CARE Assigns Grade 2 For The IPO Of Gemini Engi-Fab Ltd - Sep 23, 2008

The initial public offer of Gemini Engi-fab Ltd was assigned 'CARE IPO Grade 2' by CARE that represents below average fundamentals. The company is planning to come out with an IPO of 55,00,000 equity shares having face value of Rs10 each at a price to be determined through the book building process. The IPO proceeds are intended to be deployed for setting up a new manufacturing workshop at Umbergaon, to meet the working capital requirements, general corporate purposes and issue expenses.

The grading is confined by Gemini's relatively small size operations, dependence on IPO proceeds for the proposed project completion, unorganized and highly dependence on IPO proceeds for the completion of the proposed projects, moderate corporate governance practices, limited experience of management in executing large projects, low entry barriers and unorganized and highly competitive industry in which the company operates.

Gemini Engi-fab Ltd was incorporated as a private limited company "Gemini Engi-Fab Private Limited" on January 12, 1998. It engaged in manufacturing and salvaging of process equipments through fabrication for various process industries, namely, cement, dairy, refinery, pharmaceutical, petrochemical, power and chemical

Gspc Is Planning Ipo By End Of The Year - Sep 18, 2008

Gujarat State Petroleum Corporation (GSPC) is planning an initial public offering by the end of the year. The company is planning a public offering of 10-20% of its equity shares to raise about $1 bn.

According to a company official, the company has mandated DSP Merrill Lynch, JM Financial, Kotak, SBI CAP and Citibank for doing dilution for the IPO. He also added that, "The IPO was proposed to hit the market in November, but I now think it will happen in December-January".

GSPC is an oil and gas producing company with a dominant presence in the Energy Sector of India, attracting interest from oil companies all over the world, and signing partnership agreements covering E & P activities, based on its remarkable discoveries in Gujarat. GSPC has grown from a small oil and gas producing company in Gujarat into a vertically integrated energy company across India and overseas within just a decade. Incorporated in 1979 as a petrochemical company, GSPC has today metamorphosed into a large-scale Rs. 3900 crore energy organization, excelling in a wide gamut of hydrocarbon activities

BSNL To Conduct Opinion Poll Regarding IPO Among Employees - Sep 16, 2008

The state-owned Bharat Sanchar Nigam Ltd will shortly conduct an opinion poll among employees on the proposed IPO before calling the unions for nrgotiations.

According to CMD of BSNL, Mr. Kuldeep Goyal, "On the BSNL intranet sites, employees have overwhelmingly welcomed the IPO. They have also asked that an opinion poll should be conducted. Keeping in view the sentiments of the staff we will conduct an electronic poll,"

The poll would ask the employees whether or not they support the IPO and certain unions are opposing the proposed IPO.

Earlier, the BSNL Employees Union had warned the management against proceeding with the IPO and threatened to strike work, arguing that the proposal for 10 per cent equity dilution in BSNL was devoid of any merit

IPO Of 20 Microns Was Subscribed Only 0.36 Times On Second Day - Sep 10, 2008

The initial public offering (IPO) of 20 Microns Ltd was subscribed 0.36 times at the end of the second day i.e. on Tuesday, as per the NSE website.

The company received bids for 15,60,400 shares out of of which 4,60,200 bids were received at the cut off price.

The issue consists of a fresh issue of 16,75,000 equity shares of Rs 10 each and offer for sale of 26,75,632 equity shares by Gujarat Venture Capital Fund. The issue will constitute 30.81 per cent of the post-issue paid up capital of the company. Credit Analysis and Research Limited (CARE) has been assigned the IPO Grade 3, indicating Average Fundamentals.

The company intends to utilize the IPO proceeds towards the current ongoing expansion plans of the manufacturing capacities at various locations, invest in the sub-micron particle sizes required by end-market and general corporate purposes

Chemcel Biotec To Hit The Capital Market - Sep 8, 2008

Chemcel Biotec Ltd is entering the capital market with an initial public offering of 1,54,00,000 equity shares for cash at a premium of Rs6. The price band for the issue has been fixed at Rs16 for equity share of Rs10.

