Receives bids for more than 3900 crore shares
State-run hydropower generator NHPC's initial public offer (IPO) closed with a subscription of 23.74 times. The IPO received bids for 3981.26 crore shares
as against 168 crore shares offered by the company. More than 179.39 crore shares were bid at cut off price.
The qualified institutional buyers (QIBs) category was subscribed 29.16 times. Investors in this category put in bids for 2861.44 crore shares as against 98.12 crore shares reserved for this category.
The non institutional investor category, made up of high net worth individuals and corporate investors, was subscribed 56.70 times. The category mopped up bids for 927.41 crore shares as against 16.35 crore shares set aside by the company.
The retail investor category was subscribed 3.87 times. Total bids in this category were for 190.01 crore shares as against 49.06 crore shares assigned by the company.
NHPC had offered 168 crore shares comprising of 5% divestment of stake by the government and infusion of 10% fresh equity. The price band for the IPO was Rs 30 to Rs 36 per equity share. The issue constituted 13.64% of the post-issue capital of NHPC.
NHPC is the largest hydroelectric power generating company in the country. It has 13 operating hydro electric power (HEP) plants with an installed capacity of 5,175 megawatts (MW) including two power stations of total 1,520-MW capacity set up through its joint venture subsidiary Narmada Hydroelectric Development Corporation (NHDC). Current total generating capacity is 5,134.2 MW, taking into account the downgrade of the capacity ratings of Loktak and Tanakpur power stations by the Central Electricity Authority.
NHPC is constructing 11 additional hydroelectric projects, which are expected to increase the installed capacity by 4,622 MW. These plants, barring Teesta Low Dam IV, are mostly in the north and northeastern states and scheduled to be commissioned between December 2009 and March 2013. The Teesta Low Dam IV project is coming up in the Darjeeling district of West Bengal.
NHPC is also awaiting government sanction to build another five projects with an anticipated capacity of 4,565 MW on its own and another 2,166-MW capacity projects through certain JV projects. In addition, the company is surveying and investigating proposals for nine additional projects totaling 7,255 MW of anticipated capacity.
Apart from development and operation of HEP projects, NHPC also develops, designs, and delivers HEP station to clients. The company has executed two HEP projects, i.e. Kurichhu HEP in Bhutan and Devighat HEP in Nepal, on contract. Further, it also provides technical, management advisory and consultancy services to domestic and international clients.
NHPC's consolidated net profit rose 3% to Rs 1244.15 crore on 19.2% growth in sales to Rs 3493.71 crore in the year ended March 2009 (FY 2009) over the year ended March 2008.
On post-IPO equity of Rs 12300.74 crore, the EPS for FY 2009 works out to Rs 1 and the PE is 30-36 times at the offer price band of Rs 30-Rs 36.
Source: CapitalMarket.com
Thursday, August 13, 2009
NHPC IPO: ASBA accounts 11.7% of total retail application
Nearly 1.5 lakh retail investors applied via ASBA (Application Supported by Blocked Amount) in NHPC IPO, reports CNBC-TV18 quoting sources. NHPC IPO received over 13 lakh retail applications and ASBA accounted for 11.7% of total retail application. Nearly 1.27 lakh ASBA came via ICICI Bank’s online platform.
ASBA, or Application Supported by Blocked Amount, enables investors to apply for IPOs and rights issue without making a payment. Instead, the amount is blocked in their own account and only an amount proportionate to the shares allotted goes out.
Source: Moneycontrol.com
ASBA, or Application Supported by Blocked Amount, enables investors to apply for IPOs and rights issue without making a payment. Instead, the amount is blocked in their own account and only an amount proportionate to the shares allotted goes out.
Source: Moneycontrol.com
Wednesday, August 12, 2009
Adani IPO Allotment is out
Adani IPO Allotment is out - please confirm your allotment here - http://mis.karvycomputershare.com/ipo/
Sunday, August 2, 2009
Excel Infoways IPO to list on August 3
Shares issued by Excel Infoways via IPO (initial public offering) will list on August 3, 2009 (Monday) on the bourses. The issue price has been fixed at Rs 85 a share. Its NSE ID is EXCELINFO and BSE ID is 533090.
Excel Infoways IPO had received mild response from investors and was subscribed 1.87 times.
Non-institutional investors and retail investors helped the issue to get subscribed; their portion subscribed 5.3 times and 2.64 times, respectively.
The Excel Infoways IPO had opened on July 14, 2009. The price band was fixed at Rs 80-85 per share.
The company raised over Rs 48 crore from this issue and the issue constituted 26.77% of the fully diluted post issue paid up capital of the company. The promoters hold 70.52% post the issue.
The company will utilise the money received from the issue for setting up new facilities and for strategic investment or joint ventures. And the rest of the money will be utilised for general corporate purpose and issue expenses.
Income from operations for the year ended March 31, 2009 stood at Rs 18.60 crore as against Rs 23.09 crore. The profit after tax for the same period was at 14.85 crore versus Rs 14.34 crore.
Excel Infoways is a BPO (Business Process Outsourcing) and Customer Contact Center based in India. It provides offshore BPO services to clients primarily in telecommunications and financial sector.
Source: Moneycontrol.com
Excel Infoways IPO had received mild response from investors and was subscribed 1.87 times.
Non-institutional investors and retail investors helped the issue to get subscribed; their portion subscribed 5.3 times and 2.64 times, respectively.
The Excel Infoways IPO had opened on July 14, 2009. The price band was fixed at Rs 80-85 per share.
The company raised over Rs 48 crore from this issue and the issue constituted 26.77% of the fully diluted post issue paid up capital of the company. The promoters hold 70.52% post the issue.
The company will utilise the money received from the issue for setting up new facilities and for strategic investment or joint ventures. And the rest of the money will be utilised for general corporate purpose and issue expenses.
Income from operations for the year ended March 31, 2009 stood at Rs 18.60 crore as against Rs 23.09 crore. The profit after tax for the same period was at 14.85 crore versus Rs 14.34 crore.
Excel Infoways is a BPO (Business Process Outsourcing) and Customer Contact Center based in India. It provides offshore BPO services to clients primarily in telecommunications and financial sector.
Source: Moneycontrol.com
Adani IPO closes; likely to list around Aug 20
Adani Power IPO (initial public offering witnessed huge investors' interest and was subscribed 21.64 times. The issue received bids for more than 538 crore shares as against the issue size of 30,16,52,031 shares, as per the data available on the NSE website.
Qualified institutional investors have given strong response to the issue and their reserved portion was subscribed 39.5 times. Non-institutional and retail investors' portion subscribed 8.62 times and 2.97 times, respectively.
Amit Desai, Director of Adani Power said almost all bids were at upper end of the band, Rs 100 a share. The company, he said, was likely to list its shares around August 20, 2009
The price band was fixed between Rs 90 and Rs 100 per equity share. The net issue would constitute 13.47% of the post-issue paid-up equity share capital of the company.
The company intends to utilize the net proceeds of the issue to part finance the construction and development of Mundra Phase IV Power project for 1,980 MW and fund equity contribution in its subsidiary, Adani Power Maharashtra Limited, to part finance the construction and development cost of power project for 1,980 MW at Tiroda, Maharashtra.
Here is a verbatim transcript of the exclusive interview with Ameet Desai on CNBC-TV18. Also watch the accompanying video.
Q: Last we checked it was 14 times, what are your numbers suggesting?
A: As of 3 pm the overall number has gone close to 19 times – 18.85 times.
Q: How much of that is QIP? How much HNI and how much retail?
A: The QIP portion is oversubscribed by about 36 times. This is after the anchor investment allotment which has been done and HNI has gone past 4.5 times and retail is inching towards 2 times but of course I understand more bids will be uploaded between now and 5 pm for QIB and HNI and bankers are likely to seek little longer time for the retail bids update later in the evening.
Q: Where have most of the hits come at – the upper end of the band?
A: Almost 99% of the bids have come at Rs 100.
Q: So it seems likely that that is where you would choose to price the issue or because of this hefty subscription you will think of redoing it a little bit?
A: The bids have come at Rs 100 for most part of the issue and we would obviously now start discussing this issue with the investment banks but quite highly likely that we will go by where the bids flow has been.
Q: You placed two anchor investors at Rs 95, of course with the understanding that finally they would buy at the issue price but do you think it is likely that you may consider doing it at Rs 95 for goodwill – give Rs 5 to the investor or do you think you will make the anchor investors pay Rs 100?
A: All anchor investors have sent a separate communiqu̩ to the banks through which they came in that they would fully desire to participate at the rate at which the issue gets done. As such the regulation is that if we price the issue at Rs 100 Рthey pay the difference. So the fact that they have given the confirmation of Rs 100, they are not really looking at Rs 95.
Q: While you won’t get into specifics, just give a sense of the kind of names that have come into this QIB slot?
A: Very encouraging. Obviously the names would come out later but we have got demand from some of the highly respected long only investors from different parts of the world – Asia, Europe, US and domestic. So it is an extremely healthy combination in the book that we have been able to get as demand which is actually very gratifying.
Q: Does August 20 remain the proposed listing date if all goes well?
A: Absolutely. We are working towards that. The registrars and banks have been gearing up on that ever since the issue opened. So we surely are looking forward to list this scrip on August 20.
Q: How will you choose the institutions to which you will allot because there has been some talk that may be some of the institutions have got in for that flipping game – to buy now and to sell on listing day, can make a quick 10-25%? In that, would you be stringent on who you allot the stock to, so that these are slightly longer-term investors and not out for a quick buck?
A: This is not a discretionary allotment. This is a book built and at the price at which we priced the issue at that level whatever are the bids they get allotted in proportion of their application. So this becomes quite a non discretionary and very objective process.
Q: While you did indicate in your interview with Udayan a couple of days back that you’re not looking at any other fund raising mechanism, because of the kind of oversubscription you’ve got, would you look at tapping the market again to raise some money via QIP once you’re listed?
A: For Adani Power no. We do not need equity is what we have stated earlier and I think our objective was to raise this money for largely completing the equity funding of 6,600 megawatts. Balance money beyond what we need for 6,600 – a small proportion from IPO will go towards kick starting 3,300 megawatts and then we will finish that 3,300 megawatts from internal accruals. So a short answer to your question is no, we won’t come back to the market for Adani Power’s equity requirements.
Source: Moneycontrol.com
Qualified institutional investors have given strong response to the issue and their reserved portion was subscribed 39.5 times. Non-institutional and retail investors' portion subscribed 8.62 times and 2.97 times, respectively.
Amit Desai, Director of Adani Power said almost all bids were at upper end of the band, Rs 100 a share. The company, he said, was likely to list its shares around August 20, 2009
The price band was fixed between Rs 90 and Rs 100 per equity share. The net issue would constitute 13.47% of the post-issue paid-up equity share capital of the company.
