The Chennai-based discount retail chain Subhiksha Trading Services said that it would announce its initial public offering (IPO) this year.
Mr R Subramanian, Managing Director, said, “We will announce the IPO this year. In fact, I would be very surprised if that doesn’t happen this year. However, I will restrain from putting a time limit of say three months or six months to it.”
According to earlier reports, Subhiksha had planned its IPO by the second half of 2007, as soon as it completed 1,000 stores across the country. Mr Subramanian said, “We were supposed to float the IPO after we completed 1,000 stores. However, today we are well above that mark and about to touch the 1,400-1,500 store mark by March, and are still well stacked in terms of finances.”
He said the company was still evaluating market conditions with a team of its in-house venture capitalists, consultants and accountants, all of whom are members of the company’s board of directors. Mr Subramanian had earlier said that the IPO was more for the purposes of listing than raising money for expansion. He had said, “We want the IPO to give liquidity to shareholders.”
Subhiksha is a discount format modern trade organisation that operates through four verticals — fruits and vegetables, pharmaceuticals, FMCG and telecom. Its direct supply arrangements with manufacturers help it reduce the supply-chain costs, in turn helping it keep prices of all products much lower than the market levels.
The company was formed in 1997 in Chennai, and currently operates over 1,000 outlets across 90 cities. ICICI Venture Capital holds 24 per cent in the chain, reports The Hindu Business Line.
Source: Moneycontrol.com
Sunday, January 6, 2008
Friday, January 4, 2008
First project to go onstream in 2009: Anil Ambani
Reliance Power today filed the red herring prospectus (RHP) with the Registrar of Companies, Maharshtra, Mumbai (ROC), for its proposed initial public offering (IPO). Reliance Power has fixed the price band for the IPO at Rs 405 - 450 per share.
Anil Ambani, Chairman of Reliance ADAG told CNBC-TV18 that February is going to be a great month as they plan to list Reliance Power. He added that first project will go onstream in 2009 and cash flows will start post that. He also said that Reliance power has around 28,000 MW projects in hand.
Excerpts from the exclusive interview with Anil Ambani:
Q: Only in terms of the issue proceeds that will be used for the power project, in the DRHP you had written about Rs 6,000 crore will be used for the six power projects, and in the RHP it was increased to Rs 8,000 crore, why did you have to increase it?
A: At the draft stage as you are familiar, there were no price indications, so people did their own calculations. The final proceeds are in the Rs 405 to Rs 450 price range.
Q: The total six projects that you have mentioned in your prospectus, the cost is about Rs 31,000 crore and the issue proceeds as you said is like Rs 8,000 crore or a little more. Rs 23,000 would be possibly debt. Is all of it tied-up? If it is, what is the approximate cost?
A: Yes, I think that what we have is the lines of credit approval from the various axiom banks of the world from where we are sourcing equipment on a global basis. We have a large number of Indian and foreign banks who have extended credit facilities to us, and we believe that there is absolutely no challenge in achieving financial closure, because we have gone on a competitive, tariff based bidding, and if you take the Sasan UMPP, it is backed up with state government guarantees, letters of credit, escrow.
So, it is probably a very firm basis of security for the lenders. Reliance Energy brings itself both the Mumbai and the Delhi distribution where we are dependent on close to 6 million customers. And it is unlikely that all 6 million people are going to default on the same day. So, it is a whole package of risk management that we have put together.
Q: But when do you think you will be cash positive in Reliance Power? When will you start generating cash?
A: We are talking about the first project to go onstream in 2009 and cash flows will start post that.
Q: 40% of the projects require gas. You should have some idea of how your agreement is going because the court had given you a deadline of February to come to some negotiation. Do you think you can update us on whether that gap is in place, and the agreement is in place by then?
A: As I said in the media conference that directionally speaking, it is now established that there is more gas both for India as a country and for Reliance Industries. That is at one level.
Two is, all gas producers really require strong credit worthy customers who are ready to pay for the gas, take large quantities of gas and convert it into world class power assets, which is what Reliance Power is about to get into. I am quite confident that we will have a win-win solution coming out of this.
Q: So February could be a great month in terms of this agreement?
A: We don’t know, February is going to be a great month as we plan to list Reliance Power.
