News Flashes

HDFC planning to raise $500 mn via FCCBs

12th July 2005: Housing finance major Housing Development Finance Corporation (HDFC) is planning to raise $500 million through foreign currency convertible bonds (FCCB). If the plan goes through, HDFC will become the largest ever FCCB issuer in India. Confirming the development, HDFC Managing Director Keki Mistry said, “We are awaiting the Reserve Bank of India approval for the issue.”

In the first week of June, the government eased the external commercial borrowing (ECB) norms by allowing non-banking finance companies and housing finance companies to raise money overseas through FCCBs subject to RBI approval. They were banned from accessing the overseas market for resources by the ministry a few years back.

Market sources said, HDFC was giving final touches to its FCCB plan and a formal announcement is expected soon. The housing major is holding its annual general meeting on July 15.

An FCCB is a bond convertible into equity shares, during an agreed period or on maturity. An FCCB instrument suits HDFC’s requirement well, as it does not require fresh capital at this point of time. Its capital adequacy ratio on March 31 was to the tune of 13.4%.

“After about five years, when the FCCBs get converted they will shore up HDFC’s capital base,” said sources. It has an asset base of Rs 40,531 crore and has posted a net profit of Rs 1,036.58 crore in fiscal year 2004-05.

Arvind Mills raises US$ 37.19 mn through GDR offer

12th July 2005: Arvind Mills Ltd has informed BSE that the Company has successfully raised US$ 37.19 million through the issue of 13.5 million Global Depositary Receipts (GDRs). A further 500,000 GDRs have been allocated as Greenshoe. Each GDR represents one underlying share. The GDRs will be listed on the Luxembourg Stock Exchange.

ICICI Securities and ABN AMRO Rothschild acted as Joint Global Co-ordinators, Joint Book runners and Joint Lead Managers on this transaction. Enam Financial Consultants Pvt Ltd acted as a Special Advisor to the Issue and Rajani Associates acted as Legal Advisors to the issue.

The GDR was priced at $2.7545 (Rupees 120) per GDR against a closing price of Rupees 126.75 per share on the BSE, Mumbai on July 11, 2005. Mr. Jayesh Shah, Director of the Company, said that the positive response to the Issue reflects the confidence that global investors have in the Company and its position in the Indian Textile Industry.

Reliance Industries (RIL) to buy 6.97% stake in Reliance Energy from Reliance Industrial Investments and Holding

28th June 2005: Committee meets to discuss demerger modalities. Taking the first step towards untangling investments among the Reliance companies, the Mukesh Ambani-controlled Reliance Industries today proposed to acquire a 6.97% stake held by its wholly-owned subsidiary, Reliance Industrial Investments and Holding, in Reliance Energy. The proposed acquisition will take place in the next four days.

This follows a settlement between the Ambani brothers, Mukesh and Anil, over the ownership of the Rs 1,00,000-crore Reliance companies. The corporate governance committee of Reliance Industries is expected to meet tomorrow to discuss the shape of the demerger of the group.

In a notice to the stock exchanges, Reliance Industries proposed to acquire 1,36,22,707 equity shares, representing a 6.97% stake in Reliance Energy from Reliance Industrial Investments and Holding.

The Reliance group holds over 42% stake in Reliance Energy, through Reliance Industrial Investments and Holding and Reliance Power Venture. Reliance Capital (person acting in concert with the promoter group) holds nearly 6.46%.

Sources close to the development said the promoter holding in Reliance Energy would be vested with the Anil Ambani group. “The proposed acquisition of Reliance Industrial Investments and Holding’s stake to Reliance Industries is a move towards this,” they added.

Reliance Energy and Reliance Capital have convened separate extra-ordinary general meetings (EGMs) on July 19. Reliance Energy will place a resolution pertaining to preferential issue of shares aggregating to up to Rs 1,750 crore. Reliance Capital will place a resolution seeking shareholders’ approval for preferential issue of shares aggregating up to Rs 3,000 crore.

Resolutions pertaining to reclassification of authorised share capital and the raising the limit on foreign institutional investors (FIIs) holding in Reliance capital to 49% of its equity capital will also be placed at the EGM.

Videocon Industries raises $75 mn GDRs

28th June 2005: Videocon Industries Ltd. said today that it had raised $75 million through an issue of global depositary receipts (GDRs). The GDRs were priced at $10 each, a discount of about 3% to the underlying stock that closed at Rs 449.70 on Monday. Each GDR represents one share of the company.

Typhoon Holdings - Open Offer

25th June 2005: Fedex Securities Ltd ("Manager to the Offer") on behalf of Smt Kajal Shah ("Acquirer", which expression shall include Persons/entities deemed to be acting in concert with the Acquirer, in terms of the Regulations) pursuant to and in compliance with Regulation 10 & 12 of the Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 ("SEBI (SAST) Regulations 1997") and subsequent amendments thereto has announced as below:

The Offer

The Acquirer is making an Open Offer to the public shareholders of Typhoon Holdings Ltd ("Target Company") to acquire upto 1,00,000 Equity Shares of Rs 10/- each, representing 20% of issued, subscribed and paid-up capital of the Target Company at a price of Rs 12/50 (Rupees Twelve Ps Fifty only) per equity share fully paid up ("Offer Price") payable in cash subject to terms & condition.

Schedule of Activities:

Specified Date: July 15, 2005

Date of Opening of the Offer: August 12, 2005

Date of Closing of the Offer: August 31, 2005.

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