The company intends to utilize the net proceeds of the issue to part finance the construction and development of Mundra Phase IV Power project for 1,980 MW and fund equity contribution in its subsidiary, Adani Power Maharashtra Limited, to part finance the construction and development cost of power project for 1,980 MW at Tiroda, Maharashtra.
Here is a verbatim transcript of the exclusive interview with Ameet Desai on CNBC-TV18. Also watch the accompanying video.
Q: Last we checked it was 14 times, what are your numbers suggesting?
A: As of 3 pm the overall number has gone close to 19 times – 18.85 times.
Q: How much of that is QIP? How much HNI and how much retail?
A: The QIP portion is oversubscribed by about 36 times. This is after the anchor investment allotment which has been done and HNI has gone past 4.5 times and retail is inching towards 2 times but of course I understand more bids will be uploaded between now and 5 pm for QIB and HNI and bankers are likely to seek little longer time for the retail bids update later in the evening.
Q: Where have most of the hits come at – the upper end of the band?
A: Almost 99% of the bids have come at Rs 100.
Q: So it seems likely that that is where you would choose to price the issue or because of this hefty subscription you will think of redoing it a little bit?
A: The bids have come at Rs 100 for most part of the issue and we would obviously now start discussing this issue with the investment banks but quite highly likely that we will go by where the bids flow has been.
Q: You placed two anchor investors at Rs 95, of course with the understanding that finally they would buy at the issue price but do you think it is likely that you may consider doing it at Rs 95 for goodwill – give Rs 5 to the investor or do you think you will make the anchor investors pay Rs 100?
A: All anchor investors have sent a separate communiqu̩ to the banks through which they came in that they would fully desire to participate at the rate at which the issue gets done. As such the regulation is that if we price the issue at Rs 100 Рthey pay the difference. So the fact that they have given the confirmation of Rs 100, they are not really looking at Rs 95.
Q: While you won’t get into specifics, just give a sense of the kind of names that have come into this QIB slot?
A: Very encouraging. Obviously the names would come out later but we have got demand from some of the highly respected long only investors from different parts of the world – Asia, Europe, US and domestic. So it is an extremely healthy combination in the book that we have been able to get as demand which is actually very gratifying.
Q: Does August 20 remain the proposed listing date if all goes well?
A: Absolutely. We are working towards that. The registrars and banks have been gearing up on that ever since the issue opened. So we surely are looking forward to list this scrip on August 20.
Q: How will you choose the institutions to which you will allot because there has been some talk that may be some of the institutions have got in for that flipping game – to buy now and to sell on listing day, can make a quick 10-25%? In that, would you be stringent on who you allot the stock to, so that these are slightly longer-term investors and not out for a quick buck?
A: This is not a discretionary allotment. This is a book built and at the price at which we priced the issue at that level whatever are the bids they get allotted in proportion of their application. So this becomes quite a non discretionary and very objective process.
Q: While you did indicate in your interview with Udayan a couple of days back that you’re not looking at any other fund raising mechanism, because of the kind of oversubscription you’ve got, would you look at tapping the market again to raise some money via QIP once you’re listed?
A: For Adani Power no. We do not need equity is what we have stated earlier and I think our objective was to raise this money for largely completing the equity funding of 6,600 megawatts. Balance money beyond what we need for 6,600 – a small proportion from IPO will go towards kick starting 3,300 megawatts and then we will finish that 3,300 megawatts from internal accruals. So a short answer to your question is no, we won’t come back to the market for Adani Power’s equity requirements.
Source: Moneycontrol.com
Friday, July 24, 2009
Subscribe to Adani Power IPO: Nirmal Bang
Nirmal Bang has come out with its research report on Adani Power IPO. Adani Power IPO will open for subscription with an initial public offering of 301,652,031 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process on July 28, 2009 and will close on July 31, 2009. The Adani Power IPO price band is fixed at Rs 90-100 per share.
The research firm has recommended investors to subscribe to the issue.
Nirmal Bang's report:
Adani Power Ltd. (APL) is a power project development company, which is developing, and will operate and maintain, power projects in India. The company has four thermal power projects under various stages of development, with a combined installed capacity of 6,600 MW.
We believe that Reliance Power is the best comparable company as both the companies are implementing large power plants and do not have any existing operational revenue generation. We tried to compare both the company on the basis of Enterprise Value(EV) per MW, Subscribe.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Source: Moneycontrol.com
The research firm has recommended investors to subscribe to the issue.
Nirmal Bang's report:
Adani Power Ltd. (APL) is a power project development company, which is developing, and will operate and maintain, power projects in India. The company has four thermal power projects under various stages of development, with a combined installed capacity of 6,600 MW.
We believe that Reliance Power is the best comparable company as both the companies are implementing large power plants and do not have any existing operational revenue generation. We tried to compare both the company on the basis of Enterprise Value(EV) per MW, Subscribe.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Source: Moneycontrol.com
Thursday, July 16, 2009
Mahindra Holidays IPO ends with a modest premium
Mahindra Holidays and Resorts India IPO (MHRIL IPO), ended its first trading session with a premium of 5.82% to its issue price of Rs 300. The share closed at Rs 317.45 on the NSE.
It touched an intraday high of Rs 374.50 and intraday low of Rs 311.35. The total traded quantity was 1,27,46,398 shares and turnover was at Rs 41452.56 lakh.
On the BSE, the share closed at Rs 317.10 at a premium of 5.57% to its issue price. It touched an intraday high of Rs 339.70 and intraday low of Rs 311.10.
Mahindra Holidays IPO had listed at Rs 370 on the NSE at a premium of 23.33% to its issue price. On the BSE, the share had opened at Rs 315, at a premium of 5% to its issue price.
Mahindra Holidays IPO was subscribed 9.8 times.The proceeds from MHRIL's issue are expected to be deployed in the setting up of new projects and expansion of some of the existing resorts.
Source: MoneyControl.com
It touched an intraday high of Rs 374.50 and intraday low of Rs 311.35. The total traded quantity was 1,27,46,398 shares and turnover was at Rs 41452.56 lakh.
On the BSE, the share closed at Rs 317.10 at a premium of 5.57% to its issue price. It touched an intraday high of Rs 339.70 and intraday low of Rs 311.10.
Mahindra Holidays IPO had listed at Rs 370 on the NSE at a premium of 23.33% to its issue price. On the BSE, the share had opened at Rs 315, at a premium of 5% to its issue price.
Mahindra Holidays IPO was subscribed 9.8 times.The proceeds from MHRIL's issue are expected to be deployed in the setting up of new projects and expansion of some of the existing resorts.
Source: MoneyControl.com
Excel Infoways IPO subscribed 0.29 times on day 3
Excel Infoways IPO receives bids for 16.68 lakh shares as against 56.67 lakh shares on offer.
Excel Infoways IPO (initial public offer) continued to see muted response from investors on day three. It received bids for 16.68 lakh shares on the third day (by 16:00 IST) as against 56.67 shares on offer.
The Excel Infoways IPO was subscribed 0.29 times, with retail investors portion getting subscribed 0.12 times. The portion reserved for non-institutional investors was subscribed 0.38 times. However no bids were received from the qualified institutional buyers (QIBs).
The price band for the Excel Infoways IPO, which closes on 17 July 2009, is set between Rs 80 to Rs 85 per share. The company will raise Rs 45.33 crore at the lower end of the price band and Rs 48.16 crore at the higher end of the price band.
The IPO will constitute 26.77% of the fully diluted post issue paid up capital of the company. The promoters holding will be 70.52% post the issue. The equity shares are proposed to be listed on Bombay Stock Exchange of India (BSE) and National Stock Exchange (NSE).
The proceeds from the issue will be utilied in setting up new facilities and for strategic investment or joint ventures. The company has planned an expansion plan entailing a total investment of Rs 77.27 crore.
Excel Infoways plans to utilise the IPO proceeds for setting up new facilities in Borivali and Kandivali in Mumbai, at a cost of Rs 47.27 crore. After the expansion, the company will have added another 300 seats to the existing 150. The company also proposes to allocate Rs 30 crore, either to make strategic investments or to enter into joint ventures, Khurana added.
Rating agency CARE had assigned a ‘CARE IPO Grade 1' to Excel Infoways IPO, which indicates poor fundamentals.
Excel Infoways is a BPO and customer contact center based in India. It provides offshore BPO services to clients primarily in telecommunications and financial sector. It mostly caters to clients in the US and UK. The company is registered member of National Association of Software and Services Companies (NASSCOM).
Source: CapitalMarket.com
Excel Infoways IPO (initial public offer) continued to see muted response from investors on day three. It received bids for 16.68 lakh shares on the third day (by 16:00 IST) as against 56.67 shares on offer.
The Excel Infoways IPO was subscribed 0.29 times, with retail investors portion getting subscribed 0.12 times. The portion reserved for non-institutional investors was subscribed 0.38 times. However no bids were received from the qualified institutional buyers (QIBs).
The price band for the Excel Infoways IPO, which closes on 17 July 2009, is set between Rs 80 to Rs 85 per share. The company will raise Rs 45.33 crore at the lower end of the price band and Rs 48.16 crore at the higher end of the price band.
The IPO will constitute 26.77% of the fully diluted post issue paid up capital of the company. The promoters holding will be 70.52% post the issue. The equity shares are proposed to be listed on Bombay Stock Exchange of India (BSE) and National Stock Exchange (NSE).
The proceeds from the issue will be utilied in setting up new facilities and for strategic investment or joint ventures. The company has planned an expansion plan entailing a total investment of Rs 77.27 crore.
Excel Infoways plans to utilise the IPO proceeds for setting up new facilities in Borivali and Kandivali in Mumbai, at a cost of Rs 47.27 crore. After the expansion, the company will have added another 300 seats to the existing 150. The company also proposes to allocate Rs 30 crore, either to make strategic investments or to enter into joint ventures, Khurana added.
Rating agency CARE had assigned a ‘CARE IPO Grade 1' to Excel Infoways IPO, which indicates poor fundamentals.
Excel Infoways is a BPO and customer contact center based in India. It provides offshore BPO services to clients primarily in telecommunications and financial sector. It mostly caters to clients in the US and UK. The company is registered member of National Association of Software and Services Companies (NASSCOM).
Source: CapitalMarket.com
Oil India IPO to open on Sept 7
Government sources said Oil India IPO (initial public offering) open on September 7, 2009 and close on Setpember 11, 2009, reports CNBC-TV18 quoting NW18.
As per DRHP filed on December 14, 2007, the company was coming out with public issue of up to 26,449,982 equity shares of Rs 10 each. The issue comprised a net issue to the public of up to 24,045,438 equity shares and a reservation of up to 2,404,544 equity shares for subscription by eligible employees. The issue shall constitute 11% of the fully diluted post-issue capital of the company.
The objects of the issue were to fund requirements for fiscal 2009 and fiscal 2010 towards (a) exploration and appraisal activities; (b) development activities in producing fields; (c) purchase of capital equipments and contracts for facilities; and d) diversification of our existing business in downstream activities.
