MCX To Hit Market With Rs 600-Cr IPO

MUMBAI: The largest commodity futures bourse in the country - Multi Commodity Exchange of India (MCX) - is all set to hit the primary market with an initial public offering (IPO). The commodity exchange is likely to announce its long-awaited IPO within a week. Sources said, MCX would sell 10% stake, through a mix of fresh shares and an offer for sale, to raise around Rs 500-600 crore.

According to sources, fresh shares will contribute the majority of the offering while the offer for sale will account for 2-3%. An offer for sale refers to the sale of promoter's existing equity to the public. The bourse has been valued at around $1.2-1.3 billion. The issue is being managed by DSP Merrill Lynch, Kotak Securities and Enam Financial. MCX has been mulling over listing on local bourses for the past two years.

Sources said, IPO would provide many of its Indian and foreign investors an exit route. Around 24% of MCX is owned by foreign investors. While Fidelity holds 9%, Merrill Lynch and Citi own 5% each. The other investors include US-based Passport Capital (3%) and the UK-based fund GLG (2%).

Few weeks ago, FTIL offloaded around 10% stake in MCX. ICICI, IL&FS and Kotak acquired 3.55%, 5% and 1% stakes respectively at an enterprise value of $1.1 billion (around Rs 4,400 crore). ET had reported two weeks ago that New York Stock Exchange (NYSE) and the New York Mercantile Exchange (NYMEX) are awaiting policy guidelines on foreign direct investment (FDI) in commodity exchanges to pick up minority stake in MCX. The guidelines are expected to be cleared by the cabinet committee on external affairs (CCEA).

According to sources, post IPO, FTIL's stake in MCX would go down to 34-35% from the existing 37.5%. On BSE, FTIL's stock price has gone up about 11% in the past one month. It closed at Rs 2,577, up 7% on Friday, three times the weekly average volume at BSE.

According to market sources, the primary market is expected to hot up once again in the first half of 2008 as other large issues like that of Reliance Power and SBI's rights issue among others are set to raise money from the market. As per some estimates, about 175 companies are expected to enter the capital market and could raise up to Rs 60,000 crore in 2008.

DLF To List 5 Units, Raise $5 Bn

NEW DELHI: Real estate major DLF plans to raise $5 billion over the next three years by listing five of its business units, including DLF Homes, DLF Retail, DLF Hotels, DLF Utilities and DLF Infrastructure. There are no plans to further dilute equity in group flagship DLF. The eventual strategy is to make DLF a holding company with considerable equity stakes in the listed entities in addition to being an incubator for new businesses.

In all, the company is looking at a fund infusion of $10-12 billion in its various businesses over the next three years. “We gradually plan to bring IPOs for all our major business units, excluding finance,” DLF group chief finance officer Ramesh Sanka told ET.

The $5-billion group will raise the fund through domestic IPOs in addition to Singapore listing of DLF Assets (DAL), the company which own the office space development and management business of the group. At present, the company is awaiting regulatory approvals for this IPO. “We hope to hit the Singapore capital markets by the first quarter of next year,” Mr Sanka said. While Mr Sanka refused to divulge the size of the DAL float, the buzz is that it will be a $2-2.5 billion issue.

All other business units of the company are expected to be listed in Indian capital markets only. “As of now, we are not looking at any other overseas market,” Mr Sanka said. In addition, the company would look at options of raising funds by diluting equity in some of its ongoing projects as well. “We are open to private equity as well as strategic investment in special vehicles at project levels,” he said.

The company is also looking at aggressively expanding the retail and hospitality businesses. “We will not mix our retail business with real estate. We are looking at joint venture opportunities with various foreign brands. But in this model, real estate will not be our basis of equity. We would participate as financial investors,” he said.

Even if the company ties up with a supermarket chain, it would stick to this model. DLF has been reported to be in talks with French retailer Carrefour. “We are in talks with various players. I can’t comment on any specific deals at this point of time.

SEBI Approves Reliance Power's IPO

MUMBAI: Anil Ambani group on Friday got the regulatory go-ahead from SEBI for the public issue of Reliance Power Ltd, the group's first IPO and estimated to raise about $3 billion, the highest ever proceeds in India.

