Listing of equity shares of GMR Infrastructure Ltd

19th August 2006: Trading Members of the BSE are hereby informed that effective from August 21, 2006, the equity shares of GMR Infrastructure Ltd (Scrip Code: 532754) are listed and admitted to dealings on the Exchange in the list of 'A' Group Securities. For further details please refer to the notice no 20060818-14 dated August 18, 2006.

Infrastructure Development Finance Corporation (IDFC) scrip doubles on debut

13th August 2005: IDFC became the second company in 2005 to end the first day of its trading at over 100% premium to its issue price. IDFC shares closed on the Bombay Stock Exchange at Rs 69.55, registering 105% appreciation over its issue price of Rs 34 per share. It was listed at Rs 60— a 76% premium to its issue price.

IDFC rose to an intra-day high of Rs 72 on heavy buying from operators and investors. It closed at Rs 69.55 with trading volumes of 11.23 crore shares on the BSE and 24.96 crore shares on the NSE.

Retail investors, who invested Rs 480 crore for 14.12 crore equity shares, have become richer by Rs 502 crore on Day one. Non-institutional investors have earned Rs 215 crore and mutual funds Rs 108 crore. Foreign institutional investors have raked in Rs 556 crore on an investment of Rs 532 crore for 15.63 crore shares.

Flextronics’ buyback plan in limbo, rethinks delisting

22nd July 2005: The $17-bn electronics major Flextronics is having second thoughts about its plans for delisting its Indian subsidiary, Flextronics Software Services. This follows a difference of opinion with its shareholders over the buyback price. While the MNC has offered a buyback price of Rs 575 a share, some of the non-promoter shareholders are learnt to be asking for a price in the region of Rs 700 a share.

Under the new rule, delisting can be done only through the reverse book-building process where shareholders can quote their prices and the average price has to be taken as the buyback price.

Flextronics currently holds close to 70% stake in its Indian subsidiary. Financial institutions, both domestic and overseas, hold a major portion of the remaining stake, with HSBC Global Investment Fund having the single-largest portion at a little over 5%. With the open offer in limbo, the company is also redrawing its earlier plans to consolidate the four software companies it has acquired in India.

Confirming that the buy-back offer, approved by the shareholders last month, is in limbo, Flextronics president (design & ODM services) Ash Bharadwaj said “We have no plans to revise our prices for the proposed buyback of the remaining shareholding in the company. We are already offering a premium over the price we paid to the promoters earlier and in the first open offer.”

The company had earlier announced plans to delist Flextronics Software Services (erstwhile Hughes Software Systems) and merge the three other software companies it had acquired — Futuresoft, Deccanet and Emused — with it.