Q: Coming to those six projects that this IPO will fund, for the balance 7 projects the cost comes to something like Rs 25,000-95,000 crore. Assuming again a 20% equity you have to be bringing in close to Rs 15,000-20,000 crore by way of equity, would we see another Reliance Power follow on Public issue?
A: We do not see any reason, as we go into this today to think about fund raising for the future. But as you will appreciate that we are just selling - rounding off a number of close to 10% of the company. 90% still belongs to the promoters. So, we have enough firepower to fund our future growth as and when it may be necessary into the future. But there is nothing that is in the visibility arena right now for me to say, this is going to happen in the next quarter. It doesn’t look like that.
Q: Finance is not an issue, like you have clarified, but execution risks for power projects stares in the face for every power company that has come, Enron-Dabhol, example can go on and on?
A: I personally think that if you look at the Enron-Dabhol issue, it is not an execution issue. It is an issue of the price of power and the types of agreements. It is a completely different example and I think that as more and more private sector gets involved and you look at the string of announcements after Reliance Power that the private sector is talking about investing in the power sector, that enthuses me a lot, because there will be far more talent that will be available. People will be more conscious. And as I said in my comments that there was Roti, Kapda aur Makaan, now there is Roti, Kapda, Makaan and Mobile, and now there is going to be Power. I don’t think 1 billion people in India can do without power. And high quality, low cost, reliable power is what I think India needs.
Q: What percentage of your power is competitive bidding, because only there you have unlimited profit potential?
A: I think that the way to look at it is a very small proportion as 28,000 mw is based on a cost plus regime.
Q: Now that you have taken out all the major lucrative, competitive power projects into Reliance Power, what is left in Reliance Energy? Wouldn’t it become a mere holding company and therefore in future get holding company discounting?
A: I think that when you look at Reliance Energy, it was trading at under Rs 500 and it has been the best performing Sensex stock of 2007. The writing is on the wall. Investors usually know more than you and me combined, and the future potential of Reliance Energy is outstanding.
Source: Moneycontrol.com
Anil Ambani, Chairman of Reliance ADAG told CNBC-TV18 that February is going to be a great month as they plan to list Reliance Power. He added that first project will go onstream in 2009 and cash flows will start post that. He also said that Reliance power has around 28,000 MW projects in hand.
Excerpts from the exclusive interview with Anil Ambani:
Q: Only in terms of the issue proceeds that will be used for the power project, in the DRHP you had written about Rs 6,000 crore will be used for the six power projects, and in the RHP it was increased to Rs 8,000 crore, why did you have to increase it?
A: At the draft stage as you are familiar, there were no price indications, so people did their own calculations. The final proceeds are in the Rs 405 to Rs 450 price range.
Q: The total six projects that you have mentioned in your prospectus, the cost is about Rs 31,000 crore and the issue proceeds as you said is like Rs 8,000 crore or a little more. Rs 23,000 would be possibly debt. Is all of it tied-up? If it is, what is the approximate cost?
A: Yes, I think that what we have is the lines of credit approval from the various axiom banks of the world from where we are sourcing equipment on a global basis. We have a large number of Indian and foreign banks who have extended credit facilities to us, and we believe that there is absolutely no challenge in achieving financial closure, because we have gone on a competitive, tariff based bidding, and if you take the Sasan UMPP, it is backed up with state government guarantees, letters of credit, escrow.
So, it is probably a very firm basis of security for the lenders. Reliance Energy brings itself both the Mumbai and the Delhi distribution where we are dependent on close to 6 million customers. And it is unlikely that all 6 million people are going to default on the same day. So, it is a whole package of risk management that we have put together.
Q: But when do you think you will be cash positive in Reliance Power? When will you start generating cash?
A: We are talking about the first project to go onstream in 2009 and cash flows will start post that.
Q: 40% of the projects require gas. You should have some idea of how your agreement is going because the court had given you a deadline of February to come to some negotiation. Do you think you can update us on whether that gap is in place, and the agreement is in place by then?
A: As I said in the media conference that directionally speaking, it is now established that there is more gas both for India as a country and for Reliance Industries. That is at one level.
Two is, all gas producers really require strong credit worthy customers who are ready to pay for the gas, take large quantities of gas and convert it into world class power assets, which is what Reliance Power is about to get into. I am quite confident that we will have a win-win solution coming out of this.
Q: So February could be a great month in terms of this agreement?
A: We don’t know, February is going to be a great month as we plan to list Reliance Power.