Securities and Exchange Board of India has issued its observations on the draft prospectus of RPL, while clearing the way for IPO, sources close to the development said.

The public offer by the ADAG firm Reliance Energy's subsidiary is expected to be launched early next year and could raise over three billion dollars, eclipsing the public issue of realty giant DLF, which had raised more than two billion dollars and is the biggest ever IPO so far.

The go-ahead comes a day after SEBI disposed off a complaint against the IPO, while saying that "the entire promoter quota, that is, 20 per cent of the capital in RPL shall be locked in for a period of five years from the date of allotment in the proposed IPO."

SEBI on Thursday put a rider of five-year lock-in period on promoters' equity while disposing off a complaint against the proposed initial public offer of Anil Ambani group company Reliance Power Ltd.

Listing out the eligibility criteria for computation of promoters' contribution, SEBI said: "The entire promoter quota, that is, 20 per cent of the capital in RPL shall be locked in for a period of five years from the date of allotment in the proposed IPO."

A two-member bench comprising members T C Nair and V K Chopra, accordingly disposed off the case that it was hearing following an order by Mumbai High Court on a PIL.

When contacted, an ADAG spokesperson declined to comment. While SEBI wanted full disclosure by promoters and the lead managers as per the various statutes and guidelines to protect the interest of investors, it did not take up the issue of 'short charging of shareholders' due to transfer of projects from ADAG group company Reliance Energy Ltd to RPL.

The company is estimated to raise up to three billion dollars through the proposed public offer.

Biyani Gets SEBI Nod For Future Capital IPO

MUMBAI: Kishore Biyani-promoted Future Capital Holdings has received the regulatory go-ahead from SEBI for its initial public offer, estimated to raise between Rs 400-500 crore.

Market regulator SEBI has issued its observations on the draft prospectus for the IPO of Future Capital, the non-banking financial business arm of Future group, clearing the way for the issue early in 2008, sources close to the development said on Friday.

In its draft red herring prospectus filed with the SEBI in September, Future Capital had offered to issue 64.22 lakh equity shares of Rs 10 face value at a price to be decided through the book-building process.

The company has proposed to list the shares on the NSE and BSE. The shares offered in the IPO would constitute about 10 per cent of the company's post-issue capital.

Kotak Mahindra Capital, Enam Securities, JM Financial and UBS Securities have been appointed as the book-running lead managers to the issue.

After the issue, the promoters' holding would decline to about 74.5 per cent, from 83 per cent currently. Pantaloon Retail's about 61 per cent holding in Future Capital will come down to 55 per cent, while the stake held by Biyani and CEO Sameer Sain would decline from 6.6 per cent to 6 per cent and from 15 per cent to 13.5 per cent respectively.

DLF To List 5 Units, Raise $5 Bn

NEW DELHI: Real estate major DLF plans to raise $5 billion over the next three years by listing five of its business units, including DLF Homes, DLF Retail, DLF Hotels, DLF Utilities and DLF Infrastructure. There are no plans to further dilute equity in group flagship DLF. The eventual strategy is to make DLF a holding company with considerable equity stakes in the listed entities in addition to being an incubator for new businesses.

In all, the company is looking at a fund infusion of $10-12 billion in its various businesses over the next three years. “We gradually plan to bring IPOs for all our major business units, excluding finance,” DLF group chief finance officer Ramesh Sanka told ET.

The $5-billion group will raise the fund through domestic IPOs in addition to Singapore listing of DLF Assets (DAL), the company which own the office space development and management business of the group. At present, the company is awaiting regulatory approvals for this IPO. “We hope to hit the Singapore capital markets by the first quarter of next year,” Mr Sanka said. While Mr Sanka refused to divulge the size of the DAL float, the buzz is that it will be a $2-2.5 billion issue.

All other business units of the company are expected to be listed in Indian capital markets only. “As of now, we are not looking at any other overseas market,” Mr Sanka said. In addition, the company would look at options of raising funds by diluting equity in some of its ongoing projects as well. “We are open to private equity as well as strategic investment in special vehicles at project levels,” he said.

