferably in the third week of October,” an OIL source told Business Line.
On the uncertainties in the capital market and its impact on the proposed IPO, the source said the issue managers do not foresee any problem in going ahead with the issue.
“As on date we are decided to go ahead with the issue,” he added.
Issue details:
OIL proposed fresh issue of 10 per cent of the company’s paid up capital through IPO. An additional one per cent capital will be issued to the employees.
The issue will coincide with the proposed disinvestment of 10 per cent of OIL’s paid up capital by the Government in favour of three downstream PSU oil companies – Indian Oil, Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL). The disinvestment will take place at a price discovered through the IPO.
Post disinvestmnent, IOC will pick up five per cent stake in OIL. BPCL and HPCL will get 2.5 per cent stake each.
HSBC, Morgan Stanley and Citibank are the lead managers to the issue, reports The Hindu Business Line.
Source: Moneycontrol.com
The tentative decision on IPO timing follows the recent approval by the Centre for appointing six new independent directors on board and conform to clause 49 of the listing agreement.
This has cleared the last hurdle before the company can go ahead with the IPO.
According to sources, the OIL board will meet on Tuesday to approve inclusion of the new directors and discuss pending issues regarding the proposed Rs 1,400-crore IPO.
It may be mentioned that the IPO was originally scheduled to hit the capital market in February-March this year. However, the opening was delayed due to non-availability of due approval for expansion of the board which was considered a pre-requisite.
“The Centre recently cleared appointment of six new directors on our board. We are holding discussions relating to the IPO with our issue managers. The issue is expected to open in October, most preferably in the third week of October,” an OIL source told Business Line.
On the uncertainties in the capital market and its impact on the proposed IPO, the source said the issue managers do not foresee any problem in going ahead with the issue.
“As on date we are decided to go ahead with the issue,” he added.
Issue details:
OIL proposed fresh issue of 10 per cent of the company’s paid up capital through IPO. An additional one per cent capital will be issued to the employees.
The issue will coincide with the proposed disinvestment of 10 per cent of OIL’s paid up capital by the Government in favour of three downstream PSU oil companies – Indian Oil, Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL). The disinvestment will take place at a price discovered through the IPO.
Post disinvestmnent, IOC will pick up five per cent stake in OIL. BPCL and HPCL will get 2.5 per cent stake each.
HSBC, Morgan Stanley and Citibank are the lead managers to the issue, reports The Hindu Business Line.
Source: Moneycontrol.com
Resurgere Mines IPO subscribed fully
The IPO of Resurgere Mines & Minerals India has received total bids for 49,44,840 equity shares as against the total issue size of 44,50,000 equity shares. The Issue has been subscribed 1.11 times as per NSE website. The issue had opened on 11th August 2008.
The price band has been fixed at Rs 263 to Rs 272 per Equity share of Rs 10 each. The Issue comprised of reservation of 250,000 Equity shares for eligible employees, leaving the net issue to the public of 4,200,000 Equity shares. The net issue would constitute 14.72% of the post issue paid-up capital of the Company.
Motilal Oswal Investment Advisors Pvt. Ltd is the BRLM for the Issue and PL Capital Markets Pvt. Ltd and Ashika Capital Ltd are the Co-BRLMs for the Issue. The Equity shares are proposed to be listed on BSE and NSE.
The Company proposes to utilize the net proceeds of the Issue to part finance its plan for purchase of Plant and Machinery valued at Rs 1,285.64 million for setting up of its own extraction and crushing facilities at the mines and purchase of six railway rakes worth Rs 1,163.60 million to set up own logistics infrastructure facilities, besides meeting margin money requirement for working capital.
The Company proposes to part finance the cost through term loans of Rs 860 million to be raised from banks, Rs 430 million through Private Equity funding from Merrill Lynch International and Rs 137.30 million through Pre-IPO allotment. Merrill Lynch International holds 3,000,000 Equity shares, India Business Excellence Fund-I holds 910,000 Equity shares, IL&FS Trust Co. Ltd ( Trustees of Business Excellence Trust-India Business Excellence Fund ) hold 402,500 Equity shares, Mr Motilal Oswal hold 250,000 Equity shares and Mr. Raamdeo Agarwal holds 200,000 Equity Shares in the Company.
Presently, the extraction and processing activities of Resurgere Mines & Minerals India Ltd at existing operational mining locations are outsourced to various service providers. In order to reduce its operational costs and to increase its volumes the Company intends to deploy own machinery, labour and other material resources at its existing mining locations as well as at newer mining locations that it purport to undertake.
Further, to facilitate easy movement of its products, the Company proposes to acquire six railway rakes for providing the same to railway authorities under the Wagon Investment Scheme. Under the Scheme, on handing over the purchased rakes to the railways, the Company would be provided with an assured supply of 4 rakes per month against each rake. Additionally, the Company will be entitled to a freight rebate of 10%. Furthermore, it will also be eligible to get additional 2 rakes per month against each rake given by it without freight rebate.