Q: Coming to those six projects that this IPO will fund, for the balance 7 projects the cost comes to something like Rs 25,000-95,000 crore. Assuming again a 20% equity you have to be bringing in close to Rs 15,000-20,000 crore by way of equity, would we see another Reliance Power follow on Public issue?
A: We do not see any reason, as we go into this today to think about fund raising for the future. But as you will appreciate that we are just selling - rounding off a number of close to 10% of the company. 90% still belongs to the promoters. So, we have enough firepower to fund our future growth as and when it may be necessary into the future. But there is nothing that is in the visibility arena right now for me to say, this is going to happen in the next quarter. It doesn’t look like that.
Q: Finance is not an issue, like you have clarified, but execution risks for power projects stares in the face for every power company that has come, Enron-Dabhol, example can go on and on?
A: I personally think that if you look at the Enron-Dabhol issue, it is not an execution issue. It is an issue of the price of power and the types of agreements. It is a completely different example and I think that as more and more private sector gets involved and you look at the string of announcements after Reliance Power that the private sector is talking about investing in the power sector, that enthuses me a lot, because there will be far more talent that will be available. People will be more conscious. And as I said in my comments that there was Roti, Kapda aur Makaan, now there is Roti, Kapda, Makaan and Mobile, and now there is going to be Power. I don’t think 1 billion people in India can do without power. And high quality, low cost, reliable power is what I think India needs.
Q: What percentage of your power is competitive bidding, because only there you have unlimited profit potential?
A: I think that the way to look at it is a very small proportion as 28,000 mw is based on a cost plus regime.
Q: Now that you have taken out all the major lucrative, competitive power projects into Reliance Power, what is left in Reliance Energy? Wouldn’t it become a mere holding company and therefore in future get holding company discounting?
A: I think that when you look at Reliance Energy, it was trading at under Rs 500 and it has been the best performing Sensex stock of 2007. The writing is on the wall. Investors usually know more than you and me combined, and the future potential of Reliance Energy is outstanding.
Source: Moneycontrol.com
Thursday, January 3, 2008
Burnpur Cement V/S BGR Energy - The RICH One?
How Burnpur Cem made investors RICH than BGR Energy?
It was a splendid day for BGR Energy and Burnpur Cement; both have outperformed analysts’ expectations by getting bumper listing. Burnpur Cement, one of the established cement manufacturers of Eastern India, has garnered nearly Rs 27 crore whereas BGR Energy, a supplier of systems and equipment for the power, oil & gas, refinery, petrochemical and process industries, mopped up more than Rs 438 crore from the primary markets.
BGR Energy got subscribed 120 times, which was significantly higher as compared to other issues. The reason is that the company is in engineering sector where it supplies equipment for power, refinery sectors. The sector is hot favourite among the investors. However, Burnpur Cement was subscribed just 14.79 times.
Burnpur Cement closed the day at Rs 49.70, with a gain of 314.17% over its offer price of Rs 12 per share and BGR Energy Systems at Rs 902, up 87.92% over its offer price of Rs 480 per share on the NSE.
Such a fantastic listing heightened the market cap of the companies, but does this sharp upmove in stocks make retail investors happy? Lets check with an hypothetical example.
It is a theoretical example. If a person has invested Rs 1,00,000 in the BGR Energy, he would have applied for 208.33 shares. But because of huge oversubscription of 46.92 in the retail segment, the person would get only 4.44 shares in allotment. So the profit for the day one was around Rs 422 per share (Difference between close price and issue price), so in total the investor makes a profit of Rs 1,873.68 (Rs 422 * 4.44 shares).
In case of Burnpur Cement, if a person invested Rs 1,00,000 he would have applied for 8333.33 shares, he would get 537.29 shares in allotment as the retail’s portion was subscribed by 15.51 times only. The profit from this is Rs 37.7 per share, so total profit comes to Rs 20,255.74 (Rs 37.7 * 537.29 shares) on an investment of Rs 1,00,000.
After this comparison, a retail investor, who had invested Rs 1 lakh, earned more money in Burnpur Cement than BGR Energy. It means a person received more than 10 times profit in Burnpur Cement as compared to profit made in BGR Energy on the listing day.
Note: This is just a theoretical example. It is assumed that the number of shares applied or alloted are in fractions and not the minimum quantity as fixed by the company. So actually, there might be some difference in quantity of shares alloted to individuals. This is just to bring out the fact that though it may appear that a retail investor in BGR Energy would have made a windfall has actually performed worse than an investor who applied for Burnpur Cement.