The company is also looking at aggressively expanding the retail and hospitality businesses. “We will not mix our retail business with real estate. We are looking at joint venture opportunities with various foreign brands. But in this model, real estate will not be our basis of equity. We would participate as financial investors,” he said.

Even if the company ties up with a supermarket chain, it would stick to this model. DLF has been reported to be in talks with French retailer Carrefour. “We are in talks with various players. I can’t comment on any specific deals at this point of time,” Mr Sanka said.

Fpos No Favourites With India Inc

The follow-on public offers seem to have lost their charm on Indian bourses with just six firms taking this route in 2007 and a single issue by ICICI Bank accounting for almost 92% of the total capital raised. The number of companies coming out with FPOs dropped to less than one-third of 19 in 2006. However, with ICICI Bank’s mega-issue, the total amount raised through FPOs more than doubled from the previous year to over Rs 10,000 crore.

ICICI Bank’s Rs 10,044-crore issue was the largest public offering of the year and eclipsed the largest ever IPO of Rs 9,187.5 crore by realty giant DLF, according to data compiled by prime database. The six FPOs together raised Rs 10,928 crore in 2007, with ICICI Bank issue accounting for 91.9% of it. This was the only FPO in the top ten public issues of the year, while IPOs accounted for the rest nine positions.

In 2006, Indian bourses had seen FPOs worth Rs 4,817 crore, down from Rs 12,764 crore, the data showed. Prior to that, FPOs had helped raise a record of Rs 17,389 crore on Indian bourses in 2004, representing a sharp surge from just Rs 480 crore in 2003.

IPO Of Precision Pipes Subscribed 7.21 Times

The IPO of Precision Pipes was subscribed 7.21 times on the Thursday. The IPO issue got bids for 3.86 Crore shares as compared to 53.57 lakh and the issue was priced between Rs140 and Rs150 per share. The company plans to raise around Rs 75 crore from the issue, and use the proceeds towards setting up two new manufacturing plants for auto components and electrical outlet system products for Power and Data Corporation of Australia.The company also plans to use the funds to part-finance the doubling of capacity to 9.9 million kg by 2008-09 at a total outlay of Rs 94.6 crore.

Govt Cautions IPO Investors

The government on Dec 24 cautioned small investors against misleading advertisements of companies looking to tap the capital market and advised them to verify their credentials before putting in their money. The Ministry of Corporate Affairs has, in fact, offered its services to investors for helping them check the promoters'' track record and regulatory compliances, among others. The caution came in a public interest advertisement in leading newspapers on Dec 24 and assumes significance in the wake of over 50 IPOs awaiting regulatory clearances.

Blindly Treading The IPO Route May Lead To Losses

The sequence is unmistakable. First, there would be a prolonged bull run in the secondary market. Next is the turn of the primary market to follow the action. It happens always, and it is no different this time. Want some proof ? Look up the number of initial pubic offers or IPO (the first public issue of shares by a company) lined up in the recent past. Read some of the names. Does it ring a bell? None, right? Well, that is the whole point, say financial advisors.

According to them, many dubious companies are in the process (some already have) to cash in on the investors fancy for stocks, following a continuous bull run in the market for the last four years. “There is nothing new in the trend. Every time you see the market booming, you will also notice that a lot of companies are readying up their initial public offers . In fact, they have been waiting for the right time,’’ says a prominent broker in Dalal Street. “The sad part is along with genuine companies, a lot of dubious characters also get into the market. They know they can cash in the favourable sentiment in the market.’’

That says it all. Sure, we have glorious example of Dhirubhai Ambani, who raised money from the stock market to build companies of his dream. However, there are hundreds of dubious characters who also sold dreams and raised money from the market, only to vanish overnight with investors’ hard earned money. “When the market is booming, everyone wants a piece of the pie. It is difficult to get allotment in good IPOs in a booming market. Disappointed investors would then turn to dubious issues, thinking they can make quick bucks. When the tide turns, they end up with dud shares,’’ says an investment advisor.