The company is engaged in the exploration, development, production and transportation of crude oil and natural gas onshore in India.
JM Financial Consultants Private Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited and HSBC Securities and Capital Markets (India) Private Limited were the book running lead managers to the issue. Karvy Computershare Private Limited was the registrar.
Source: Moneycontrol.com
As per DRHP filed on December 14, 2007, the company was coming out with public issue of up to 26,449,982 equity shares of Rs 10 each. The issue comprised a net issue to the public of up to 24,045,438 equity shares and a reservation of up to 2,404,544 equity shares for subscription by eligible employees. The issue shall constitute 11% of the fully diluted post-issue capital of the company.
The objects of the issue were to fund requirements for fiscal 2009 and fiscal 2010 towards (a) exploration and appraisal activities; (b) development activities in producing fields; (c) purchase of capital equipments and contracts for facilities; and d) diversification of our existing business in downstream activities.
The company is engaged in the exploration, development, production and transportation of crude oil and natural gas onshore in India.
JM Financial Consultants Private Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited and HSBC Securities and Capital Markets (India) Private Limited were the book running lead managers to the issue. Karvy Computershare Private Limited was the registrar.
Source: Moneycontrol.com
Monday, July 13, 2009
NHPC IPO to hit market in August
The Union Budget may not have had any divestment announcement but the government is serious about stake sale in public sector undertakings (PSUs). A year after NHPC had first filed its draft red herring prospectus, India's largest hydro power producer's IPO is set to hit markets next month. CNBC-TV18’s Mehak Kasbekar reports.
Here is a verbatim transcript of Mehak Kasbekar's comments on CNBC-TV18. Also watch the accompanying video.
Air India might not be ready but NHPC is and the IPO is set to hit next month. The road show for NHPC has already begun and it will be taken to Singapore next week. NHPC is going to issue about 167 crore shares, which will look to mopping up Rs 1,670 crore. Price discovery will be through book building process.
This money may be used for nine projects, which are commissioned by NHPC and will be finished by 2012, thereby taking the company’s capacity to 10,000MW, which right now is a little over 5,200MW.
For now, the government, which currently wholly owns the company, will divest 5% stake in it.
Source: Moneycontrol.com
Here is a verbatim transcript of Mehak Kasbekar's comments on CNBC-TV18. Also watch the accompanying video.
Air India might not be ready but NHPC is and the IPO is set to hit next month. The road show for NHPC has already begun and it will be taken to Singapore next week. NHPC is going to issue about 167 crore shares, which will look to mopping up Rs 1,670 crore. Price discovery will be through book building process.
This money may be used for nine projects, which are commissioned by NHPC and will be finished by 2012, thereby taking the company’s capacity to 10,000MW, which right now is a little over 5,200MW.
For now, the government, which currently wholly owns the company, will divest 5% stake in it.
Source: Moneycontrol.com
Mahindra Holidays IPO to list on July 16
Mahindra Holidays and Resorts India (MHRIL), a part of the Mahindra Group, will list its equity shares on the BSE and NSE on July 16 (Thursday). It has been fixed its issue price at Rs 300 a share. The price band was between Rs 275-325 a share.
The issue had opened for subscription between June 23 and June 26, 2009, with an initial public offering (IPO) of 92,65,275 equity shares.
The issue was subscribed 9.8 times. Qualified institutional buyers gave strong response to the issue, with their portion being subscribed 12.8 times followed by non institutional investors with 11 times subscription.
The size of the issue stood at Rs 277.95 crore at the issue price. M&M (Mahindra and Mahindra) raised over Rs 101 crore from the sale of 33,69,191 shares and it holds 83% of the Mahindra Holidays post the issue.
The proceeds from MHRIL’s proposed issue are expected to be deployed in the setting up of new projects and expansion of some of the existing resorts, to provide a larger range of resorts, and hence a wider choice of holiday destinations to members.
The global coordinator and book running lead manager (BRLM) was Kotak Mahindra Capital Company Limited. HSBC Securities & Capital Markets (India) Private Limited and SBI Capital Markets were the BRLMs. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited.
Source: Moneycontrol.com
The issue had opened for subscription between June 23 and June 26, 2009, with an initial public offering (IPO) of 92,65,275 equity shares.
The issue was subscribed 9.8 times. Qualified institutional buyers gave strong response to the issue, with their portion being subscribed 12.8 times followed by non institutional investors with 11 times subscription.
The size of the issue stood at Rs 277.95 crore at the issue price. M&M (Mahindra and Mahindra) raised over Rs 101 crore from the sale of 33,69,191 shares and it holds 83% of the Mahindra Holidays post the issue.
The proceeds from MHRIL’s proposed issue are expected to be deployed in the setting up of new projects and expansion of some of the existing resorts, to provide a larger range of resorts, and hence a wider choice of holiday destinations to members.
The global coordinator and book running lead manager (BRLM) was Kotak Mahindra Capital Company Limited. HSBC Securities & Capital Markets (India) Private Limited and SBI Capital Markets were the BRLMs. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited.
Source: Moneycontrol.com
Thursday, July 9, 2009
Excel Infoway IPO to open on 14 July 2009
The initial public offering (IPO) of Excel Infoway will open on 14 July 2009. The company proposes to approximately issue 5.7 crore equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process to finance its expansion plans. The issue will close on 17 July 2009.
The issue will constitute 26.93% of the fully diluted post issue paid-up capital of the company.
The equity shares are proposed to be listed on Bombay Stock Exchange of India (BSE) and National Stock Exchange (NSE).
Excel Infoway is a Mumbai-based business process outsourcing (BPO) and Customer contact centre and caters primarily to clients from telecommunication and financial sectors.
Source: CapitalMarket.com
The issue will constitute 26.93% of the fully diluted post issue paid-up capital of the company.
The equity shares are proposed to be listed on Bombay Stock Exchange of India (BSE) and National Stock Exchange (NSE).
Excel Infoway is a Mumbai-based business process outsourcing (BPO) and Customer contact centre and caters primarily to clients from telecommunication and financial sectors.
Source: CapitalMarket.com
Mahindra Holidays and Resorts IPO Allotment Status
Mahindra Holidays and Resorts IPO Allotment status is out and can be seen at below link:
http://mis.karvycomputershare.com/ipo/
http://mis.karvycomputershare.com/ipo/
Friday, July 3, 2009
IPO scam: Jhaveri settles case with SEBI
SEBI has agreed to dispose of pending proceedings against Mr Gautam Jhaveri for his involvement in the IPO scam of 2003-04, following settlement of the case through a consent order.
Mr Zhaveri who applied for the consent order, paid Rs 2.7 crore towards settlement, including a disgorgement amount of Rs 2.36 crore, settlement charges of Rs 23.6 lakh, compounding charges of Rs 9 lakh and legal charges of Rs 1 lakh.
The applicant (Zhaveri) had been proceeded against for irregular dealings in shares issued through IPOs, and for cornering shares meant for retail investors, making unlawful profits from the shares upon their listing.
SEBI had banned the applicant from dealing in the securities market; initiated adjudication proceedings against him, prosecution proceedings in the ACMM court in Mumbai under the Companies Act; and a protest petition before the CBI court for non-filing of chargesheet against the applicant.
SEBI’s consent order disposes of all these pending proceedings. SEBI will file an application for withdrawal of its protest application at the CBI special court, and shall not oppose compounding of prosecution in the ACMM court, the regulator said in its consent order.
SEBI said it would also drop proceedings against Pratik Stock Vision Pvt Ltd in the matter of carry forward transactions in the shares of Global Tele-systems Ltd in 2000-01. The applicant offered to settle the case, offering Rs 1.25 lakh towards settlement charges, reports The Hindu Business Line.
Source: Moneycontrol.com
Mr Zhaveri who applied for the consent order, paid Rs 2.7 crore towards settlement, including a disgorgement amount of Rs 2.36 crore, settlement charges of Rs 23.6 lakh, compounding charges of Rs 9 lakh and legal charges of Rs 1 lakh.
The applicant (Zhaveri) had been proceeded against for irregular dealings in shares issued through IPOs, and for cornering shares meant for retail investors, making unlawful profits from the shares upon their listing.
SEBI had banned the applicant from dealing in the securities market; initiated adjudication proceedings against him, prosecution proceedings in the ACMM court in Mumbai under the Companies Act; and a protest petition before the CBI court for non-filing of chargesheet against the applicant.
SEBI’s consent order disposes of all these pending proceedings. SEBI will file an application for withdrawal of its protest application at the CBI special court, and shall not oppose compounding of prosecution in the ACMM court, the regulator said in its consent order.
SEBI said it would also drop proceedings against Pratik Stock Vision Pvt Ltd in the matter of carry forward transactions in the shares of Global Tele-systems Ltd in 2000-01. The applicant offered to settle the case, offering Rs 1.25 lakh towards settlement charges, reports The Hindu Business Line.
Source: Moneycontrol.com
Kabirdass Motor plans IPO to raise Rs 60 cr
Chennai-based Kabirdass Motor Company, which sells Xite electric scooters, is planning to raise Rs 60 crore through an IPO.
The issue will be open in 45 to 60 days, said Mr Murali Kabirdass, Managing Director.
The fund-raising is primarily meant to set up a manufacturing facility with two-lakh-unit capacity at Sriperumbudur near Chennai. The project cost is Rs 102 crore. A Rs 20-crore loan from Union Bank and Rs 20 crore through equity funding will meet the rest of the project cost. The new facility is expected to be operational in eight to 10 months, said Mr Kabirdass.
The company – which makes four 250-watt scooters and one 1,500-watt scooter – has 33 dealers spread across Tamil Nadu, Karnataka and Andhra Pradesh. Kabirdass Motor plans to expand its dealership network to other States, including Kerala and Maharashtra.
Since its inception in February 2007, the company has sold around 2,000 electric scooters, of which 90 per cent were in rural Tamil Nadu. Mr Kabirdass said the target buyers of its 250-watt variants are teenagers who typically travel less than 20 km a day.
A driving licence is not required to ride this low-power scooter.
Mr Kabirdass said the company is in talks with a few European electric vehicle makers to acquire the licence to manufacture and market their products in India.
Source: Moneycontrol.com
The issue will be open in 45 to 60 days, said Mr Murali Kabirdass, Managing Director.
The fund-raising is primarily meant to set up a manufacturing facility with two-lakh-unit capacity at Sriperumbudur near Chennai. The project cost is Rs 102 crore. A Rs 20-crore loan from Union Bank and Rs 20 crore through equity funding will meet the rest of the project cost. The new facility is expected to be operational in eight to 10 months, said Mr Kabirdass.
The company – which makes four 250-watt scooters and one 1,500-watt scooter – has 33 dealers spread across Tamil Nadu, Karnataka and Andhra Pradesh. Kabirdass Motor plans to expand its dealership network to other States, including Kerala and Maharashtra.
