Monday, March 22, 2010

IPO News:UCO Bank plans follow-on offer to raise Rs 400 cr

IPO News

 

UCO Bank plans follow-on offer to raise Rs 400 cr

UCO Bank has decided to raise capital by way of a follow-on public offer (FPO)

instead of a Qualified Institutional Placement (QIP), the objective being to

broadbase the shareholding. The bank proposes to issue six crore equity shares

at a face value of Rs 10 each. This, coupled with the premium, should help the

bank raise about Rs 400 crore The proposed FPO, when completed, would bring

down the government stake in the bank from 63.59% to 58.60%. UCO Bank was

hopeful of receiving capital infusion of Rs 500 crore from the government under

the recapitalisation scheme by the end of this fiscal.

 

Persistent IPO clocks highest bid in 26 mths at 93.6 times

The public issue of Pune-based software product development company

Persistent Systems has received record subscription in 26 months. It got

overwhelming response from investors, especially qualified institutional investors

(QIBs). Overall, the issue has been oversubscribed 93.6 times, as per data

available on the NSE website..The reserved portion of QIBs got subscribed

144.43 times, and non-institutional investors 107.73 times & retail 21.7 times.The

issue consisted of a fresh issue of 41,39,000 equity shares and an offer for sale

of 12,80,706 equity shares.

 

SKNL planning Reid & Taylor IPO in next 6-8 months

SKNL is planning an initial public offering (IPO) of Reid & Taylor in the next 6-8

months, reports CNBC-TV18. The company plans to convert Belmonte into a

separate subsidiary and is looking to bring in private equity investment into

Belmonte. It is looking at a qualified institutional placement (QIP) within this year.

Singapore's GIC holds 25% stake in Reid & Taylor's subsidiary. The soft launch

of the mass brand world player has been successful. Margins will remain

between 19% and 21%. SKNL is not looking at acquisitions currently. It is

currently in consolidation mode. The group brand makeover will be unveiled in 3-

4 months.

 

Coal India to hit capital markets in July

India's largest coal producer, Coal India Ltd (CIL), expects to hit the capital

markets by July. The government, which holds 100 per cent stake in CIL, will

divest 10 per cent through an initial public offer (IPO) of 63.1 crore shares,

Bhattacharyya told reporters on the sidelines of the 20th Asian Corporate

Conference organised by industry lobby CII. The company will reserve 6.3 crore

shares for its employees. Company's net profit would be around $1.7 billion in the

current fiscal. The company is now producing 430 million tonnes of coal, which is

expected to reach 700 million tonnes over the next 10 years, Bhattacharyya said.

CIL has also secured exploration licences for two blocks in Mozambique and

expects to start work there soon.

 

India Inc raises Rs 23,730 cr via IPO in April-January: SEBI

India Inc has raised a whopping Rs 23,730 crore through initial share sales in

April-January, With the stock market re-emerging as the preferred place for fund

raising, as many as 28 companies came out with initial public offers (IPO) during

April-January 2009-10 raising a total of Rs 23,731.88 crore. This is almost 10

times higher than Rs 2,058.51 crore mobilised by 20 companies during the same

period in 2008-09, according to market regulator SEBI. During the 10-month

period, two companies also came out with further public offers (FPO) raising a

total of Rs 64.47 crore.

 

CRISIL assigns grade 3/5 to Indosolar IPO

CRISIL has assigned a CRISIL IPO grade of 3/5 to the proposed initial public

offer (IPO) of Indosolar, in its report dated March 18, 2010. This grade indicates

that the fundamentals of the IPO are average relative to other listed equity

securities in India. However, this grade is not an opinion on whether the issue

price is appropriate in relation to the issue fundamentals. The grade is not a

recommendation to buy/sell or hold the graded instrument, or a comment on the

graded instrument's future market price or its suitability for a particular investor.

 

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