In recent months, Tata Chemicals had consolidated its stake in Rallis India by buying out stakes held by other Tata group companies like Tata Tea. Its stake in the company now is about 45% but it plans to increase it further beyond the 50% mark. Rallis India has announced a preferential allotment in which Tata Chemicals will buy 9.8 lakh shares in Rallis, spending about Rs 80-85 crore, the final figure depending on the price at which the shares are issued. The total group stake in Rallis India after the preferential allotment will be 50.2%.
Markets Stock Markets
Recent Posts
Sesa Goa to raise Rs 6,000 crore, for expansion and acquisitions
|
Sesa Goa, an Rs 4,960 crore turnover producer of iron ore and pig iron, has lined up a massive fund raising plan. The company, owned by Anil Agarwal-promoted Vedanta Resources, will seek shareholders approval in an extraordinary general meeting to raise up to Rs 6,000 crore through foreign currency convertible bonds, ADRs/GDRs, qualified institutional placement of equities, non convertible debentures, warrants or any other instrument. Companies take a blanket approval from shareholders giving them the flexibility to raise funds at the right time using the appropriate instrument.
Continue Reading →
Filed under: Companies, Top News, Anil Agarwal, FCCB, Iron ore, Markets Stock Markets, Sesa Goa, Vedanta
Sebi tightens open offer exemption rules
|
The Sebi board met today and took decisions on some key changes to the takeover regulations. The notifications about the changes will be made in due course.
Filed under: Economy+Policy, Top News, M&A, Markets Stock Markets, Regulatory, Takeover
Reliance Infratel revives IPO plans
|
Reliance Infratel, a subsidiary of Reliance Communications, has revived its IPO plans. Over a year ago, the telecom tower infrastructure company had filed a draft red herring prospectus with Sebi. The issue was postponed as stock markets fell, after the global financial crisis hit Indian equities. The company was planning to raise about Rs 6,000 crore through the IPO at that point. Continue Reading →
Filed under: Companies, Top News, ADAG, Anil Ambani, Markets Stock Markets, Reliance Communications, Reliance Infratel
Sebi bans differential exit loads
|
Sebi has issued a new circular to all mutual funds, barely a week after its rule banning entry loads came into effect. The capital market regulator has told mutual funds to charge exit loads uniformly to all investors. The move plugs any possibility of mutual funds compensating for the lack of entry loads by recovering expenses from retail investors, when they exit a scheme.
Filed under: Economy+Policy, Top News, Entry Loads, Exit Loads, Markets Stock Markets, Mutual Funds
Sebi kills shares with differential voting rights?
|
Sebi has introduced a new rule that will effectively kill the desire of companies to issue shares with differential voting rights. The capital market regulator has made a small amendment to the listing agreement that has a wider impact. It has said that a company shall not issue shares that have either superior voting rights or higher dividend entitlements, compared to the ordinary shares listed on the exchange. The rule is effective from July 21, 2009.
Filed under: Economy+Policy, News Analysis, Delisting, Differential Voting Rights, Markets Stock Markets
Tata Power to raise $250mn through a GDR issue
|
It seems to be the season of GDR issues, just like it was the season of ECBs (external commercial borrowings) and FCCBs (foreign currency convertible bonds) a few years ago. After Tata Steel and Suzlon Energy, Tata Power has announced its intention to raise $250mn or about Rs 1,200 crore through a GDR issue. It also has a green shoe option allowing it to retain a portion of the oversubscription. Continue Reading →
Filed under: Companies, Quick News, Equity, GDR, Markets Stock Markets, Tata Power
Sterlite to raise $1.5bn through overseas offering priced at $12.15
|
Sterlite Industries, a non-ferrous metal producer and subsidiary of Vedanta Resources, announced a massive fund raising exercise, with the amount exceeding media reports. The company, with 2008-09 revenues of Rs 21,144 crore or $4.4bn, has said it will raise about $1.5bn with the promoter subscribing to $500mn or about one-third of the issue. The issue will be priced at $12.15 or Rs 583 per ADS. Continue Reading →
Filed under: Companies, Top News, ADS, Markets Stock Markets, Public Issues, Sterlite, Vedanta
IPOs get a new anchor
|
Securities Exchange Board of India (Sebi) has amended the public issue guidelines on a few fronts to allow anchor investors in public issues. These are the people who will stick their neck out in an issue to take a big chunk at a predetermined price.
Here are the changes:|
Filed under: Economy+Policy, Quick News, Anchor Investor, IPO, Markets Stock Markets, Public Issues
Opto Circuits joins the long list of companies lining up to raise money.
|
Opto Circuits India has taken enabling approval from its board of directors for raising Rs 400 crore under a qualified institutional placement. The company, which makes medical equipment and electronic components, has also taken approval for an issue of warrants to its promoters. It can issue 60 lakh equity warrants to promoters, directors and employees on a preferential basis. Each warrant will fetch one equity share at a price of Rs 210 compared to the current price of Rs 186. Promoters are in a rush to get warrant issues approved.