Since its inception in February 2007, the company has sold around 2,000 electric scooters, of which 90 per cent were in rural Tamil Nadu. Mr Kabirdass said the target buyers of its 250-watt variants are teenagers who typically travel less than 20 km a day.
A driving licence is not required to ride this low-power scooter.
Mr Kabirdass said the company is in talks with a few European electric vehicle makers to acquire the licence to manufacture and market their products in India.
Source: Moneycontrol.com
Saturday, June 27, 2009
Mahindra Holidays IPO receives solid response: subscribed 9.74 times
Mahindra Holidays IPO receives bids for 9.02 crore shares as against 92.65 lakh shares on offer.
Mahindra Holidays & Resorts India initial public offer was subscribed 9.74 times on the last day of subscription today as per the data on NSE website at 17:00 IST. The issue which opened for subscription on 23 June 2009 got bids for 9.02 crore shares as against 92.65 lakh shares on offer.
The company's 92.65 lakh public issue represents 11% of the post-issue paid up capital. The Mahindra Holidays IPO price band is Rs 275-Rs 325.
Mahindra Holidays & Resorts India runs the shared vacation home business, Club Mahindra Holidays. India's largest tractor maker by sales Mahindra & Mahindra holds 93.64% in the company.
The Mahindra Holidays IPO proceeds will be utilised in expanding current properties and adding five new properties at Kumbalgarh in Rajasthan, Kadambakkam in Tamil Nadu, Binsar in Uttaranchal, Theog in Himachal Pradesh, and Tungi in Maharashtra.
Mahindra Holidays & Resorts India, a unit of Mahindra & Mahindra, had raised nearly Rs 120 crore by selling 2% stake to State Bank of India and 1% stake to Jacob Ballas India Fund in February 2008. The transaction had taken place at Rs 479 a share.
The company's net profit fell 5% to Rs 79.80 crore on 11% rise in sales to Rs 393.19 crore in the year ended March 2009 over the year ended March 2008.
Source: CapitalMarket.com
Mahindra Holidays & Resorts India initial public offer was subscribed 9.74 times on the last day of subscription today as per the data on NSE website at 17:00 IST. The issue which opened for subscription on 23 June 2009 got bids for 9.02 crore shares as against 92.65 lakh shares on offer.
The company's 92.65 lakh public issue represents 11% of the post-issue paid up capital. The Mahindra Holidays IPO price band is Rs 275-Rs 325.
Mahindra Holidays & Resorts India runs the shared vacation home business, Club Mahindra Holidays. India's largest tractor maker by sales Mahindra & Mahindra holds 93.64% in the company.
The Mahindra Holidays IPO proceeds will be utilised in expanding current properties and adding five new properties at Kumbalgarh in Rajasthan, Kadambakkam in Tamil Nadu, Binsar in Uttaranchal, Theog in Himachal Pradesh, and Tungi in Maharashtra.
Mahindra Holidays & Resorts India, a unit of Mahindra & Mahindra, had raised nearly Rs 120 crore by selling 2% stake to State Bank of India and 1% stake to Jacob Ballas India Fund in February 2008. The transaction had taken place at Rs 479 a share.
The company's net profit fell 5% to Rs 79.80 crore on 11% rise in sales to Rs 393.19 crore in the year ended March 2009 over the year ended March 2008.
Source: CapitalMarket.com
Thursday, June 25, 2009
Adani Power IPO to hit markets on 20th July
SEBI has given green signal to Adani Power Limited’s initial public offer (IPO). The company is expected to hit the capital market on 20th July. APL, which had postponed its IPO due to bad market condition in September 2008, is now planning to raise over Rs 3,000 crore for financing its 6600 MW power plants at Mundra and Tiroda in Gujarat and Maharashtra respectively.As per the plan, Adani Power Limited is offering 33.77 crore equity shares through the IPO. The company is expected to charge a premium of around Rs 120 per share of Rs 10, sources familiar with the situation said.
At present, the promoters hold 87 per cent equity in the company. Post IPO, the promoters will have around 73.5 per cent holding as it is raising an additional 15 per cent equity through IPO. It may be pointed out that a UK based private equity fund has already picked up 8 per cent equity in the company.
Source: greymarket.in
Mahindra Holidays IPO subscribed 0.86 times
Mahindra Holidays and Resorts India (MHRIL), a part of the Mahindra Group, opened for subscrption with an initial public offering (IPO) of 92,65,275 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process. The issue was subscribed 0.86 times, till 5 pm on June 25 - the third day - as per the data available on the NSE website.Mahindra Holidays IPO has received bids for 79,58,540 shares as against issue size of 92,65,275 shares.
Qualified institutional investors gave good response to the issue compared to retail and domestic institutional investors; their portion subscribed 0.63 times, till June 24.
The bid/ issue will close on June 26, 2009. The Mahindra Holidays IPO price band has been fixed at Rs 275-325 per share. The size of the issue stands Rs 301 crore at the upper end of the price band and Rs 255 crore at the lower end of the band. M&M (Mahindra and Mahindra) will raise Rs 90.7-123 crore from the sale of 33 lakh shares and it will hold 83% of the Mahindra Holidays post issue.
The issue comprises a fresh issue of 58,96,084 equity shares and an offer for sale of 33,69,191 equity shares by Mahindra and Mahindra (the "selling shareholder"). The issue would constitute 11.0% of the fully diluted post-issue paid-up capital of the company.
The proceeds from MHRIL's proposed issue are expected to be deployed in the setting up of new projects and expansion of some of the existing resorts, to provide a larger range of resorts, and hence a wider choice of holiday destinations to members.
The global coordinator and book running lead manager (BRLM) is Kotak Mahindra Capital Company Limited. HSBC Securities & Capital Markets (India) Private Limited and SBI Capital Markets are the BRLMs. The equity shares are proposed to be listed on the Nationa
Source: MoneyControl.com
Rishabhdev Technocables IPO to list on June 29
After receiving fabulous response to the follow-on public offer (FPO), Rishabhdev Technocables will list its equity shares on the BSE on June 29, 2009. It has been fixed its FPO issue price at Rs 33 a share (including Rs 23 premium) and raised over Rs 29.70 crore.
The Rishabhdev Technocables IPO had opened for subscription between June 4 and June 9, 2009. It was subscribed 7.76 times, as per data available on the NSE website.
Rishabhdev Technocables is specialized, controlled and power cables manufacturer promoted by Sunil Golchha. The funds are being raised to finance the setting up of a brand new, low voltage power cables plant at Silvassa. Machinery for this plant has been ordered and the plant is expected to go on stream by the end of the year.
The company currently has two units in Daman, one for specialized cables and the other for controlled cables and smaller size power cables. Additional facilities are being added to both units to make them more cost efficient. The Company has a blue-chip clientele which includes Tata Power, Grasim, Reliance, Essar, Siemens, Sanghi, Alok Industries and Welspun, among others.
Its shares are currently listed on the Pune and Jaipur stock exchanges and the company now proposed to list on Bombay Stock Exchange.
The book running lead managers were IDBI Capital Market Services and PL Capital Markets Pvt. Ltd. while the co-book running lead manager was Ashika Capital Ltd.
Source: MoneyControl.com
The Rishabhdev Technocables IPO had opened for subscription between June 4 and June 9, 2009. It was subscribed 7.76 times, as per data available on the NSE website.
Rishabhdev Technocables is specialized, controlled and power cables manufacturer promoted by Sunil Golchha. The funds are being raised to finance the setting up of a brand new, low voltage power cables plant at Silvassa. Machinery for this plant has been ordered and the plant is expected to go on stream by the end of the year.
The company currently has two units in Daman, one for specialized cables and the other for controlled cables and smaller size power cables. Additional facilities are being added to both units to make them more cost efficient. The Company has a blue-chip clientele which includes Tata Power, Grasim, Reliance, Essar, Siemens, Sanghi, Alok Industries and Welspun, among others.
Its shares are currently listed on the Pune and Jaipur stock exchanges and the company now proposed to list on Bombay Stock Exchange.
The book running lead managers were IDBI Capital Market Services and PL Capital Markets Pvt. Ltd. while the co-book running lead manager was Ashika Capital Ltd.
Source: MoneyControl.com
Wednesday, June 24, 2009
Subscribe to Mahindra Holidays IPO: Angel Broking
Angel Broking has come out with its research report on Mahindra Holidays and Resorts India's initial public offering (IPO). Mahindra Holidays has opened for subscription with an IPO of 92,65,275 equity shares of Rs 10 each, at a price band of Rs 275-325 a share. The issue will close on June 26, 2009. The research firm has recommended investors to subscribe the issue albeit at the lower end of the price band.
Angel's report on Mahindra Holidays’ IPO:
Through this IPO, which also involves an offer for sale by the promoter company M&M, MHRIL intends to finance expansion of its resorts in Coorg, Ooty and Ashtamudi, and for setting up new ones in Tungi and Theog. However, MHRIL is being priced at a ‘considerable’ premium to the other listed hospitality players, who already have premium properties. Nonetheless, we believe that the good reputation enjoyed by the promoter group, justifies the premium valuation for the company to an extent, and hence we expect the IPO to be received well in the primary market. Also, in a pre-IPO placement that was done in February 2008, State Bank of India (SBI) and Jacob Ballas picked up 3% stake in the company at Rs 479 per share, which had valued MHRIL at USD1billion.
On the lower and upper end of the IPO price band, the stock would quote at 15.2x and 17.9x its post diluted FY2011E Earnings. On the basis of our workings on profits earned per member, we have arrived at a value of Rs 2,494 crore for the business, which translates into a per share value of Rs 296. Hence, we recommend a Subscribe on the IPO albeit at the lower end of the price band. Assumptions in our model: 1) Average revenue per member of Rs 2,25,000; 2) Estimated capex of Rs 34,200 to be made per member addition; 3) Marketing costs of Rs 75,000 per new member, and 4) Cost of providing service for the next 25 years Rs 63,925 per new member.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Source: Moneycontrol.com
Angel's report on Mahindra Holidays’ IPO:
Through this IPO, which also involves an offer for sale by the promoter company M&M, MHRIL intends to finance expansion of its resorts in Coorg, Ooty and Ashtamudi, and for setting up new ones in Tungi and Theog. However, MHRIL is being priced at a ‘considerable’ premium to the other listed hospitality players, who already have premium properties. Nonetheless, we believe that the good reputation enjoyed by the promoter group, justifies the premium valuation for the company to an extent, and hence we expect the IPO to be received well in the primary market. Also, in a pre-IPO placement that was done in February 2008, State Bank of India (SBI) and Jacob Ballas picked up 3% stake in the company at Rs 479 per share, which had valued MHRIL at USD1billion.