Resurgere Mines & Minerals India Ltd has a diverse product range which includes various forms of iron ore such as Lump ore, Size ore, Calibrated Lump ore (CLO) and iron ore fine etc. and bauxite.
Source: Moneycontrol.com
The price band has been fixed at Rs 263 to Rs 272 per Equity share of Rs 10 each. The Issue comprised of reservation of 250,000 Equity shares for eligible employees, leaving the net issue to the public of 4,200,000 Equity shares. The net issue would constitute 14.72% of the post issue paid-up capital of the Company.
Motilal Oswal Investment Advisors Pvt. Ltd is the BRLM for the Issue and PL Capital Markets Pvt. Ltd and Ashika Capital Ltd are the Co-BRLMs for the Issue. The Equity shares are proposed to be listed on BSE and NSE.
The Company proposes to utilize the net proceeds of the Issue to part finance its plan for purchase of Plant and Machinery valued at Rs 1,285.64 million for setting up of its own extraction and crushing facilities at the mines and purchase of six railway rakes worth Rs 1,163.60 million to set up own logistics infrastructure facilities, besides meeting margin money requirement for working capital.
The Company proposes to part finance the cost through term loans of Rs 860 million to be raised from banks, Rs 430 million through Private Equity funding from Merrill Lynch International and Rs 137.30 million through Pre-IPO allotment. Merrill Lynch International holds 3,000,000 Equity shares, India Business Excellence Fund-I holds 910,000 Equity shares, IL&FS Trust Co. Ltd ( Trustees of Business Excellence Trust-India Business Excellence Fund ) hold 402,500 Equity shares, Mr Motilal Oswal hold 250,000 Equity shares and Mr. Raamdeo Agarwal holds 200,000 Equity Shares in the Company.
Presently, the extraction and processing activities of Resurgere Mines & Minerals India Ltd at existing operational mining locations are outsourced to various service providers. In order to reduce its operational costs and to increase its volumes the Company intends to deploy own machinery, labour and other material resources at its existing mining locations as well as at newer mining locations that it purport to undertake.
Further, to facilitate easy movement of its products, the Company proposes to acquire six railway rakes for providing the same to railway authorities under the Wagon Investment Scheme. Under the Scheme, on handing over the purchased rakes to the railways, the Company would be provided with an assured supply of 4 rakes per month against each rake. Additionally, the Company will be entitled to a freight rebate of 10%. Furthermore, it will also be eligible to get additional 2 rakes per month against each rake given by it without freight rebate.
Resurgere Mines & Minerals India Ltd has a diverse product range which includes various forms of iron ore such as Lump ore, Size ore, Calibrated Lump ore (CLO) and iron ore fine etc. and bauxite.
Source: Moneycontrol.com
Austral Coke IPO subscribed 1.65 times
Initial public offering of Austral Coke and Projects has received bids for 1,19,77,384 shares as against issue size of 72,60,000 shares. It got subscribed 1.65 times, as per NSE website.The company is mainly engaged in manufacture of low ash metallurgical coke (LAM Coke). It is also in the business of equipment rental, refractory and textile trading.
The issue will have additionally “Green Shoe Option” comprising 10,89,000 equity shares. The issue will close on August 13, 2008. Price band of Rs 164 to Rs 196 per share has been fixed.
The issue will constitute 27.72% of the fully diluted post issue capital of the company if the Green Shoe option is exercised and will constitute 25% if the Green Shoe option is not exercised.
Allbank Finance Limited is BRLM for the issue, whereas Saffron Capital Advisors Pvt Ltd, PL Capital Markets Pvt Ltd and Elara Capital (India) Pvt Ltd are the co-BRLMs for the issue. The equity shares are proposed to be listed on the BSE and the NSE.
The object of issue is to part finance its expansion plan involving setting up of 1,50,000 tpa of LAM Coke and setting up 8 MW Captive Power Plant (CPP) through waste heat recovery. The project is coming up at Sindhudurga in Maharashtra. Besides the project, company may utilize residual funds raised for acquiring coal mines either in India or abroad and may retire high cost debt. Availability of quality coal on regular basis will be always critical for running the operations successfully. Company has successfully concluded pre-IPO placement of 27,40,000 equity shares to Somerset India Fund at Rs 196 per share (at upper price band) aggregating to Rs.53.70 crores.
AUSTRAL setting up in house refractory unit so as to improve quality of operations goes well with similar practices followed major corporate in India like TISCO and ACC. End use industries for LAM Coke will be Foundries, Blast Furnaces, Zinc Smelters, Cement manufactures, Ferro Alloy industry and so on and advantage being consistency in quality, sizing and uniform temperature thereby reducing cold spots and metal wastage. The metallurgical coke division continues to be optimistic about the future with increasing demand for pig iron in the steel and automobile sectors and growth in Ferro alloys, cast iron castings and cement industries.