The intention is not to dissuade investors from subscribing to IPOs or forcing them to look at every IPO suspiciously. It is to make them aware that the rule of the game is not different for IPOs. It is the same as you buy any stock. You have to do your research if you want to make money . Don’t think every IPO would fetch you profit on the day of listing at the stock exchange . “Be it the secondary market or primary market, you should always remember that you can make money only on quality stocks. For that you have to look at the track record of the company, its management, the industry..., ’’ warns the broker.

Intex Mulls IPO, Private Equity Placement

MUMBAI: IT hardware and electronics company Intex on Thursday said it may raise funds from the capital market or opt for a private equity investment.

"We want to diversify our holdings. It may be either through an initial public offer or a private equity placement. We have set no time-frame for diversifying our holdings," Intex Executive Vice Chairman Ramesh A Vaswani told reporters.

Intex wants to position itself as end-use products company from a mere computer peripherals player, Vaswani said. A few months ago, it entered the cell phone business.

"We source cell phones from China and we want to concentrate on rural market," he said.

Similarly, the company is looking for a foreign partner in a joint venture to start manufacturing audio products.

"Hopefully, the joint venture should happen in the financial year 2008-09. The ball has started rolling," he said.

The company has a factory in Jammu and Baddi in Himachal Pradesh. It would build the facility to manufacture audio products at one of these places near to its existing facilities, he said.

Intex has set Rs 380 crore in turnover for this financial year. Last year, its turnover stood at Rs 260 crore.

Precision Pipes IPO Subscribed 7.21 Times

MUMBAI: The initial public offer of Precision Pipes was subscribed 7.21 times on the last day of the issue on Thursday, as per NSE website.

The issue got bids for 3.86 crore shares as against 53.57 lakh shares. At cut off price, 2.35 crore bids were received. The issue was priced between Rs 140 and Rs 150 per share.

The company plans to raise around Rs 75 crore from the issue, and use the proceeds towards setting up two new manufacturing plants for auto components and electrical outlet system products for Power and Data Corporation of Australia.

The company also plans to use the funds to part-finance the doubling of capacity to 9.9 million kg by 2008-09 at a total outlay of Rs 94.6 crore.

The total investment is expected to be around Rs 106 crore, out of which Rs 75 crore will be from the IPO, Rs 25 crore through term loans and remaining Rs 6 crore from internal accruals.

CRISIL had assigned Grade '4/5' to the issue, indicating its fundamentals are above average relative to other listed equities.

The shares will be listed on the Bombay Stock Exchange and National Stock Exchange.

IPO Closing Today

1) Porwal Auto Components Ltd.

Opening Date: 17/12/2007
Closing Date : 20/12/2007

2) Precision Pipes & Profiles Company Ltd.

Opening Date: 17/12/2007
Closing Date : 20/12/2007

IPO Closing Today

1) Manaksia Ltd.

Opening Date: 17/12/2007
Closing Date : 19/12/2007

2) Aries Agro Ltd.

Opening Date: 14/12/2007
Closing Date : 19/12/2007

Oil India Files Papers For IPO

MUMBAI: State-run Oil India Ltd on Monday said it has filed the Draft Red Herring prospectus with the market regulator SEBI for its initial public offering.

The company would offer 2,64,49,982 equity shares of Rs 10 each for cash at a price to be decided through a book-building process, a company statement said.

The company is likely to enter the capital market by February next year, merchant banking sources said.

Currently, the government has 98.17 per cent stake in the company, while the remaining stake is with employees. After the IPO, government's stake will come down to 78.43 per cent.

The government is divesting 10 per cent of its equity to the general public. Besides, a similar quantum is being sold to Indian Oil, Bharat Petroleum and Hindustan Petroleum. The remaining stake would remain with the employees.

The issue comprises a net issue to the public of up to 2.40 crore equity shares, while 24.04 lakh shares have been reserved for subscription by eligible employees.

Out of the net issue, 60 per cent is required to be alloted to the Qualified Institutional Buyers, while about 30 per cent would be allocated to the retail investors and 10 per cent to the non-institutional bidders.

The issue would constitute 11 per cent of the fully diluted post-issue paid-up capital of the company, it said.

