Supreme Court Told SVPCL To Refund IPO Money - Aug 23 , 2008

The Supreme Court has asked Hyderabad-based SVPCL to refund the application money along with interest to the investors who had applied for the company's initial public offer.

The IPO was floated in October last year. Though the issue was fully subscribed, BSE denied permission for the listing of the shares on the exchange as the company had inevidently mentioned on the cover page of its red hearing prospectus that at least 50% of the net issue to the public shall be allocated on proportionate basis to QIB, whereas legally it should be "up to" instead of "at least".

The company than approached SEBI as well as BSE but in the mean time an investor had filed a complaint with Sebi against the company for allegedly wrongdoing.

The company approached BSE to list the shares on January 7, but this was turned down by it as the 10-week period from the date of closing of the IPO has lapsed, which was required under Section 73.

Sebi on the other side told the company to let BSE to decide on the matter. The BSE asked UTI Securities to provide an undertaking, certifying that Section 73 has been complied with. But UTI Securities did not oblige as the 10-week period had lapsed. Consequently, BSE refused permission to the company to list. Against this the company challenged BSE in Andhra Pradesh High court by stating that the delay was on account of pending complaint with SEBI

However, the decision by Supreme court will provide relief to nearly 10,000 investors, who are expected to get a refund in eight days along with 15% interest once SVPCL receives the copy of the order.

Oil India Plans IPO In November - Aug 20, 2008

Oil India Ltd, state run explorer, plans an initial public offering of 2.64 crore shares shares in November and would file a revised DRHP next month after updating information up to June 30, 2008, according to company official on Tuesday.

"We are in touch with our bankers for exact timing of the IPO. Hopefully market conditions will improve by November and the IPO is likely to open in the first half of November," company sources said.

Mines & Minerals India's IPO Subscribed 1.15 Times - Aug 14 , 2008

Resurgere Mines & Minerals India's IPO was subscribed 1.15 times on the last day of the offer i.e. on Wednesday, as per the NSE website.

The company received 51,25,020 bids, out of which around 3,94,380 bids were received at the cut-off price.

The qualified institutional buyer's portion got subscribed 0.98 times, the non-institutional investors was subscribed 0.70 times, retail investors portion subscribed 0.02 times and the employee portion was subscribed 0.10 times.

The price band of the issue has been fixed between Rs 263 to Rs 272, and it closes on August 13.

The company plans to utilize the IPO proceeds for purchasing plant and machinery and purchase railway rakes to set up own logistics infrastructure facilities and funding working capital requirements.

IPO Of PSU Insurers - Aug 14 , 2008

The General Insurance Officers All India Association has refused the Union Government''s move to introduce an initial public offer (IPO) in the four public sector general insurance companies. Mr P. P. Mohanan, General Secretary of the Association, Kerala, said that the projected amendment in the General Insurance Business (Nationalisation) Act of 1972 to mop up capital from the markets via an IPO is against the assurance given by the Union Government while moving the Insurance Regulatory and Development Authority (IRDA) Bill in 1999. In order to raise the equity base of the four PSU general insurance companies, he advised that the government should think of other alternatives.

Ipo Open Today - Aug 11 , 2008

Resurgere Mines & Minerals India Ltd

1. Opening Date : 11/08/2008.
2. Closing Date : 13/08/2008.

Nu Tek India IPO Fully Subscribed On The Last Day - Aug 05 , 2008

Nu Tek India's IPO got fully subscribed till the final day of offer on Friday. It plans to raise about Rs 86.4 crore through its initial public offer,

The issue received demand of 1.63 times the shares on offer, receiving bids for over 73.49 lakh shares as against on offer of 45 lakh shares, as per the NSE data. The The qualified institutional buyers got subscribed 2.05 times, while the non-institutional investor portion subscribed 1.78 times. The retail investor portion got fully subscribed on the final day. The public issue of 45 lakh shares of Rs 10 each, comprised of fresh issue of 3.5 lakh equity shares and an offer for sale of 10 lakh shares.

The price band of the issue has been fixed between Rs 170 and Rs 192.

The company intends to utilize the IPO proceeds to meet capital expenditure cost along with overseas acquisitions and augmenting the long term working capital requirement. CRISIL has been assigned an IPO-grade of three out of five to the issue.

The company would list its shares on Bombay Stock Exchange and National Stock Exchange. The book running lead manager to the issue are SPA Merchant Bankers and India Infoline.

China Rongsheng Plans $2 Bn-Plus IPO Abroad - Aug 04 , 2008

SHANGHAI: Chinese shipbuilder Jiangsu Rongsheng Heavy Industries Co Ltd aims to raise more than $2 bn through an initial public offering overseas, a company source familiar with the matter said on Monday.

The timing of the listing will depend on market conditions but the company is proceeding quickly with preparations, the source added.

Goldman Sachs Group Inc is helping the private-sector Chinese firm with the share offering, the source said. The company is considering the Hong Kong stock market as one option for its IPO, sources familiar with the situation have said.