The issue will open on September 9, 2008 and will close on September 12, 2008. The shares are proposed to be listed on the Bombay stock exchange and National stock exchange.

AllBank Finance Ltd is the lead manager to the issue.

The purpose behind the issue is to raise capital to set up Bio-Diesel manufacturing unit, to meet the additional Working Capital requirement on account of increased operations for the Agrochemical & Bio Fertilizer division, to repay short term loan of Rs 120.00 Lakhs availed from Union Bank of India for meeting the project expenses, to partially repay the working capital loan facility availed from Union Bank of India, to meet the public issue expenses and to achieve the benefits of listing our Company's shares on Bombay Stock Exchange Limited (BSE).

Chemcel Biotech Limited is in the business of manufacturing of Agro Chemicals and its main products are in three forms i.e. liquids, granules and dusts

20 Micron Fixes IPO Price Band At Rs50-55 - Sep 6, 2008

20 Microns Ltd (TML), has fixed price band of its initial public offer (IPO) at between Rs 50-55 per equity share. It is a pioneer and leader in the micronised minerals and trend setter in the market for usage of ultrafine minerals for the paints and plastic industries. The company filed a red herring prospectus (RHP) with the Registrar of Companies at Vadodara on August 19.

The company is making an IPO of 43,50,632 equity shares of Rs 10 each for cash at a price to be decided through a 100 per cent book-building process. The issue consists of a fresh issue of 16,75,000 equity shares of Rs 10 each and offer for sale of 26,75,632 equity shares by Gujarat Venture Capital Fund. The issue will constitute 30.81 per cent of the post-issue paid up capital of the company. Credit Analysis and Research Limited (CARE) has been assigned the IPO Grade 3, indicating Average Fundamentals.

The company intends to utilize the IPO proceeds towards the current ongoing expansion plans of the manufacturing capacities at various locations, invest in the sub-micron particle sizes required by end-market and general corporate purposes

Tata Motors Floats Two Simultaneous And Unlinked Rights Issues - Sep 5, 2008

Tata Motors on Tuesday announced details of its plan to raise Rs 4,147 crore through two rights issues. The ordinary rights issue is priced at Rs 340 a share is itself at a discount of about 20 per cent from the closing price (Rs 429.85) of the company's shares on the BSE on Tuesday while the issue offering shares with lower voting rights is pegged at Rs 305 apiece, which is at a discount of 10 per cent from the price fixed for its offer of ordinary shares. The shareholders will get one share of both the issues for every six they hold. The rights issue would open by the end of this month and the purpose behind the issue is to part finance the bridge loan it had taken for the $ 2.3-billion acquisition of the iconic Jaguar and Land Rover brands from Ford Motor Co.

The company's committee of directors approved the issue of ordinary shares on a rights basis in the ratio of one share for every six held at a price of Rs 340 for a share to raise Rs 2,186 crore. In line with this, it will offer 'A' ordinary shares in the ratio of one share for every six held at Rs 305 for a share to raise Rs 1,961 crore.

Avesthagen, Bangalore-Based Biotech Company - 2 Sep 08

Avesthagen, Bangalore-based Biotech Company has appointed five banks- DSP Merrill Lynch, Deutsche Bank, Morgan Stanley, UBS and ICICI Securities, as advisors to its upcoming initial public offering (IPO). DSP Merrill Lynch is the lead manager to the issue, for which the company will very soon file the draft red herring prospectus (DRHP) with Sebi. According to chairperson and managing director of Avesthagen Villoo Morawala Patell, "We have a strong product pipeline which we now need to take to the public and market. For this, we need a large amount of funds. We already have several private equity partners and don't want to divest any more stake to private investors."

The company plans to formally launch its first product in India by the end of 2009 and in other BRIC countries, around the same time. Ms Patell also added that "By 2013, we should launch it in Europe, since we already have a manufacturing facility there. The US might take a little time since the USFDA is of the opinion that biosimilars are not bioidenticals and hence, cannot be accepted,".