The equity shares offered are proposed to be listed on the Bombay Stock Exchange and National Stock Exchange.

The book running lead managers to the issue are JM Financial Consultants Private Ltd and Morgan Stanley India company, Citigroup Global Markets and HSBC Securities and Capital Markets.

Manaksia IPO Over-Subscribed By Nearly Two Times

MUMBAI: The initial public offering of Manaksia Ltd has been over-subscribed by nearly two times today, the first day of its opening.

It received bids for 2.94 crore shares as against 1.55 crore shares on offer, latest data available on BSE shows.

The issue would close on December 19. The price band of the issue has been fixed at Rs 140-160.

The portion reserved for qualified institutional buyers got subscribed nearly four times with all the bids coming from foreign institutional investors.

The portion reserved for non-institutional investors and retail investors, however, remained under-subscribed.

The company is planning to raise Rs 240 crore from the capital market to fund its expansion plan at Haldia, West Bengal. A portion of money would also be used to pre-pay a certain amount of term debt and for general corporate purposes.

Meanwhile, IPO of Aries Agro has been subscribed 67 per cent on the second day of its offer, receiving bids for over 30 lakh shares as against 45 lakh shares on offer.

The portion reserved for non-institutional investors got subscribed over two times, while that of the QIBs and retail investors remained under subscribed.

The price band of the issue has been fixed at Rs 120-130. The issue would close on December 19.

The IPO of Porwal Auto got subscribed 76 per cent on the first day with bids for 37.97 lakh shares coming in, against for 50 lakh shares on offer.

The price band of the issue has been fixed between Rs 68 to Rs 75. The issue would close on December 20.

IPO of Precision Pipes that opened today got subscribed only six per cent. The price band of the issue has been fixed at Rs 140-150.

Cos May Get To List Within 7 Days After IPO Closure

NEW DELHI: Market regulator SEBI is trying to reduce the time period between the closing of an initial public offer (IPO) and its listing on the exchanges.

The regulator is examining a proposal which will shrink the public offer process from current 20-22 days to 7 days. This would give considerable relief not only to investors interested in the stock, but also to companies.

The proposal currently under examination essentially entails cleaning up the public offer process and making it more transparent and efficient. Investors may not need to fill long elaborate forms while applying for shares of a company going in for listing.

Also, multiple data entry by banks and syndicate members lengthening the process will be streamlined. At present, for an IPO, data is entered by the broker, banker, merchant banker and registrars separately, complicating the whole process. Cheque clearing by banks also takes time.

If the process is shortened, the issuing company would be able to list on stock exchanges within seven days of the issue close, investors would be able to get their refunds earlier.

It would allow retail investors, who may not have funds to participate in many IPOs simultaneously, to participate in more IPOs, as application monies would be refunded quickly in the case of non-allotment or under allotment.

The government had asked Sebi take a relook at the IPO allotment process following its misuse. A special committee under the regulator which is examining the IPO process has looked into all the details and has made these recommendations. These suggestions are aimed at infusing efficiency levels achieved in the secondary markets into the primary market.

A final call on the proposed changes will be taken by the Sebi board. The first report of the securities market infrastructure leveraging expert task force had in 2004 also made similar recommendations after which certain changes were made.

IPO Opening Today

1) Porwal Auto Components Ltd.

Opening Date: 17/12/2007
Closing Date : 20/12/2007


2) Precision Pipes & Profiles Company Ltd.

Opening Date: 17/12/2007
Closing Date : 20/12/2007


3) Manaksia Ltd.

Opening Date: 17/12/2007
Closing Date : 19/12/2007

Mahindra Holidays IPO To Open In Jan

MUMBAI: Mahindra Holidays and Resorts India, a leisure hospitality provider offering family holidays and part of the Mahindra Group, said on Friday that it is considering a pre-IPO sale of 2.5 million shares by January 2008.

The company has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) of 10.7 million equity shares of Rs 10 each. The price will be decided through a 100% book-building process.