An investment unit of Goldman Sachs, private investment fund DE Shaw and another Chinese private equity fund paid $250 mn for a minority stake in Rongsheng last year, the source said.

Nu Tek India IPO Subscribed 0.54 Times - Aug 01, 2008

The initial public offering of Nu Tek India was subscribed 0.54 times on Thursday, as per the NSE website. The issue will close on August 1. The issue has a price band of Rs 170 to Rs 192 per share.

The public issue portion received 24,28,830 bids whereas around 79,050 bids were received at the cut off price. The qualified institutional buyers' portion was subscribed 0.67 times, non-institutional investor portion was subscribed 0.32 times, retail portion was subscribed 0.01 times and the employee portion did not receive any subscription.

The price band of the issue has been fixed between Rs 170 and 192. The public issue of 45 lakh shares of Rs 10 each, comprises of fresh issue of 3.5 lakh equity shares and an offer for sale of 10 lakh shares.

The company intends to utilize the IPO proceeds to meet capital expenditure cost along with overseas acquisitions and augmenting the long term working capital requirement.

New Rules For IPO By SEBI - July 31, 2008

SEBI has finalized the guidelines for retail investors for investing in IPO in which they only have to pay to the extent of shares allotted to them and not 100% upfront advance for shares.

The payment system known as Application Supported by Blocked Amount (ASBA) that will require retail investors to bid at a cut-off price and to apply through self-certified syndicate banks (SCSBs), in which they hold accounts.

SEBI on Wednesday issued a circular that highlighted the eligibility criteria for an investor and also identified the roles and responsibilities of other intermediaries, registrars, merchant bankers and stock exchanges in the ASBA process.

Nu Teck India IPO Got Subscribed 0.14 Times - July 30 , 2008

Nu Teck India IPO got subscribed 0.14 times shares on the first day of offer on Tuesday. The offer would close on August 1.

The issue received bids over 6.07 lakh shares against 45 lakh shares on offer, as per the data available on the National Stock Exchange. The qualified institutional buyers got subscribed 27% while the non institutional portion did not receive any subscription and the retail portion was marginally subscribed.

The price band of the issue has been fixed between Rs 170 and 192. The public issue of 45 lakh shares of Rs 10 each, comprises of fresh issue of 3.5 lakh equity shares and an offer for sale of 10 lakh shares.

CRISIL has been assigned an IPO grade of 3 out of 5 for the issue.

The shares of the company would be listed on Bombay Stock Exchange and National Stock Exchange. The book running lead manager to the issue are SPA Merchant Bankers and India Info line.

The company intends to utilize the IPO proceeds to meet capital expenditure cost along with overseas acquisitions and augmenting the long term working capital requirement.

Case Against Anagram Relating To IPO Scam, Settled - July 22 , 2008

The Securities and Exchange Board Of India (SEBI) on Monday settled a case against Anagram Securities relating to alleged financing of key operators in IPO scam. Charge against Anagram Securities was that it acted as a financier to the key operators for making applications for public offers in fictitious and benami names during 2003-05.

The case has been settled through a consent order passed by the SEBI, but it does not restrict the market regulator from taking enforcement action. SEBI can reopen the pending case, if it finds any representation made by the firm in the consent proceedings are to be untrue or it has breached any of the clauses of undertakings during the proceedings.

The market regulator passed the order on the recommendations of its High Powered Advisory Committee.

GSPC To Invest $1bn In KG Basin, Plans IPO - July 19 , 2008

NEW DELHI: Gujarat State Petroleum (GSPC) plans to invest $1 billion (about Rs 4,100 crore) to make its eastern offshore Krishna Godavari (KG) basin gas field operational by 2011. It is also contemplating an initial public offer (IPO) for funding part of the investment. The company may dilute up to 20% through the IPO.

The Gujarat government is, however, in no mood to sell 30% to a foreign strategic partner, as proposed earlier, Gujarat energy minister Saurabh Patel said. The state government owns 100% in GSPC. Gujarat chief minister Narendra Modi, meanwhile, denied any proposal to divest stake in the energy company through an IPO. “We are financially sound and do not need to go to the market,” Mr Modi said.

GSPC, which is about to receive government approvals for development plans for KG-8 gas field, has struck more gas in the block KG-OSN-2001/3. KG-22 holds three trillion cubic feet (Tcf) of gas, Mr Modi said, adding the entire block in his assessment holds more than 20 Tcf reserves. From 2011, GSPC will produce 8-10 million standard cubic meters per day of gas from the block. KG-8, according to the development plan submitted to oil regulator DGH, holds a minimum of 2.6 Tcf and a maximum of 5.6 Tcf recoverable reserves and can produce about 6 mmscmd gas.

Mr Patel said GSPC has taken 10 mmscmd capacity in Reliance Inds’ east-west pipeline to transport gas to consumers.
The government has also acquired 300 acres at Kakinada in Andhra Pradesh for on-shore gas processing plant.

