Lokesh Machines lists at 75% premium
5th May 2006: Auto component maker Lokesh Machines Ltd listed on the BSE at Rs 245 on Friday, up 75% from its issue price of Rs 140.

Reliance Petroleum Ltd (RPL) shares to be listed on bourses on May 10 or 11
6th May 2006: After the successful completion of its public offer, garnering Rs 2,700 crore, Reliance Petroleum Ltd will list its shares on the bourses on May 10 or 11.

Sources in the know of the development said the allotment of the shares has been completed and it would be listed on the Bombay Stock Exchange and National Stock Exchange.

The company, whose maiden IPO opened on April 13 and closed on 20, had offered 45 crore shares to the public. The proceeds from the IPO would be used to part finance its upcoming Rs 27,000 crore refinery at Jamnagar in Gujarat. Besides the Rs 2,700 crore mop up from the public offer, the company had raised Rs 8,100 crore through equity sale.

Of the total 180 crore shares that were on offer, RPL had in early April raised Rs 2,700 crore through a pre-IPO placement made to foreign funds, financial institutions and banks at Rs 60 a share.

Reliance Industries, the parent company, subscribed to 90 crore shares at Rs 60, leaving the public with 45 crore shares -- the price for which was also fixed at Rs 60.

The IPO had received an order book of Rs 143,000 crore, which was double the previous record held by state-owned ONGC.

The IPO was subscribed 51.47 times the size of the issue. The quota for Qualified Institutional Buyers was subscribed 68.2 times that of high networth individuals by 60 times and retail investors by 15.2 times, with as many as 21.3 lakh retail applications received.

The new refinery, which would have a 580,000-barrels-per- day capacity, would be located adjacent to Reliance Industries' existing 660,000-bpd refinery making it the biggest refining facility in the world.

Forward Market Commission (FMC) plans listing of comm traders
3rd May 2005: Forward Market Commission (FMC), the commodity market regulator, is planning to make registration of intermediaries at commodity exchanges compulsory. "We are planning to introduce compulsory registration of commodity exchange intermediaries with FMC and draft guidelines for this have been prepared," said FMC Chairman S Sundareshan.

The draft guidelines have been posted on the website of FMC for public comments, Sundareshan said on the sidelines of launching 'Agri Composite Index by National Commodity & Derivatives Exchange Ltd (NCDEX)'. "Making registration compulsory is not a revenue generation mechanism for FMC but is purely a regulatory mechanism. Unless we have effective control over the activities of market intermediaries, FMC cannot check malpractices," he said.

FMC has the power to inspect books and accounts of traders if they find any irregularities in their activity. "In case we find any malpractices from intermediaries, FMC will deal directly to ensure that best practices are followed by them while trading," he said. Sundareshan said the regulator would also closely monitor price movements of commodities on a weekly basis to check volatility.

"FMC is analysing various issues like extending level playing field for commodity exchanges, delivery mechanism, settlement of closing price and standardisation of contract to streamline operations of commodity exchanges," he added.

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