On the lower and upper end of the IPO price band, the stock would quote at 15.2x and 17.9x its post diluted FY2011E Earnings. On the basis of our workings on profits earned per member, we have arrived at a value of Rs 2,494 crore for the business, which translates into a per share value of Rs 296. Hence, we recommend a Subscribe on the IPO albeit at the lower end of the price band. Assumptions in our model: 1) Average revenue per member of Rs 2,25,000; 2) Estimated capex of Rs 34,200 to be made per member addition; 3) Marketing costs of Rs 75,000 per new member, and 4) Cost of providing service for the next 25 years Rs 63,925 per new member.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Source: Moneycontrol.com
Mahindra Holidays IPO subscribed 0.40 times by day two
Receives bids for 36.93 lakh shares as against 92.65 lakh shares on offer
Mahindra Holidays & Resorts India initial public offer (IPO) saw modest response on day two. It was subscribed by 0.40 times (by 16:00 IST). The issue which opened for subscription on 23 June 2009 got bids for 36.93 lakh shares as against 92.65 lakh shares on offer.
The company's 92.65 lakh public issue representing 11% of the post-issue paid up capital will remain open till 26 June 2009.
The IPO proceeds will be utilised in expanding current properties and adding five new properties at Kumbalgarh in Rajasthan, Kadambakkam in Tamil Nadu, Binsar in Uttaranchal, Theog in Himachal Pradesh, and Tungi in Maharashtra.
Mahindra Holidays & Resorts India, a unit of Mahindra & Mahindra, had raised nearly Rs 120 crore by selling 2% stake to State Bank of India and 1% stake to Jacob Ballas India Fund in February 2008. The transaction had taken place at Rs 479 a share.
Mahindra Holidays & Resorts India runs the shared vacation home business, Club Mahindra Holidays. India's largest tractor maker by sales Mahindra & Mahindra holds 93.64% in the company.
Source: CapitalMarket.com
Mahindra Holidays & Resorts India initial public offer (IPO) saw modest response on day two. It was subscribed by 0.40 times (by 16:00 IST). The issue which opened for subscription on 23 June 2009 got bids for 36.93 lakh shares as against 92.65 lakh shares on offer.
The company's 92.65 lakh public issue representing 11% of the post-issue paid up capital will remain open till 26 June 2009.
The IPO proceeds will be utilised in expanding current properties and adding five new properties at Kumbalgarh in Rajasthan, Kadambakkam in Tamil Nadu, Binsar in Uttaranchal, Theog in Himachal Pradesh, and Tungi in Maharashtra.
Mahindra Holidays & Resorts India, a unit of Mahindra & Mahindra, had raised nearly Rs 120 crore by selling 2% stake to State Bank of India and 1% stake to Jacob Ballas India Fund in February 2008. The transaction had taken place at Rs 479 a share.
Mahindra Holidays & Resorts India runs the shared vacation home business, Club Mahindra Holidays. India's largest tractor maker by sales Mahindra & Mahindra holds 93.64% in the company.
Source: CapitalMarket.com
Tuesday, June 23, 2009
Mahindra Holidays IPO sees dismal response on day one
Mahindra Holidays IPO receives bids for 4.11 lakh shares as against 92.65 lakh shares on offer.Mahindra Holidays & Resorts India got poor response for its initial public offer (IPO) on day one. The issue which opened for subscription today, 23 June 2009 got bids for 4.11 lakh shares (by 16:00 IST) as against 92.65 lakh shares on offer.
The company's 92.65 lakh public issue representing 11% of the post-issue paid up capital will remain open till 26 June 2009.
The Mahindra Holidays IPO proceeds will be utilised in expanding current properties and adding five new properties at Kumbalgarh in Rajasthan, Kadambakkam in Tamil Nadu, Binsar in Uttaranchal, Theog in Himachal Pradesh, and Tungi in Maharashtra.
Mahindra Holidays & Resorts India, a unit of Mahindra & Mahindra, had raised nearly Rs 120 crore by selling 2% stake to State Bank of India and 1% stake to Jacob Ballas India Fund in February 2008. The transaction had taken place at Rs 479 a share.
Mahindra Holidays & Resorts India runs the shared vacation home business, Club Mahindra Holidays. India's largest tractor maker by sales Mahindra & Mahindra holds 93.64% in the company.
Source: CapitalMarket.com
Rishabhdev Technocable IPO Allotment Is Now Available
Rishabhdev Technocable IPO Allotment is out now, please visit below link to check Allotment status - http://www.mondkarcomputers.com/ipo.asp
Rishabhdev Technocable IPO Grey Market Premium is Rs. 5/- to Rs. 7/-
Rishabhdev Technocable IPO Grey Market Premium is Rs. 5/- to Rs. 7/-
Saturday, June 13, 2009
Adani Power IPO Likely to Open in July 2009
Adani Power's initial public offer (IPO) is likely to open in July, 2009, said the Group Executive. "The IPO is likely at about Rs 120 per share," reports CNBC-TV18.
Adani Power, a part of the the Adani Group, filed draft red herring prospectus (DRHP) with market regulator SEBI for IPO of 33.7 crore equity shares. The issue includes a reservation of up to 8,000,000 shares. Equity shares outstanding post issue would be 2,18,00,35,200.
It is a power project development company, which is developing, and will operate and maintain, power projects in India. It has four thermal power projects under various stages of development, with a combined installed capacity of 6,600 MW. In addition, it is also planning to develop two power projects with a combined installed capacity of 3,300 MW.
The company is going to utilize the issue proceeds - to part finance the construction and development of Mundra Phase IV Power Project, for 1,980 MW; funding equity contribution in subsidiary Adani Power Maharashtra Limited and to part finance the construction and development cost of power project for 1,980 MW at Tiroda, Maharashtra; and General corporate purposes.
The company has made preferential allotment to Ventura Power at Rs 70 a share. This placement price values the company at Rs 15,260 crore post IPO.
Adani Enterprise, promoter will hold 70.25% stake in the company post IPO.
Global coordinator and book running lead manager to the issue is DSP Merrill Lynch Limited and Registrar to the issue is Karvy Computershare Private Limited.
Source: Moneycontrol.com
Adani Power, a part of the the Adani Group, filed draft red herring prospectus (DRHP) with market regulator SEBI for IPO of 33.7 crore equity shares. The issue includes a reservation of up to 8,000,000 shares. Equity shares outstanding post issue would be 2,18,00,35,200.
It is a power project development company, which is developing, and will operate and maintain, power projects in India. It has four thermal power projects under various stages of development, with a combined installed capacity of 6,600 MW. In addition, it is also planning to develop two power projects with a combined installed capacity of 3,300 MW.
The company is going to utilize the issue proceeds - to part finance the construction and development of Mundra Phase IV Power Project, for 1,980 MW; funding equity contribution in subsidiary Adani Power Maharashtra Limited and to part finance the construction and development cost of power project for 1,980 MW at Tiroda, Maharashtra; and General corporate purposes.
The company has made preferential allotment to Ventura Power at Rs 70 a share. This placement price values the company at Rs 15,260 crore post IPO.
Adani Enterprise, promoter will hold 70.25% stake in the company post IPO.
Global coordinator and book running lead manager to the issue is DSP Merrill Lynch Limited and Registrar to the issue is Karvy Computershare Private Limited.
Source: Moneycontrol.com
Thursday, June 4, 2009
Rishabhdev Technocables IPO receives poor response on day one
Follow on public offer was subscribed meager 0.13 times on day one.
Rishabhdev Technocables' follow-on public offer aggregating around Rs 30 crore saw a poor response on day one. The issue got bids for just 9.11 lakh shares (at 16:00 IST). The issue was subscribed just 0.13% of the total issue size. The issue closes on 9 June 2009. This is the first public offer to hit the market in nearly three months and has a firm underwriting arrangement.
The company is issuing 90 lakh equity shares of Rs 10 each for cash at a price to be decided through 100% book building process. The net offer to the public will comprise of 68.54 lakh equity shares aggregating around Rs 23 crore. The promoters are subscribing to 21.45 lakh equity shares at the issue price.
The price band is fixed between Rs 29 and Rs 33 a share.
Rishabhdev Technocables is specialized, controlled and power cables manufacturer promoted by Sunil Golchha. The funds are being raised to finance the setting up of a brand new, low voltage power cables plant at Silvassa. Machinery for this plant has been ordered and the plant is expected to go on stream by the end of the year.
Rishabhdev Technocables currently has two units in Daman, one for specialized cables and the other for controlled cables and smaller size power cables. Additional facilities are being added to both units to make them more cost efficient. The Company has a blue-chip clientele which includes Tata Power, Grasim, Reliance, Essar, Siemens, Sanghi, Alok Industries and Welspun, among others.
Its shares are currently listed on the Pune and Jaipur stock exchanges and the company now proposes to list on Bombay Stock Exchange.
Source: CapitalMarket.com
Rishabhdev Technocables' follow-on public offer aggregating around Rs 30 crore saw a poor response on day one. The issue got bids for just 9.11 lakh shares (at 16:00 IST). The issue was subscribed just 0.13% of the total issue size. The issue closes on 9 June 2009. This is the first public offer to hit the market in nearly three months and has a firm underwriting arrangement.
The company is issuing 90 lakh equity shares of Rs 10 each for cash at a price to be decided through 100% book building process. The net offer to the public will comprise of 68.54 lakh equity shares aggregating around Rs 23 crore. The promoters are subscribing to 21.45 lakh equity shares at the issue price.
The price band is fixed between Rs 29 and Rs 33 a share.
Rishabhdev Technocables is specialized, controlled and power cables manufacturer promoted by Sunil Golchha. The funds are being raised to finance the setting up of a brand new, low voltage power cables plant at Silvassa. Machinery for this plant has been ordered and the plant is expected to go on stream by the end of the year.
Rishabhdev Technocables currently has two units in Daman, one for specialized cables and the other for controlled cables and smaller size power cables. Additional facilities are being added to both units to make them more cost efficient. The Company has a blue-chip clientele which includes Tata Power, Grasim, Reliance, Essar, Siemens, Sanghi, Alok Industries and Welspun, among others.
Its shares are currently listed on the Pune and Jaipur stock exchanges and the company now proposes to list on Bombay Stock Exchange.
Source: CapitalMarket.com
Sunday, May 31, 2009
Rishabhdev Technocable IPO to open on June 4
Rishabhdev Technocable, a cable manufacturing and trading company is entering the capital market with its initial public offer of 90,00,000 equity shares of Rs 10 each. The issue will open on June 4, 2009 and close on June 9, 2009. The price band is fixed at Rs 29-33 per share.The issue comprises a promoters contribution of 21,45,500 equity shares and a net issue to the public of 68,54,500 equity shares. The net issue to the public would constitute 46.66% of the fully diluted post-issue equity share capital of the company.
The existing equity shares of the company are listed for trading on the Pune Stock Exchange (PSE) and the Jaipur Stock Exchange (JSE). The fresh issue of shares of the company are also proposed to be listed on the Bombay Stock Exchange.
The company is expanding into manufacturing of Power and Control Cables on a major level. The objects of the issue include amongst others, expansion cum modernization of existing manufacturing facilities at Daman and setting up new facilities for manufacturing of Control and Power Cables at Daman and Silvassa respectively.