Source: Moneycontrol.com
BGR Energy Systems ends with 88% premium
BGR Energy Systems, a supplier of systems and equipment for the power, oil & gas, refinery, petrochemical and process industries, has closed at Rs 902, up 87.92% over its offer price of Rs 480 per share. The stock has hit a high of Rs 922.70 and remained above Rs 900 for most part of the day on the NSE.
The turnover was at Rs 740 crore and it traded with volumes of 82,29,039 shares.
BG Raghupathy, CMD, BGR Energy Systems informed CNBC-TV18 that the company has a total order book of Rs 3300 crore on January 1. Its export order book Rs 490 crore, he added. For the next two months, exports will be Rs 200 crore, he said. The company will focus more on power projects and oil & gas business, he said.
Raghupathy reminded that last year, the company’s revenues were at Rs 500 crore. This, BGR Energy Systems has crossed in the first two quarters this year, he added.
On the BSE, the share opened at Rs 801 and touched a high of Rs 940 in early trade. It closed at Rs 901.30, with volumes of 43,74,390 shares.
The company had entered capital market with a public issue of 91.36 lakh equity shares of Rs 10 each. The price band was at Rs 425 to Rs 480 per equity share. The issue was subscribed 119.54 times.
The company proposes to utilize the net proceeds of the issue to augment long term working capital requirements, expand production capacity by establishing additional manufacturing facilities in India, China and the Middle East and fund expenditure for general corporate purposes.
Source: Moneycontrol.com
The turnover was at Rs 740 crore and it traded with volumes of 82,29,039 shares.
BG Raghupathy, CMD, BGR Energy Systems informed CNBC-TV18 that the company has a total order book of Rs 3300 crore on January 1. Its export order book Rs 490 crore, he added. For the next two months, exports will be Rs 200 crore, he said. The company will focus more on power projects and oil & gas business, he said.
Raghupathy reminded that last year, the company’s revenues were at Rs 500 crore. This, BGR Energy Systems has crossed in the first two quarters this year, he added.
On the BSE, the share opened at Rs 801 and touched a high of Rs 940 in early trade. It closed at Rs 901.30, with volumes of 43,74,390 shares.
The company had entered capital market with a public issue of 91.36 lakh equity shares of Rs 10 each. The price band was at Rs 425 to Rs 480 per equity share. The issue was subscribed 119.54 times.
The company proposes to utilize the net proceeds of the issue to augment long term working capital requirements, expand production capacity by establishing additional manufacturing facilities in India, China and the Middle East and fund expenditure for general corporate purposes.
Source: Moneycontrol.com
Burnpur Cement closes with 314% premium
Burnpur Cement (BCL), one of the established cement manufacturers of Eastern India, has got fantastic listing today, has ended the day at Rs 49.70, up 314.17% over its offer price of Rs 12 per share. It had opened at Rs 15 and touched an intraday high of Rs 50.50 (a jump of 320.83%) on the NSE. It was a huge upmove by a smallcap stock and top performer amongst new listings.
It traded with volumes of 15,27,48,815 equity shares and turnover was at Rs 610 crore.
It traded with volumes of 18 crore shares during the day on the NSE and BSE as against total equity of the company of 4.3 crore shares, more than 4 times its total equity. Nearly 1.5 crore shares of Burnpur Cement changed hands on the bourses in multiple deals.
Ashok Gutgutia, VC & MD, Burnpur Cement informed CNBC-TV18 that the company sees its FY09 turnover at Rs 95 crore and PAT at Rs 10-11 crore. Gutgutia estimates the company’s FY08 sales at Rs 35 crore. Burnpur Cement’s new plant would be commissioned by October- November this year, he added.
It started the day at Rs 18.45 on the BSE and touched a high/low of Rs 49 and Rs 17.8, respectively. The stock ended at Rs 46.35. The trading volumes were 1,17,21,58,56 shares.
The company had offered its 219 lakh shares of Rs 10 each for cash at a premium of Rs 2 per share. The issue had subscribed 15.19 times.
Burnpur Cement had proposed a backward integration by setting up an 800 TPD capacity Clinkerisation and Cement grinding unit expandable to 1,600 TPD at Patratu in the Hazaribagh District of Jharkhand for manufacturing Clinker, Ordinary Portland Cement (OPC), Portland Pozzolona Cement (PPC) and Portland Slag Cement (PSC).
