News Flashes

Satguru Agro - Post Offer Status

28th May 2005: Keynote Corporate Services Ltd ("Manager to the Offer") on behalf of Shri Bharatbhai V Changela ("Acquirer") alongwith Mr. Atulkumar Patel, Mr. Bhagwanjibhai Patel, Mr. Vallabhbhai Patel, Mr. Dineshbhai Kalavadia, Mr. Prafulkumar Kalavadia, Mr. Sureshbhai Vamja, Mr. Vinubhai Changela ("PACs") has issued the Post Offer Public Announcement to the equity shareholders of Satguru Agro Industries Ltd ("Target Company"). The details subsequent to the completion of the Offer made vide Public Announcement dated December 20, 2004 pursuant to and in compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulation, 1997 and subsequent amendments thereto, to acquire upto 8,99,000 equity shares representing 20.00% of the paid-up equity capital of the Target Company at a price of Rs 1.40 per fully paid up equity shares payable in cash are as under:

            Particular                                                 Proposed in the          Actuals
                                                                           Offer                          document

1. Offer Price                                                       Rs 1.40                       Rs 1.40

2. Shares acquired in the open offer                      8,99,000 (20.00%)        42,600 0.95%)
3. Post Offer shareholding of acquirer / PACs       31,04,600 (69.07%)        22,48,200 (50.02%)

Infosys prices ADS at $67

27th May 2005: Infosys Technologies today priced its sponsored American depository shares at $67 per ADS. The issue, including that to underwriters, is likely to fetch over $1 billion. The price of $67 per ADS is at a 2.5% discount to yesterday’s closing price of the company’s scrip on Nasdaq and is at a 34% premium to domestic share prices. The underwriters of the issue have seven days to exercise their option for 20,00,000 shares.

Over 14,500 investors offered more than 52 million shares, or over three times the total size of the sale. As their total holding was over 184 million shares, an allocation factor of 8.68 per cent had been arrived at, TV Mohandas Pai, chief financial officer of Infosys, told reporters. That is, 16 million means 8.68% of 184 million.

So, “for a shareholder who has tendered exactly 8.68% of his total holding, or less, all the shares tendered will be accepted. For a shareholder who has tendered more, the balance will be returned,” Pai explained. “This is a historic day for us, and for India,” Pai said, “as the offer is the first billion-dollar ADS from an Indian firm”.

Hotel Leela plans $85 mn FCCBs

27th May 2005: Hotel Leelaventure Ltd. plans to raise $85 million through foreign currency convertible bonds to fund its expansion plans, a senior company official said today. "The terms of the issue are under finalisation. The funds will be used for setting up new hotels in Hyderabad and Chennai," said Jairaj Nair, general manager, corporate finance at Hotel Leela. The company has not appointed any arrangers and issue will be self-arranged, he said.

State Bank of India (SBI) to raise $600 mn via bonds by June or July

25th May 2005: SBI, the country's largest bank, plans to raise $600 million through bonds in June or July to fund its overseas expansion, its chairman said today. The offering is part of SBI's $1 billion medium-term notes programme, of which the bank had raised $400 million in December through five-year bonds at a spread of 117.5 basis points over comparable U.S. Treasuries. "We would like to raise the balance funds quickly because our overseas balance sheet is expanding well," said A.K. Purwar.

When asked whether SBI had appointed arrangers to manage the bond issue, Purwar said the bank was working on it. Citigroup, HSBC and Deutsche Bank had managed its earlier issue. SBI, which manages about a fifth of all deposits and loans handled by commercial banks in India, has received permission from domestic authorities to set up a branch in Israel, and is awaiting approval from the Israel government, Purwar said. Earlier this year, SBI bought a 51% stake in Indian Ocean International Bank Ltd., Mauritius, for $8 million and is hunting for acquisitions in Asia and Africa to expand operations. SBI, owned 59% by the central bank, has some 9,000 branches across India and about 200,000 employees.

Municipal bond issues up to Rs 200 cr to be tax-free in FY06

25th May 2005: A substantial transition is in the offing for infrastructure investment in the country. Urban sector reforms, including water supply, roads, housing, energy and even sewage disposal, could be the next big news for the financial sector, as municipal bodies rush in with bond issues to mop up resources for funding these programmes.

The finance ministry has made municipal bond issues up to Rs 200 crore tax-free in ‘05-06. Government sources said the cap could also be raised in the course of the year, depending on the size of the applications. That is a big sum for the cash-strapped municipal bodies as they undertake large-scale projects to make the large metros livable. In ‘04-05, while Ahmedabad Municipal Corporation raised Rs 100 crore as tax-free bonds, Chennai Metropolitan Water Supply and Sewerage Board raised another Rs 50 crore from the debt market.

The focus on municipal bodies would also dovetail into the projected National Urban Renewal Mission, which would cover seven mega cities, 30 smaller cities and other important urban centres. A cabinet note is expected to be put up soon by the ministry of urban development. Simultaneously, to ensure fiscal discipline, the National Advisory Council has recommended drawing up fiscal responsibility legislation for the local governments in urban and rural areas. “The Union government may consider enacting legislation incorporating mandatory measures to promote fiscal prudence and accountability in local self-governments,” the high-powered body has advised the Union government.

The National Urban Renewal Mission projects a new thrust to social housing and is expected to encourage the states to address issues like repeal of the Urban Land Ceiling Act, the Rent Control Act and a corresponding reduction in the rates of stamp duty. According to government sources, the rising interest in funding the municipal sector is in line with international trends. In India, because of competing demands, financing of urban sector projects had not received due importance so far. But officials in infrastructure financing companies said the ease of recouping costs of service provided is making the municipal sector a viable investment avenue. This is in sharp contrast to the problems of levying user charges for cross-country infrastructure projects.

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