The book running lead managers to the Issue are IDBI Capital Market Services Limited and PL Capital Markets Private Limited.
Source: moneycontrol.com
Saturday, May 23, 2009
Pranab Mukherjee is New Finance Minister: Key Portfolios Announced
Dr Manmohan Singh took over as the twenty-first Prime Minister of India on May 22, 2009. Today, it was announced that Pranab Mukherjee was elected as the Finance Minister, while P Chidambaram would retain his position as the Home Minister. AK Antony has been appointed as the Defence Minister and Mamata Banerjee will take over as the Railway Minister. Sharad Pawar has been given the position of the Agriculture Minister, Food and Civil Supplies. SM Krishna is the new External Affairs Minister.Finance Minister Pranab Mukherjee said his task is to encourage the economy. "We will address all economic issues. Efforts will be made to return to high growth as soon as possible." He said the government will present the Budget in due course to remove uncertainty. Mukherjee will assume charge on May 25.
Other Cabinet members sworn in on May 22 include: Ghulam Nabi Azad
Sushil Kumar Shinde
Veerappa Moily
Jaipal Reddy
Kamal Nath
Vayalar Ravi
Meira Kumar
Murli Deora
Kapil Sibal
Ambika Soni
BK Handique
Anand Sharma
CP Joshi
Source: Moneycontrol.com
Thursday, May 21, 2009
Buy largecaps, midcaps on dips; sell on every rise: Experts
It was a day of stark contrasts on Dalal Street. The frontline indices faced substantial selling pressure and continued to slide lower, while broader indices were in an orbit of their own, clocking stupendous gains The Nifty closed at 4,270, down 48 points, while the Sensex shut shop at 14,060, down 241 points.
Deven Choksey of KR Choksey Securities sees the Nifty trading between 4,150 and 4,500 in the short-term.
Anu Jain, Vice-President - IIFL Private Wealth Management, India Infoline, said the Nifty needs to consolidate at current levels. "The last 200 point consolidation on the Nifty happened between 3400 and 3600. Post that, it rallied further on. This is the same phase which is coming again."
Speaking on the rally in midcaps, Choksey said topline stocks have started becoming expensive and valuations are getting stretched, so investors have started catching up with some of the neglected midcap stocks at this point in time.
However, he was quick to caution that investors may fall into a trap because in many midcap stocks, fundamentals are not supporting these companies immediately. "It might take at least six-nine months before we could see the first results coming out from some of these companies. Some midcaps would be moving up and may discount the future in advance. That is where some investors may lose out on money."
Choksey advises investors to retain at least 70% portfolio and book profits in around 25-30% of the portfolio when the markets are rallying on the upside. "Investors should buy on dips and sell on rises. One will have to continue this activity for 25-30% part of the portfolio." Investors need not rush to make fresh investments in markets, he added.
Jain too advises investors to buy largecaps and midcaps on dips.
Source: Moneycontrol.com
Deven Choksey of KR Choksey Securities sees the Nifty trading between 4,150 and 4,500 in the short-term.
Anu Jain, Vice-President - IIFL Private Wealth Management, India Infoline, said the Nifty needs to consolidate at current levels. "The last 200 point consolidation on the Nifty happened between 3400 and 3600. Post that, it rallied further on. This is the same phase which is coming again."Speaking on the rally in midcaps, Choksey said topline stocks have started becoming expensive and valuations are getting stretched, so investors have started catching up with some of the neglected midcap stocks at this point in time.
However, he was quick to caution that investors may fall into a trap because in many midcap stocks, fundamentals are not supporting these companies immediately. "It might take at least six-nine months before we could see the first results coming out from some of these companies. Some midcaps would be moving up and may discount the future in advance. That is where some investors may lose out on money."
Choksey advises investors to retain at least 70% portfolio and book profits in around 25-30% of the portfolio when the markets are rallying on the upside. "Investors should buy on dips and sell on rises. One will have to continue this activity for 25-30% part of the portfolio." Investors need not rush to make fresh investments in markets, he added.
Jain too advises investors to buy largecaps and midcaps on dips.
Source: Moneycontrol.com
Wednesday, May 20, 2009
Don't get carried away with euphoria in markets: Experts
Yesterday, the benchmark indices closed on a flat note today amid huge volatility and also reported the highest ever turnover of Rs 157877.29 crore after seeing two upper circuits on Monday.
Commenting on the market's move, Dipan Mehta, Member of the BSE and NSE, said there was a massive buy order in the futures segment in the first few minutes of trade and because of the sharp rise in the implied volatility, there have been huge increases in the margins. "In some instances the margins have gone up anywhere from 4–5 times from what was there on Friday. That is causing a bit of a concern on the liquidity of the brokers." He added there may be some pressure on the clients or at least on traders who are in the futures market to try and unwind their short positions.
Mehta expects the market to get into a healthy trading range––maybe 200 points for the Nifty and about 600 points for the Sensex with today’s close being the midpoint.
On the whole, Mehta feels, the market will get into a nice rhythm and will see increased participation in terms of players as well as in terms of stocks. However he cautioned, it is important not to get carried away by the euphoria but still look for opportunities to increase exposure to equities.
While Amitabh Chakraborty, CFA, FRM President (Equites), Religare Capital Market, said one should be cautious at this point of time. He added though that there is a lot of optimism getting built-up on what the government will do in the budget or the next 100 days. Given the bureaucratic situation, he said, the new government may not be able to deliver in the next 100 days as the market is expecting.
However, Chakraborty added that with a stable government in place a lot of things would be happened––India would be re-rated from the S&P or Moody's point of view, the investment climate will improve and India would be a capital investment story. He added if India’s growth rate improves to 6–6.5% that will account to about 20%–22% of the global growth. According to him, a country that gives such kind of growth cannot be ignored. "So I expect USD 4–5 billion investments coming in the full year from the FII side." However, Chakraborty, like Mehta, added a cautious note saying, "I think retail investors should be cautious at this point in time."
Rajat Bose of rajatkbose.com expects a further upside on the Nifty. He said that 4,327 mark for the Nifty is a very crucial level. "If Nifty were to stay above that on a closing basis on a persistent basis then we can expect further upside."
According to him, between 4,450 and 4,469 is another resistance level. He feels now this band would be 4,300 to 4,475, or 4,500 at best.
Bose expects some kind of consolidation, especially after a vertical move of about 700 points. "So we require some kind of consolidation, and possibly, in that consolidation unless we see 4,549 not being crossed decisively by the spot Nifty, then maybe that support at 4,327 might be broken."
Source: Moneycontrol.com
Commenting on the market's move, Dipan Mehta, Member of the BSE and NSE, said there was a massive buy order in the futures segment in the first few minutes of trade and because of the sharp rise in the implied volatility, there have been huge increases in the margins. "In some instances the margins have gone up anywhere from 4–5 times from what was there on Friday. That is causing a bit of a concern on the liquidity of the brokers." He added there may be some pressure on the clients or at least on traders who are in the futures market to try and unwind their short positions.Mehta expects the market to get into a healthy trading range––maybe 200 points for the Nifty and about 600 points for the Sensex with today’s close being the midpoint.
On the whole, Mehta feels, the market will get into a nice rhythm and will see increased participation in terms of players as well as in terms of stocks. However he cautioned, it is important not to get carried away by the euphoria but still look for opportunities to increase exposure to equities.
While Amitabh Chakraborty, CFA, FRM President (Equites), Religare Capital Market, said one should be cautious at this point of time. He added though that there is a lot of optimism getting built-up on what the government will do in the budget or the next 100 days. Given the bureaucratic situation, he said, the new government may not be able to deliver in the next 100 days as the market is expecting.However, Chakraborty added that with a stable government in place a lot of things would be happened––India would be re-rated from the S&P or Moody's point of view, the investment climate will improve and India would be a capital investment story. He added if India’s growth rate improves to 6–6.5% that will account to about 20%–22% of the global growth. According to him, a country that gives such kind of growth cannot be ignored. "So I expect USD 4–5 billion investments coming in the full year from the FII side." However, Chakraborty, like Mehta, added a cautious note saying, "I think retail investors should be cautious at this point in time."
Rajat Bose of rajatkbose.com expects a further upside on the Nifty. He said that 4,327 mark for the Nifty is a very crucial level. "If Nifty were to stay above that on a closing basis on a persistent basis then we can expect further upside."According to him, between 4,450 and 4,469 is another resistance level. He feels now this band would be 4,300 to 4,475, or 4,500 at best.
Bose expects some kind of consolidation, especially after a vertical move of about 700 points. "So we require some kind of consolidation, and possibly, in that consolidation unless we see 4,549 not being crossed decisively by the spot Nifty, then maybe that support at 4,327 might be broken."
Source: Moneycontrol.com
Friday, May 15, 2009
How votes will be counted on Saturday
All eyes are on Saturday's vote count. A glance at the arrangements the Election Commission has made for the mammoth exercise across the country:* Total counting centres: 1,080
* Total counting halls: 4,260
* Counting staff deployed: approximately 60,000
Secure arrangements for counting agents of candidates to witness the counting procedure.
* A micro-observer at every table
Random checking of electronic voting machines (EVMs) by recounting of two counted machines after every round by micro-observers.
* Proceedings in the counting hall shall be video-graphed.
* Tabulated data to be verified by observers.
* Each counting centre has one counting hall for every segment of the constituency, one data centre and one media centre.
* The result sheet from each counting hall after the end of every round shall be sent to data centre and the media centre simultaneously.
Source: Moneycontrol.com
Sunday, May 10, 2009
World's 8 Biggest Stock Exchanges
You either make or break your fortune in stock markets, it is said. And rightly so. While we often get to hear of men turning paupers overnight when the stock markets crash, tales of people like Warren Buffett and Rakesh Jhunjhunwala inspire us to dream big.
Here we present information about the world's eight biggest stock markets. They have not been ranked. Read on...
1. New York Stock Exchange: $21.79 trillion share trades
The New York Stock Exchange (NYSE) is nicknamed the 'Big Board'. This is the largest stock exchange in the world by dollar volume with 2,764 listed securities. It has the second most securities of all stock exchanges.
The NYSE originated on May 17, 1792. On that day, the Buttonwood Agreement was signed by 24 stock brokers outside New York's 68 Wall Street under a buttonwood tree.
The first office of NYSE was a room at 40 Wall Street rented for $200 a month. NYSE was gutted in the Great Fire of New York in 1835 and reconstructed soon after. In 1865, it moved to 10-12 Broad Street.
2. NASDAQ: $11.81 trillion share trades
The NASDAQ is the acronym for National Association of Securities Dealers Automated Quotation System. An American stock exchange, NASDAQ is the largest electronic screen-based equit
y securities trading market in the US.
It is owned and operated by the NASDAQ OMX Group.
With about 3,200 companies in its ambit, NASDAQ has more trading volume per day than any other stock exchange.
NASDAQ came into being in 1971 by the National Association of Securities Dealers. The latter divested themselves of it in a series of sales in 2000 and 2001.