Source: Moneycontrol.com
It traded with volumes of 15,27,48,815 equity shares and turnover was at Rs 610 crore.
It traded with volumes of 18 crore shares during the day on the NSE and BSE as against total equity of the company of 4.3 crore shares, more than 4 times its total equity. Nearly 1.5 crore shares of Burnpur Cement changed hands on the bourses in multiple deals.
Ashok Gutgutia, VC & MD, Burnpur Cement informed CNBC-TV18 that the company sees its FY09 turnover at Rs 95 crore and PAT at Rs 10-11 crore. Gutgutia estimates the company’s FY08 sales at Rs 35 crore. Burnpur Cement’s new plant would be commissioned by October- November this year, he added.
It started the day at Rs 18.45 on the BSE and touched a high/low of Rs 49 and Rs 17.8, respectively. The stock ended at Rs 46.35. The trading volumes were 1,17,21,58,56 shares.
The company had offered its 219 lakh shares of Rs 10 each for cash at a premium of Rs 2 per share. The issue had subscribed 15.19 times.
Burnpur Cement had proposed a backward integration by setting up an 800 TPD capacity Clinkerisation and Cement grinding unit expandable to 1,600 TPD at Patratu in the Hazaribagh District of Jharkhand for manufacturing Clinker, Ordinary Portland Cement (OPC), Portland Pozzolona Cement (PPC) and Portland Slag Cement (PSC).
Source: Moneycontrol.com
Rel Power IPO opens on Jan 15, to raise Rs 10500-11500 Cr
Reliance Power today filed the red herring prospectus (RHP) with the Registrar of Companies, Maharshtra, Mumbai (ROC), for its proposed initial public offering (IPO).
Reliance Power has fixed the price band for the IPO at Rs 405 - 450 per share.
To enable large participation by retail investors, Reliance Power will offer a discount of Rs 20 per share to the retail investors, i.e. approximately 5% of the issue price.
Reliance Power has also fixed convenient payment terms for all categories of investors. While QIBs are required to pay 10% on the application, the HNIs and retail investors will have the option to pay Rs 115 on the application, i.e. only approximately 25% of the issue price. The balance amount will be payable on allotment.
The IPO is scheduled to open on January 15, 2008 and will close on January 18, 2008.
Reliance Power, through this IPO proposes to raise approximately Rs 10,500 - 11,500 crores - the largest IPO in the history of the Indian capital markets. Reliance Power proposes to issue 26 crore equity shares of Rs 10 each including a promoters’ contribution of 3.2 crore Equity Shares which shall be allotted at the IPO price to the Promoters. The balance 22.8 crore equity shares would constitute the net issue to the public. The issue will constitute 11.5% and the net issue will constitute 10.1% of the post-Issue paid-up equity capital of Reliance Power.
Reliance Power is part of the Reliance Anil Dhirubhai Ambani group and is currently engaged in the construction and development of various gas and coal based thermal power projects and hydro power projects in various parts of the country, of over 28,000 MW capacity - the largest development pipeline in the country.
The issue proceeds are proposed to be utilized for funding subsidiaries to part-finance the construction and development costs of the various projects under development and for general corporate purposes.
The equity shares of the company are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.
Kotak Mahindra Capital Company Limited, UBS Securities India Private Limited, ABN AMRO Securities (India) Private Limited, Deutsche Equities India Private Limited, Enam Securities Private Limited, ICICI Securities Limited, JM Financial Consultants Private Limited and J.P. Morgan India Private Limited are acting as the Book Running Lead Managers to the Issue whilst Macquarie India Advisory Services Private Limited and SBI Capital Markets Limited are acting as Co-Book Running Lead Managers. Amarchand & Mangaldas & Suresh A. Shroff & Co. is advising the Company whilst Cleary Gottlieb Steen & Hamilton and J. Sagar and Associates are advising the BRLMs and CBRLMs in relation to the issue.
Source: Moneycontrol.com
Reliance Power has fixed the price band for the IPO at Rs 405 - 450 per share.
To enable large participation by retail investors, Reliance Power will offer a discount of Rs 20 per share to the retail investors, i.e. approximately 5% of the issue price.