IPO Closing Today - July 9, 2008

1. Birla Cotsyn (India) Ltd.

Opening Date: 30/06/2008.

Closing Date: 09/07/2008.

IPO Of Birla Cotsyn Was Subscribed 0.44 Times - July 8, 2008

The IPO of Birla Cotsyn was subscribed 0.44 times on Monday. The issue received 3,95,64,350 bids, out of which around 2,06,87,100 were at the cut off price. The qualified institutional buyers' portion was subscribed 0.01 times, non-institutional investor portion was subscribed 1.46 times, the retail portion was subscribed 0.90 times and the employee's portion was subscribed 0.02 times.

The company has extended the closing date of its initial public offer to July 9. Also it has revised its price band downward from Rs 15-Rs 18 to Rs 12-Rs 14 per share.

The company plans to utilize the IPO proceeds to set up an integrated textile unit and a garment manufacturing plant at the facilities located at Khamgaon, Ghatanji and Makkapur in Maharashtra. Also to fund the company's foray into retail outlets.

UTI Asset Management Defers IPO Plans - July 8, 2008

Mumbai: UTI Asset Management Company has decided to defer its proposed initial public offer. The initial public offer was expected to hit the market this month.

The source said that with equity market in turmoil the sponsors of the AMC have decided to put off the IPO plan. SEBI had cleared UTI's draft red herring prospectus on April 22. The AMC was supposed to complete the IPO process with in three months, which will expire by July 21. Sources, said UTI AMC is going slow and it is unlikely that the process would be completed before the expiry date.

UTI AMC plans to offload 38.8 per cent or 48.5 million of outstanding shares of the company. The AMC had also planned a pre-IPO private placement of 16 million shares, which is also delayed. According to the SEBI regulations, UTI will have to restart the process by filing fresh application once the three-month period expires. Since the beginning of equity market meltdown, several IPOs including Wockhardt Hospital and the Dubai-based Emaar MGF had been called off mid-way following poor investor response.

UTI AMC has four sponsors: State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India, each holding 25 per cent stake. An analyst said the mutual fund had no dearth of funds and given the current market condition, the AMC would have decided not to go ahead with the IPO.

Birla Cotsyn Extended Its IPO - July 7, 2008

Birla Cotsyn extended its IPO closing date to July 9, 2008 due to the poor sentiments in the market that forced the company to extend the closing date. Also, the price band for the issue was revised downward to Rs12-Rs14 per share from Rs15-Rs18 per share earlier. The issue received 3,31,80,350 bids, out of which 1,88,73,750 bids were received at the cut off price. The qualified institutional buyers' portion was subscribed 0.01 times, non-institutional investor portion was subscribed 1.16 times and the retail portion was subscribed 0.54 times.

Ipo Closing Today - July 4, 2008

1. Birla Cotsyn (India) Ltd.

Opening Date : 30/06/2008.

Closing Date : 04/07/2008.

ONGC JV Mulls IPO To Raise Rs 3,500Cr - July 4, 2008

Ahmedabad: ONGC Petro additions (OPaL), an alliance between ONGC and Gujarat State Petroleum Corporation (GSPC), is mulling to hit the capital market to raise Rs 3,000-3,500 crore. ONGC are targeting to raise at least 20 per cent of the Dahej project cost via the offering.

OPaL is establishing a Rs 12,500-crore petrochemical complex at Dahej in Gujarat, proposed to be financed via a debt-equity ratio of Rs 8,700 crore and Rs 3,800 crore, respectively. ONGC holds 26 per cent controlling stake in OPaL, while GSPC holds 5 per cent.

Already, global companies such as Japan Polypropylene Corporation (JPP), an alliance between Chisso and Mitubishi Chemical Corporation; LyondellBasell Industries, which is one of the world's largest polymers, petrochemicals and fuel companies; Ineos group; Mitsubishi Chemicals and Mitsui are looking at a stake in the project. ONGC is also in negotiations with oil and gas PSUs like Indian Oil Corporation.

Meanwhile, OPaL has called a tender for its cracker unit, which comprises over 80 per cent of the project cost.

Birla Cotsyn IPO Subscribed 0.34 Times - July 3, 2008

The IPO of Birla Cotsyn was subscribed 0.34 times till Wednesday as per the NSE website. The issue received 2,40,89,100 bids, out of which 1,18,15,300 were received at the cut off price.

The qualified institutional buyers portion of 3,34,26,667 shares was subscribed 0.01 times, non institutional investor portion of 1,00,28,000 shares was subscribed 0.71 times and the retail portion of 2,33,98,667 was subscribed 0.33 times. The price band for the issue is Rs15 to Rs18 per share. The issue will close on July 4.

The company plans to utilize the IPO proceeds for setting up an textile integrated tetile unit along with a garment manufacturing plant at Khamgaon, Ghatanji and Makkapur in Maharastra.

IPO Opening Today - June 30, 2008

1.Birla Cotsyn (India) Ltd.

Opening Date : 30/06/2008.

Closing Date : 04/07/2008.