“The IPO will open end-January and the listing will be by February,” said company chairman Arun Nanda. The issue would constitute 13% of the fully-diluted post paid-up capital of the company and will include a fresh issue of 4.1 million shares and an offer for sale of 6.6 million shares by Mahindra Holdings & Finance. The company said it would reduce the IPO size proportionately if the pre-IPO sale is completed.

The proceeds of the issue will finance expansion of some of its existing resorts and setting up of new projects. The company, through its RCI affiliation, has a pan-India coverage with 21 resorts and and 63,375 vacation ownership members.

The company plans to construct new resorts and projects at Pondicherry, Kumbalgarh (Rajasthan), Kadambakkam (Tamil Nadu), Binsar (Uttaranchal), Theog (Himachal Pradesh) and Tungi (Maharashtra).

Club Mahindra is the flagship brand of Mahindra Holidays and Resorts. M&M is the group’s flagship company. As many as six group companies are already listed on the bourses including M&M, Mahindra Forgings, M&M Financial Services and Mahindra Gesco Developers.

Brigade Enterprise IPO Subscribed 11.46 Times

MUMBAI: The initial public offer of Brigade Enterprise was subscribed 11.46 times at close Thursday, as per NSE website.

The issue got bids for 19.04 crore shares as against 1.66 crore on offer. At cut off price, 1.55 crore bids were received.

The issue was in the price band of Rs 351 - Rs 390 per share. The shares are proposed to be listed on the BSE and NSE.

The primary objective of the issue is to fuel the future growth plans of Brigade Enterprise, including by way of acquisition of land, meeting construction and development costs for ongoing and forthcoming real estate projects and general corporate purposes.

BEL IPO Over-Subscribed Nearly 13 Times

MUMBAI: The initial public offering of real estate firm Brigade Enterprises Ltd today got over-subscribed by nearly 13 times.

The issue received bids for 21.40 crore shares against 1.66 crore shares on offer.

The price band of the issue has been fixed between Rs 351 and Rs 390. The issue, which opened on December 10, would close today.

The Bangalore-based firm had announced that it would set up shopping mall and a three star hotel at Chennai. The proceeds from the issue would be utilised to fund the setting up of mall.

The hotel would come up near the Tidel park here and the mall would come at Rajiv Gandhi Road, the IT corridor in the city.

IPO Opening Today

1) Aries Agro Ltd.

Opening Date: 14/12/2007
Closing Date : 19/12/2007

IPO Closing Today

1) Brigade Enterprises Ltd

Opening Date: 10/12/2007
Closing Date : 13/12/2007

IPO Closing Today

1) BGR Energy Systems Ltd.

Opening Date: 05/12/2007
Closing Date : 12/12/2007

2) Transformers & Rectifiers (India) Ltd.

Opening Date: 07/12/2007
Closing Date : 12/12/2007

Porwal Auto Components IPO opens Dec 17

MUMBAI: Porwal Auto Components’ 50 lakh-share initial public offer opens on December 17. The price band of the Rs 10 face value share is Rs 68-75 per share. The issue closes on December 20.

At the lower price-band the company would raise Rs 34 crore and at upper Rs 37.50 crore. The issue would constitute 33.11 per cent of the post issue paid-up capital.

The company plans to use the proceeds to increase capacity of SG and CI castings from existing 6,600 metric tonne per annum to 27,600 metric tpa and set up a wind mill with power generation capacity of 1.5 MW for captive consumption.

The IPO has been assigned ‘IPO GRADE 3’ by CARE indicating average fundamentals.

The existing shares of the company are listed on the Over-the-Counter Exchange of India. The shares offered through the IPO will be listed on the BSE.

Keynote Corporate Services is the sole book running lead manager to the issue.

IPO Opening Today

1) Brigade Enterprises Ltd

Opening Date: 10/12/2007
Closing Date : 13/12/2007

Suzlon Energy - Initial Public Offering by Hansen Transmission International NV, Belgium

Suzlon Energy Ltd has informed that Belgium based Hansen Transmission International NV (Hansen), the subsidiary Company of the Company, has now completed the Initial Public Offering (IPO) of its subsidiary shares. An offer price of 175 pence per share has been set in respect of the ordinary shares offered to the institutional investors in the IPO, which in turn reflects a total post-money market capitalisation at the offer price of approximately Euro 1.60 billion. The said shares of Hansen will be formally listed on the London Stock Exchange on December 11, 2007 although conditional trading in the shares has commenced on December 06, 2007.