NASDAQ was the successor to the over-the-counter (OTC) and the 'Curb Exchange' systems of trading. As late as 1987, the NASDAQ exchange was commonly referred to as the OTC.
3. The London Stock Exchange: $7.57 trillion share trades
London Stock Exchange, or LSE, is located in London, England. It is part of the London Stock Exchange Group plc.
At present, it is situated in Paternoster Square close to St Paul's Cathedral in the City of London. One of the largest stock exchanges in the world, LSE was founded in 1801.
The trade in shares in London began with the need to finance two voyages: The Muscovy Company's attempt to reach China via the White Sea north of Russia, and the East India Company voyage to India and the east.
Unable to finance these costly journeys, the companies raised the money by selling shares to merchants, giving them a right to a portion of any profits eventually made.
4. Tokyo Stock Exchange: $5.82 trillion share trades
The Tokyo Stock Exchange, or TSE, located in Tokyo, Japan, is the second largest stock exchange in the world by market value, second to the New York Stock Exchange, but 4th in terms of worth of shares traded.
It currently lists 2,271 domestic companies and 31 foreign companies.
The Tokyo Stock Exchange was established on May 15, 1878, as the Tokyo Kabushiki Torihikijo under the direction of then Finance Minister Okuma Shigenobu and capitalist advocate Shibusawa Eiichi. Trading began on June 1, 1878.
In 1943, the exchange was combined with 10 other stock exchanges in major Japanese cities to form a single Japanese Stock Exchange. The combined exchange was shut down and reorganised shortly after the bombing of Nagasaki.
5. Euronext: $3.85 trillion share trades
Euronext N.V. is a pan-European stock exchange based in Paris with subsidiaries in Belgiu
m, France, Netherlands, Luxembourg, Portugal and the United Kingdom.
In addition to equities and derivatives markets, the Euronext group provides clearing and information services.
Not too long ago, Euronext merged with NYSE Group to form NYSE Euronext, the 'first global stock exchange'.
Euronext was formed on September 22, 2000 in a merger of the Amsterdam Stock Exchange, Brussels Stock Exchange, and Paris Bourse.
In December 2001, Euronext acquired the shares of the London International Financial Futures and Options Exchange, which continues to operate under its own governance.
6. Deutsche Borse: $2.74 trillion share trades
Deutsche Borse AG is a marketplace organiser for the trading of shares and other securities. It also is a transaction services provider. It gives companies and investors access to global capital markets.
Deutsche Borse was founded in 1992. The headquarters are in Frankfurt, Germany.
More than 3,200 employees of the exchange serve customers in Europe, the US and Asia. Deutsche Borse has locations in Germany, Luxembourg, Switzerland, Czech Republic and Spain, as well as representative offices in London, Paris, Chicago, New York, Hong Kong, and Dubai.
FWB Frankfurter Wertpapierborse (Frankfurt Stock Exchange), is one of the world's largest trading centers for securities. With a share in turnover of around 90 per cent, it is the largest of the German stock exchanges.
Deutsche Borse AG operates the Frankfurt Stock Exchange.
In 2001, Deutsche B�rse tried to merge with the London Stock Exchange, followed in 2006 by a takeover bid, both rejected by LSE.
7. Borsa Italiana: $1.59 trillion share trades
The Borsa Italiana S.p. A., based in Milan, is Italy's main stock exchange. It was privatised in 1997, and was acquired by the London Stock Exchange in October 2007.
Borsa Italiana has managing responsibility for Italy's derivatives markets and its fixed income market.
Milan's Borsa di Commercio (Commodities Exchange) opened under a vice-royal decree on 16 January 1808 and it operated under public ownership until 1998.
It was sold to a consortium of banks, and operated under a S.p. A. holding company between January 2, 1998 and an all-share takeover by the London Stock Exchange on October 1, 2007.
8. SWX Swiss Exchange: $1.40 trillion share trades
SWX Swiss Exchange is Switzerland's stock exchange, based in Zurich.
The main stock market index for the SWX Swiss Exchange is the SMI. The index consists
of the 20 most significant equity-securities based on the free float market capitalisation.
The exchange also trades other securities such as Swiss government bonds and derivatives such as stock options.
The SWX is the first stock exchange in the world to incorporate a fully automated tradingsystem in 1995..
The SWX is the joint owners of the Eurex, world's largest futures and derivatives exchange along with their German partners Deutsche Borse. In July 2004, the Swiss Stock Exchange rejected a proposal of merger from the German company.
In September 2006, the Swiss Market Index crossed its previous all time high set nearly eight years ago.
Source: specials.rediff.com
Here we present information about the world's eight biggest stock markets. They have not been ranked. Read on...
1. New York Stock Exchange: $21.79 trillion share trades
The New York Stock Exchange (NYSE) is nicknamed the 'Big Board'. This is the largest stock exchange in the world by dollar volume with 2,764 listed securities. It has the second most securities of all stock exchanges.
The NYSE originated on May 17, 1792. On that day, the Buttonwood Agreement was signed by 24 stock brokers outside New York's 68 Wall Street under a buttonwood tree.
The first office of NYSE was a room at 40 Wall Street rented for $200 a month. NYSE was gutted in the Great Fire of New York in 1835 and reconstructed soon after. In 1865, it moved to 10-12 Broad Street.
2. NASDAQ: $11.81 trillion share trades
The NASDAQ is the acronym for National Association of Securities Dealers Automated Quotation System. An American stock exchange, NASDAQ is the largest electronic screen-based equit
y securities trading market in the US.It is owned and operated by the NASDAQ OMX Group.
With about 3,200 companies in its ambit, NASDAQ has more trading volume per day than any other stock exchange.
NASDAQ came into being in 1971 by the National Association of Securities Dealers. The latter divested themselves of it in a series of sales in 2000 and 2001.
NASDAQ was the successor to the over-the-counter (OTC) and the 'Curb Exchange' systems of trading. As late as 1987, the NASDAQ exchange was commonly referred to as the OTC.
3. The London Stock Exchange: $7.57 trillion share trades
London Stock Exchange, or LSE, is located in London, England. It is part of the London Stock Exchange Group plc.
At present, it is situated in Paternoster Square close to St Paul's Cathedral in the City of London. One of the largest stock exchanges in the world, LSE was founded in 1801.
The trade in shares in London began with the need to finance two voyages: The Muscovy Company's attempt to reach China via the White Sea north of Russia, and the East India Company voyage to India and the east.
Unable to finance these costly journeys, the companies raised the money by selling shares to merchants, giving them a right to a portion of any profits eventually made.
4. Tokyo Stock Exchange: $5.82 trillion share trades
The Tokyo Stock Exchange, or TSE, located in Tokyo, Japan, is the second largest stock exchange in the world by market value, second to the New York Stock Exchange, but 4th in terms of worth of shares traded.
It currently lists 2,271 domestic companies and 31 foreign companies.
The Tokyo Stock Exchange was established on May 15, 1878, as the Tokyo Kabushiki Torihikijo under the direction of then Finance Minister Okuma Shigenobu and capitalist advocate Shibusawa Eiichi. Trading began on June 1, 1878.
In 1943, the exchange was combined with 10 other stock exchanges in major Japanese cities to form a single Japanese Stock Exchange. The combined exchange was shut down and reorganised shortly after the bombing of Nagasaki.
5. Euronext: $3.85 trillion share trades
Euronext N.V. is a pan-European stock exchange based in Paris with subsidiaries in Belgiu
m, France, Netherlands, Luxembourg, Portugal and the United Kingdom.In addition to equities and derivatives markets, the Euronext group provides clearing and information services.
Not too long ago, Euronext merged with NYSE Group to form NYSE Euronext, the 'first global stock exchange'.
Euronext was formed on September 22, 2000 in a merger of the Amsterdam Stock Exchange, Brussels Stock Exchange, and Paris Bourse.
In December 2001, Euronext acquired the shares of the London International Financial Futures and Options Exchange, which continues to operate under its own governance.
6. Deutsche Borse: $2.74 trillion share trades
Deutsche Borse AG is a marketplace organiser for the trading of shares and other securities. It also is a transaction services provider. It gives companies and investors access to global capital markets.
Deutsche Borse was founded in 1992. The headquarters are in Frankfurt, Germany.
More than 3,200 employees of the exchange serve customers in Europe, the US and Asia. Deutsche Borse has locations in Germany, Luxembourg, Switzerland, Czech Republic and Spain, as well as representative offices in London, Paris, Chicago, New York, Hong Kong, and Dubai.
FWB Frankfurter Wertpapierborse (Frankfurt Stock Exchange), is one of the world's largest trading centers for securities. With a share in turnover of around 90 per cent, it is the largest of the German stock exchanges.
Deutsche Borse AG operates the Frankfurt Stock Exchange.
In 2001, Deutsche B�rse tried to merge with the London Stock Exchange, followed in 2006 by a takeover bid, both rejected by LSE.
7. Borsa Italiana: $1.59 trillion share trades
The Borsa Italiana S.p. A., based in Milan, is Italy's main stock exchange. It was privatised in 1997, and was acquired by the London Stock Exchange in October 2007.
Borsa Italiana has managing responsibility for Italy's derivatives markets and its fixed income market.
Milan's Borsa di Commercio (Commodities Exchange) opened under a vice-royal decree on 16 January 1808 and it operated under public ownership until 1998.
It was sold to a consortium of banks, and operated under a S.p. A. holding company between January 2, 1998 and an all-share takeover by the London Stock Exchange on October 1, 2007.
8. SWX Swiss Exchange: $1.40 trillion share trades
SWX Swiss Exchange is Switzerland's stock exchange, based in Zurich.
The main stock market index for the SWX Swiss Exchange is the SMI. The index consists
of the 20 most significant equity-securities based on the free float market capitalisation.The exchange also trades other securities such as Swiss government bonds and derivatives such as stock options.
The SWX is the first stock exchange in the world to incorporate a fully automated tradingsystem in 1995..
The SWX is the joint owners of the Eurex, world's largest futures and derivatives exchange along with their German partners Deutsche Borse. In July 2004, the Swiss Stock Exchange rejected a proposal of merger from the German company.
In September 2006, the Swiss Market Index crossed its previous all time high set nearly eight years ago.
Source: specials.rediff.com
Wednesday, February 11, 2009
EdServ IPO subscribed 1.30 times
The IPO of EdServ Softsystems has received 51,49,000 bids as against issue size of 39,73,908 shares and got subscribed 1.30 times, as per NSE website data.
Qualified institutional, non-institutional and retail investors have helped the issue to get subscribed fully.
EdServ Softsystems, an e-learning company, had opened for subscription on February 5, 2009 with an initial public offering of 39.7 lakh equity shares of Rs 10 each. The shares are proposed to be listed on the BSE and NSE.
The price band for the issue is fixed between Rs 55 and Rs 60.
Source: Moneycontrol.com
Qualified institutional, non-institutional and retail investors have helped the issue to get subscribed fully.