Reliance Power has also fixed convenient payment terms for all categories of investors. While QIBs are required to pay 10% on the application, the HNIs and retail investors will have the option to pay Rs 115 on the application, i.e. only approximately 25% of the issue price. The balance amount will be payable on allotment.
The IPO is scheduled to open on January 15, 2008 and will close on January 18, 2008.
Reliance Power, through this IPO proposes to raise approximately Rs 10,500 - 11,500 crores - the largest IPO in the history of the Indian capital markets. Reliance Power proposes to issue 26 crore equity shares of Rs 10 each including a promoters’ contribution of 3.2 crore Equity Shares which shall be allotted at the IPO price to the Promoters. The balance 22.8 crore equity shares would constitute the net issue to the public. The issue will constitute 11.5% and the net issue will constitute 10.1% of the post-Issue paid-up equity capital of Reliance Power.
Reliance Power is part of the Reliance Anil Dhirubhai Ambani group and is currently engaged in the construction and development of various gas and coal based thermal power projects and hydro power projects in various parts of the country, of over 28,000 MW capacity - the largest development pipeline in the country.
The issue proceeds are proposed to be utilized for funding subsidiaries to part-finance the construction and development costs of the various projects under development and for general corporate purposes.
The equity shares of the company are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.
Kotak Mahindra Capital Company Limited, UBS Securities India Private Limited, ABN AMRO Securities (India) Private Limited, Deutsche Equities India Private Limited, Enam Securities Private Limited, ICICI Securities Limited, JM Financial Consultants Private Limited and J.P. Morgan India Private Limited are acting as the Book Running Lead Managers to the Issue whilst Macquarie India Advisory Services Private Limited and SBI Capital Markets Limited are acting as Co-Book Running Lead Managers. Amarchand & Mangaldas & Suresh A. Shroff & Co. is advising the Company whilst Cleary Gottlieb Steen & Hamilton and J. Sagar and Associates are advising the BRLMs and CBRLMs in relation to the issue.
Source: Moneycontrol.com
Future Cap Holdings sets IPO price band at Rs 700-765/sh
Future Capital Holdings (FCHL), the financial services arm of the Future Group, has fixed the price band between Rs 700 and Rs 765 per equity share for its initial public offering (IPO) of 6,422,800 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process.
The company has filed its red herring prospectus with the Registrar of Companies, Mumbai, and is expected to hit the capital market in mid-January 2008. The issue would constitute 10.16% of the post-issue paid-up capital of the company.
FCHL was incorporated in 2005 and promoted by Pantaloon Retail (India) (the flagship company of the Future Group), its Managing Director Mr Kishore Biyani, and Mr Sameer Sain (a former Managing Director at Goldman Sachs International). One of the investors in the company is Och-Ziff, a prominent international fund.
FCHL's three primary lines of business are investment advisory services, retail financial services and research. Currently, the two main retail financial services products are consumption loans and personal loans. FCHL will also commence in the near future the distribution of financial products, including credit cards. It has entered into an agreement with ICICI Bank for marketing and distribution of the "Future Card", a credit card offering loyalty points.
The equity shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange.
The book running lead managers to the issue are Kotak Mahindra Capital Company Limited, Enam Securities Private Limited, JM Financial Consultants Private Limited and UBS Securities India Private Limited.
Source: Moneycontrol.com
The company has filed its red herring prospectus with the Registrar of Companies, Mumbai, and is expected to hit the capital market in mid-January 2008. The issue would constitute 10.16% of the post-issue paid-up capital of the company.
FCHL was incorporated in 2005 and promoted by Pantaloon Retail (India) (the flagship company of the Future Group), its Managing Director Mr Kishore Biyani, and Mr Sameer Sain (a former Managing Director at Goldman Sachs International). One of the investors in the company is Och-Ziff, a prominent international fund.
FCHL's three primary lines of business are investment advisory services, retail financial services and research. Currently, the two main retail financial services products are consumption loans and personal loans. FCHL will also commence in the near future the distribution of financial products, including credit cards. It has entered into an agreement with ICICI Bank for marketing and distribution of the "Future Card", a credit card offering loyalty points.
The equity shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange.
The book running lead managers to the issue are Kotak Mahindra Capital Company Limited, Enam Securities Private Limited, JM Financial Consultants Private Limited and UBS Securities India Private Limited.
Source: Moneycontrol.com
Subscribe to:
Posts (Atom)