IPO Closing Today

1) eClerx Services Ltd.

Opening Date: 04/12/2007
Closing Date : 07/12/2007

IPO Opening Today

1) Transformers & Rectifiers (India) Ltd.

Opening Date: 07/12/2007
Closing Date : 12/12/2007

Damodar Valley Corp likely to float IPO

Kolkata: The Rs 4,300-crore Damodar Valley Corporation (DVC), created under the DVC Act of 1948, mulls to corporatise itself in order to hit the capital market with an IPO in the not too distant future. DVC is exploring the possibility of an organisation revamping so as to create one or more companies under the corporation. The corporation will shortly appoint a consultant to suggest the measures to take it via to the IPO. Following an in-principle clearance from the board of directors which include nominees of three stakeholders, the West Bengal, Jharkhand governments and the Centre - recently, DVC has already shortlisted two such consultants of international repute. DVC was created in the line of Tennessee Valley Corporation in the US primarily to control the devastating floods in Damodar valley and use the water resources for socially gainful purposes.

Jindal Power Likely To Get Listed

Jindal Steel is mulling to list its power subsidiary Jindal Power and is considering pre placement of initial public offer (IPO) to private equity players.Jindal Steel & Power Ltd, the promoter of Jindal Power Ltd, is considering unlocking value for its shareholders through its power venture. Jindal Power is aiming to increase its capacity to 6000 MW over next few years. Moreover, the 1000 MW plant at Chhattisgarh is getting completed and it is likely to contribute to revenues in a significant way helping Jindal Steel to get rerated.

IPO Probe: Parliamentary Panel Unhappy With SEBI

NEW DELHI: A parliamentary panel has pulled up stock market regulator SEBI for not accepting its advice that all IPOs floated since 1999 be probed to detect any irregularities. SEBI had earlier probed 105 public offers that hit the markets during 2003-05 and found that some individuals and entities had manipulated the market for cornering shares meant for retail investors in 21 of these issues.

However, the parliamentary standing committee on finance wanted the market regulator to probe all IPOs since 1999 to bring out the exact number of scams. According to the action taken report on recommendations of the panel tabled in parliament on Tuesday, SEBI has said the earliest period during which the large number of fictitious accounts were opened was 2003.

Accordingly, it has examined the IPOs during 2003 to 2005. Besides, Sebi felt that its available resources and time would be better employed for finalising follow-up actions rather than in conducting probe into IPOs since 1999 which is unlikely to reveal involvement of any entity other than those already identified by the market watchdog. To this, the standing committee, headed by BJP MP Anant Kumar, said it would not like Sebi to prejudge the issue.

“Since the income tax department has in their submission to the committee hinted at the possibility of the prevalence of similar IPO irregularities since 1999, and RBI and CBDT have taken action for review of IPOs since 1999, the committee desire that Sebi should also undertake the exercise in this regard,” the report said.

IPO Opening Today

1) BGR Energy Systems Ltd.

Opening Date: 05/12/2007
Closing Date : 12/12/2007

IPO Opening Today

1) eClerx Services Ltd.

Opening Date: 04/12/2007
Closing Date : 07/12/2007

Emaar MGF Plans IPO

Real estate firm Emaar MGF will be listed in the Indian bourses by unveiling an initial public offering (IPO) to raise $1.7 billion by early next month, said the company's chairman. They are expecting the IPO to happen early January. They are planning to raise about $1.7 billion for its expansion in India. Emaar MGF has filed the draft prospectus for the IPO with market regulator Securities and Exchange Board of India (SEBI) in September. The global co-ordinators and book running lead manager to the issue are Enam Securities and DSP Merill Lynch. Emaar MGF is a joint venture between the Emaar group of the United Arab Emirates (UAE) and leading Indian real estate developer MGF.

IPO Closing Today

1) Burnpur Cement Ltd.

Opening Date: 28-Nov-2007
Closing Date : 03-Dec-2007