EdServ Softsystems, an e-learning company, had opened for subscription on February 5, 2009 with an initial public offering of 39.7 lakh equity shares of Rs 10 each. The shares are proposed to be listed on the BSE and NSE.
The price band for the issue is fixed between Rs 55 and Rs 60.
Source: Moneycontrol.com
Gemini Engi Fab withdraws IPO
Mumbai-based Gemini Engi Fab has called off its initial public offer on Monday, a day before its scheduled opening.
The Rs 44-crore issue was slated to open on Tuesday and close on Friday.
Poor response from qualified institutional buyers (QIB) is the main reason cited by he merchant banker for the cancellation of the issue.
Even a week ago, company officials and merchant bankers to the issue were confident that the issue would go through smoothly despite current dull market conditions. "It looks like as if the markets have stabilised at the moment and we have also priced the issue at a very decent level," Mr Sharad Rathi, Head-Marketing and Origination (Investment Banking), Almondz Global Securities (BRLM to the issue), had said at a press conference announcing the details of the issue last week.
The company had earlier postponed the issue by a month and a half and the price band was reduced substantially. "In the initial stages, QIBs showed interest in the IPO but now with the market tanking again they have backed out and they expect the markets to sink further," said an official with the merchant banker. He said that the company will enter the market at a later stage when things look better.
The company planned to issue 55 lakh equity shares at a price between Rs 75 and Rs 80.
The proceeds from the issue were to be used to part-finance the company's expansion plan of setting up a manufacturing workshop at Umbergaon in Gujarat. The proceeds were also to be utilised for the company's general corporate and issue expenses.
Up to 50 per cent of the issue was reserved for qualified institutional buyers, 35 per cent for retail investors and 15 per cent for non-institutional investors.
EdServ on
Meanwhile, EdServ another company which announced its IPO said that it would go ahead with its issue which is scheduled to open on Friday. The company has good QIB support and the retail interest is also good. As of now the IPO is on, said an official with the merchant banker to the issue.
Market conditions have not changed, they are the same what they were a few months ago. Investors are still wary about investing in the primary market, said Mr Prithvi Haldea, Managing Director of Prime Database.
There has not been an IPO since last October. Gemini Engi-Fab would have been the first issue to hit the market in four months, reports The Hindu Business Line.
Source: Moneycontrol.com
The Rs 44-crore issue was slated to open on Tuesday and close on Friday.
Poor response from qualified institutional buyers (QIB) is the main reason cited by he merchant banker for the cancellation of the issue.
Even a week ago, company officials and merchant bankers to the issue were confident that the issue would go through smoothly despite current dull market conditions. "It looks like as if the markets have stabilised at the moment and we have also priced the issue at a very decent level," Mr Sharad Rathi, Head-Marketing and Origination (Investment Banking), Almondz Global Securities (BRLM to the issue), had said at a press conference announcing the details of the issue last week.
The company had earlier postponed the issue by a month and a half and the price band was reduced substantially. "In the initial stages, QIBs showed interest in the IPO but now with the market tanking again they have backed out and they expect the markets to sink further," said an official with the merchant banker. He said that the company will enter the market at a later stage when things look better.
The company planned to issue 55 lakh equity shares at a price between Rs 75 and Rs 80.
The proceeds from the issue were to be used to part-finance the company's expansion plan of setting up a manufacturing workshop at Umbergaon in Gujarat. The proceeds were also to be utilised for the company's general corporate and issue expenses.
Up to 50 per cent of the issue was reserved for qualified institutional buyers, 35 per cent for retail investors and 15 per cent for non-institutional investors.
EdServ on
Meanwhile, EdServ another company which announced its IPO said that it would go ahead with its issue which is scheduled to open on Friday. The company has good QIB support and the retail interest is also good. As of now the IPO is on, said an official with the merchant banker to the issue.
Market conditions have not changed, they are the same what they were a few months ago. Investors are still wary about investing in the primary market, said Mr Prithvi Haldea, Managing Director of Prime Database.
There has not been an IPO since last October. Gemini Engi-Fab would have been the first issue to hit the market in four months, reports The Hindu Business Line.
Source: Moneycontrol.com
Wednesday, February 4, 2009
Ambanis up on Forbes' richest CEO list, Mittal slips
They have lost more than USD 13 billion from their combined wealth, but still the two Ambani brothers have moved higher on Forbes' latest list of the world's ten richest CEOs, while Sunil Mittal has joined the league and Lakshmi Mittal has slipped two places.
Legendary American investor Warren Buffett has retained his top position on the annual list, but Indian-born steel tycoon Lakshmi Mittal has been toppled from his last year's second position by software major Oracle chief Larry Ellison.
Mittal has moved down to fourth position, while Mukesh Ambani, the elder of the two warring brothers, has jumped three positions to grab third rank this year.
The younger Ambani, Anil, has also moved up one place to sixth rank on this year's 'Forbes list of ten wealthiest CEOs'.
While another Indian business chief, Azim Premji, has moved out of the top-ten list, compatriot Sunil Mittal of Bharti Airtel has joined the league at ninth position.
IT major Wipro Chairman Premji was ranked ninth on the previous year's list. The total number of Indians on the list has remained unchanged at four on this year's list.
"Being a CEO isn't what it used to be. Crackdowns on corporate frills like private jets and over-the-top offices have become the norm, taking some of the fun -- but none of the stress -- out of running billion-dollar businesses," Forbes said.
Source: Yahoo.com
Legendary American investor Warren Buffett has retained his top position on the annual list, but Indian-born steel tycoon Lakshmi Mittal has been toppled from his last year's second position by software major Oracle chief Larry Ellison.
Mittal has moved down to fourth position, while Mukesh Ambani, the elder of the two warring brothers, has jumped three positions to grab third rank this year.
The younger Ambani, Anil, has also moved up one place to sixth rank on this year's 'Forbes list of ten wealthiest CEOs'.
While another Indian business chief, Azim Premji, has moved out of the top-ten list, compatriot Sunil Mittal of Bharti Airtel has joined the league at ninth position.
IT major Wipro Chairman Premji was ranked ninth on the previous year's list. The total number of Indians on the list has remained unchanged at four on this year's list.
"Being a CEO isn't what it used to be. Crackdowns on corporate frills like private jets and over-the-top offices have become the norm, taking some of the fun -- but none of the stress -- out of running billion-dollar businesses," Forbes said.
Source: Yahoo.com
Sunday, February 1, 2009
Gemini Engi-Fab IPO opens on Feb 3
Gemini Engi-Fab is engaged in manufacturing and salvaging of process equipments through fabrication for various process industries namely, cement, dairy, refinery, pharmaceutical, petrochemical, power and chemical. Fabrication is building of machines, structures, or process equipment as required, by cutting, shaping and assembling components made from raw materials.
The company is an ISO 9001: 2000 certified company. In the year 2003, this certificate was awarded to design, manufacture and supply fabricated process equipments for food, dairy, cement, refinery, nuclear power projects, power projects & chemical projects on turnkey & salvaging basis.
The company proposes a public issue of 55 lakh equity shares of Rs 10 each for cash, which would constitute 46.40% of the fully diluted post issue paid-up capital of the company.
The issue will open on February 3, 2009 and close on February 6, 2009, with a price band of Rs 75 to Rs 80 per equity share.
The company will be raising around Rs 41.25-44 crore from this issue and will be using for setting up of a manufacturing workshop a Umbergaon, Gujarat.
CARE has assigned IPO grade 2 to this issue. Equity shares will be listed on the BSE and NSE.
Book running lead manager to the issue is Almondz Global Securities Limited and Karvy Computershare Private Limited is the registrar to the issue.
Courtesy: Moneycontrol.com
The company is an ISO 9001: 2000 certified company. In the year 2003, this certificate was awarded to design, manufacture and supply fabricated process equipments for food, dairy, cement, refinery, nuclear power projects, power projects & chemical projects on turnkey & salvaging basis.
The company proposes a public issue of 55 lakh equity shares of Rs 10 each for cash, which would constitute 46.40% of the fully diluted post issue paid-up capital of the company.
The issue will open on February 3, 2009 and close on February 6, 2009, with a price band of Rs 75 to Rs 80 per equity share.
The company will be raising around Rs 41.25-44 crore from this issue and will be using for setting up of a manufacturing workshop a Umbergaon, Gujarat.
CARE has assigned IPO grade 2 to this issue. Equity shares will be listed on the BSE and NSE.
Book running lead manager to the issue is Almondz Global Securities Limited and Karvy Computershare Private Limited is the registrar to the issue.
Courtesy: Moneycontrol.com
EdServ Softsystems plans IPO
EdServ Softsystems, an e-learning company, would be tapping the capital market with an initial public offering of 39.7 lakh equity shares of Rs 10 each. The shares are proposed to be listed on the BSE and NSE. The price will be decided through 100 per cent book-building process.
The price band for the issue is fixed between Rs 55 and Rs 60. Issue will open on February 5 and will close on February 9. The company plans to raise between Rs 23.8 crore and Rs 21.8 crore.
Post issue, the founder stake would come down to 29.5 per cent from 44.06 per cent, while Kalpathi Investments Pvt Ltd’s stake would be reduced to 31.08 per cent stake (46.46 per cent).
The earnings from the issue will be used for developing the copyrighted D2j content by HEADS Learning (HEAL) architecture, financing the cost for establishing the HEAL Lab to develop, test install, connect and implement D2J across all its HEAD offices and also to expand their HEADS offices across the country.
It will use the proceeds to fund its other expansion plans as well.
Qualified institutional buyers will be allotted 50 per cent of the issue, 15 per cent to non-institutional investors and the remaining 35 per cent will be allocated to retail investors. The company has reserved 2 lakh shares for employees.
The book running lead managers for the issue are Keynote Corporate Services and Ashika Capital, reports The Hindu Business Line.
Courtesy: Moneycontrol.com
The price band for the issue is fixed between Rs 55 and Rs 60. Issue will open on February 5 and will close on February 9. The company plans to raise between Rs 23.8 crore and Rs 21.8 crore.
Post issue, the founder stake would come down to 29.5 per cent from 44.06 per cent, while Kalpathi Investments Pvt Ltd’s stake would be reduced to 31.08 per cent stake (46.46 per cent).
The earnings from the issue will be used for developing the copyrighted D2j content by HEADS Learning (HEAL) architecture, financing the cost for establishing the HEAL Lab to develop, test install, connect and implement D2J across all its HEAD offices and also to expand their HEADS offices across the country.
It will use the proceeds to fund its other expansion plans as well.
Qualified institutional buyers will be allotted 50 per cent of the issue, 15 per cent to non-institutional investors and the remaining 35 per cent will be allocated to retail investors. The company has reserved 2 lakh shares for employees.
The book running lead managers for the issue are Keynote Corporate Services and Ashika Capital, reports The Hindu Business Line.
Courtesy: Moneycontrol.com
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