Source: Moneycontrol.com
Monday, August 11, 2008
Latest Grey Maket Rates - Listing/ Refund Date - Forthcoming IPO List
List of forthcoming IPO'S..Dates yet to be announced.
Multi Commodity Exchange of India LtdJaiprakash Power Venture Ltd
Godrej Sara Lee Ltd
Ways India Ltd
Elysium Pharmaceuticals Ltd
GE Capital Transportation Financial Services Ltd
Parabolic Drugs Ltd
Quantum Build-Tech Ltd
Terranova Technologies Ltd
Special Blasts Ltd
San Media Ltd
Pride Hotels Ltd
Austral Coke IPO subscribed fully
Initial public offering of Austral Coke and Projects has received bids for 84,05,276 shares as against issue size of 72,60,000 shares. It got subscribed 1.16 times, as per NSE website.The company is mainly engaged in manufacture of low ash metallurgical coke (LAM Coke). It is also in the business of equipment rental, refractory and textile trading.
The issue will have additionally “Green Shoe Option” comprising 10,89,000 equity shares. The issue will close on August 13, 2008. Price band of Rs 164 to Rs 196 per share has been fixed.
The issue will constitute 27.72% of the fully diluted post issue capital of the company if the Green Shoe option is exercised and will constitute 25% if the Green Shoe option is not exercised.
Allbank Finance Limited is BRLM for the issue, whereas Saffron Capital Advisors Pvt Ltd, PL Capital Markets Pvt Ltd and Elara Capital (India) Pvt Ltd are the co-BRLMs for the issue. The equity shares are proposed to be listed on the BSE and the NSE.
The object of issue is to part finance its expansion plan involving setting up of 1,50,000 tpa of LAM Coke and setting up 8 MW Captive Power Plant (CPP) through waste heat recovery. The project is coming up at Sindhudurga in Maharashtra. Besides the project, company may utilize residual funds raised for acquiring coal mines either in India or abroad and may retire high cost debt. Availability of quality coal on regular basis will be always critical for running the operations successfully. Company has successfully concluded pre-IPO placement of 27,40,000 equity shares to Somerset India Fund at Rs 196 per share (at upper price band) aggregating to Rs.53.70 crores.
AUSTRAL setting up in house refractory unit so as to improve quality of operations goes well with similar practices followed major corporate in India like TISCO and ACC. End use industries for LAM Coke will be Foundries, Blast Furnaces, Zinc Smelters, Cement manufactures, Ferro Alloy industry and so on and advantage being consistency in quality, sizing and uniform temperature thereby reducing cold spots and metal wastage. The metallurgical coke division continues to be optimistic about the future with increasing demand for pig iron in the steel and automobile sectors and growth in Ferro alloys, cast iron castings and cement industries.
Source: Moneycontrol.com
Vishal Information Technologies surges on debut
Attracts 29.43% premium over IPO price
Vishal Information Technologies settled at Rs 194.15 on BSE, a premium of 29.43% over the initial pubilc offer (IPO) price of Rs 150 on its debut today.
The stock debuted at Rs 150, at the same price as the initial public offer price (IPO). The stock hit a high of Rs 197.20 and a low of Rs 145.
On BSE, 1.17 crore shares were traded on the counter.
The current price of Rs 194.15 discounts the company's year ended March 2008 EPS of Rs 11.6, by a PE multiple of 16.73.
The Vishal Information Technologies IPO which closed on 24 July 2008 was subscribed 1.19 times. The IPO received bids for 33.28 lakh shares as compared to 27.90 lakh shares on offer.
Vishal Information Technologies provides IT-enabled services (ITeS) in the areas of data digitisation, e-publishing and digital library.
The company came out with IPO to fund its expansion plans including setting up a bigger campus and marketing offices in the US and UK.
The company reported a net profit of Rs 12.36 crore on sales of Rs 40.87 crore in the year ended March 2008.
Source: Capitalmarket.com
Vishal Information Technologies settled at Rs 194.15 on BSE, a premium of 29.43% over the initial pubilc offer (IPO) price of Rs 150 on its debut today.
The stock debuted at Rs 150, at the same price as the initial public offer price (IPO). The stock hit a high of Rs 197.20 and a low of Rs 145.
On BSE, 1.17 crore shares were traded on the counter.
The current price of Rs 194.15 discounts the company's year ended March 2008 EPS of Rs 11.6, by a PE multiple of 16.73.
The Vishal Information Technologies IPO which closed on 24 July 2008 was subscribed 1.19 times. The IPO received bids for 33.28 lakh shares as compared to 27.90 lakh shares on offer.
Vishal Information Technologies provides IT-enabled services (ITeS) in the areas of data digitisation, e-publishing and digital library.
The company came out with IPO to fund its expansion plans including setting up a bigger campus and marketing offices in the US and UK.
The company reported a net profit of Rs 12.36 crore on sales of Rs 40.87 crore in the year ended March 2008.
Source: Capitalmarket.com
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