Visa sets possible record $18.8 billion IPO

Visa sets possible record $18.8 billion IPO

NEW YORK (Reuters) - Visa Inc, the world's largest credit card network, said it may raise up to $18.8 billion in the largest U.S. initial public offering, despite unsteady financial markets and a global credit crunch that could eat into transaction volumes.

The eagerly-awaited offering calls for Visa to sell 406 million Class A shares at $37 to $42 each, for proceeds of $15 billion to $17.1 billion, according to a filing on Monday with the U.S. Securities and Exchange Commission. Visa said it might sell another 40.6 million shares to meet demand, boosting the IPO's potential size to $18.8 billion.

A successful IPO would surpass the $10.6 billion offering in April 2000 by AT&T Wireless Group and could value all of Visa well in excess of $30 billion. It would also follow a fivefold jump in shares of smaller rival MasterCard Inc (MA.N: Quote, Profile, Research) since that company raised $2.4 billion in a May 2006 IPO.

Visa, based in San Francisco, benefits as consumers worldwide rely more on credit and debit cards instead of cash and checks to make payments.

It also is not directly exposed to rising defaults and late payments because it does not issue cards, unlike rivals American Express Co (AXP.N: Quote, Profile, Research) and Discover Financial Services (DFS.N: Quote, Profile, Research) and lenders such as Bank of America Corp (BAC.N: Quote, Profile, Research), Citigroup Inc (C.N: Quote, Profile, Research) and JPMorgan Chase & Co (JPM.N: Quote, Profile, Research).

"Everyone is looking for a way to play the financial space without the credit exposure," said Scott Valentin, an analyst at Friedman, Billings, Ramsey & Co. "Plastic is replacing cash and checks, including on small purchases such as a meal at McDonald's. Every time a card is used, Visa gets a piece."

Visa is now controlled by about 13,300 member banks and finance companies. Much of the IPO proceeds would go to buy shares held by them, helping to offset rising credit losses.

Still, analysts said the timing is risky, given falling demand for stocks and IPOs amid worries the U.S. economy might be entering, or has already entered, a recession. A Visa spokeswoman declined to say when the IPO might take place. (Full Story)

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AIG MF launches Short Term Fund

AIG MF launches Short Term Fund

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Name of Fund: AIG Short Term Fund

Scheme: It is an open-ended income scheme.

Objective: The primary objective of the scheme is to seek to generate income from a portfolio constituted of short to medium term debt and money market securities.

Asset Allocation: The fund will invest up to 40%-100% in debt and money market securities with maturity less than equal to 370 days or have put options within a period not exceeding 370 days. It will have investment of 0-60% in debt instruments including government securities, corporate debt and other debt instruments with maturity greater than 370 days. Investment in securitised debt may be up to 75% of the net assets of the scheme.

Fund Opens: 29 February 2008

Fund Closes: 4 March 2008

Face Value: Rs 1000 per unit

Investment Options: The scheme will have two-investment plans viz. retail plan and institutional plan with growth, bonus and dividend options under each plan. The dividend option under both plans will have the facility of monthly dividend payout and weekly and monthly dividend reinvestment.

Entry Load: No entry load will be charged during the new fund offer of the scheme.

Exit Load: The scheme may levy 0.25% an exit load on redemption of investment within 15 days under both the plans.

Minimum Investment Amount: The minimum investment amount under retail plan is Rs 1000 and in multiples of Re 1 thereafter. Under institutional plan, the minimum investment amount is Rs 1 lakh and in multiples of Re 1 thereafter.

Benchmark Index: CRISIL Short term Bond Index.

Fund Manager: Mr. Sandeep Bagla.

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Indian Markets on 25th Feb 2008

Markets stage a smart recovery - 25th Feb 2008

The markets opened in the positive but soon slipped into the red. However, they staged a smart recovery during the day to end with healthy gains. The Sensex was up 301.50 points or 1.74% at 17,650.57 while the Nifty gained 89.95 points or 1.76% to close at 5200.70. Broadmarket indices underperformed the frontline indices. While the BSE Midcap ended flat, the Smallcap index was down 0.72%. Market breadth was negative as A/D ratio was 1:1.5 on the BSE. NSE cash turnover was Rs.11712.57cr vs. Rs.10201.49cr on Friday.

Sectorally, it was a mixed bag. The BSE Oil & Gas was the largest gainer as it surged 3.60%. Losers included the BSE Consumer Durables and Bankex as they ended 1.20% and 0.37% lower. Gainers from the index pivotals included ACC, Reliance, Ambuja Cement and Rel Energy. Major losers were Bajaj Auto, HDFC Bank, HUL and M&M.

With the main indices bouncing strongly from the 200 day EMA supports, there is a possibility that today's rally could continue for at least a few sessions. Swing traders can take advantage of this opportunity by buying stocks that exhibit relative strength for short term profits.

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Mutual Funds News 26th Feb 2008

Mutual Funds News 26th Feb 2008

ING MF collects Rs.200 crore through its 91-day plan

ING Mutual Fund has collected Rs 200 crore through its ING Fixed Maturity Fund- Series 42 during its initial offer period from 14 February 2008 to 19 February 2008. The ING Fixed Maturity Fund- Series 42, which is a close-ended bond scheme offering an investment plan of 91 days maturity, investing in a portfolio of government securities, or highly rated corporate bonds maturing close to the maturity of the scheme so as to generate returns comparable with alternative fixed-income instruments of similar maturity. The scheme will invest in debt securities with maturity coinciding closely with the maturity of the scheme, so as to minimise the impact of price fluctuation of such securities and the value at maturity.

ING Fixed Maturity Fund- Series 42 will offer two plans i.e. retail and institutional plan with a sub-option of growth, dividend. The scheme shall invest up to 100% in debt securities and money market instruments including call money and reverse repo. The debt securities may include securitised debt up to 100% of the net assets. The investments in derivatives instruments shall be to a maximum of 50% of the net assets of the scheme.

 

 

Reliance MF declares dividend

Reliance Mutual Fund has announced the declaration of dividend on the face value of Rs 10 per unit for Reliance Interval Fund - Monthly Interval Fund - Series II under both retail and institutional plan. The record date is set as 28 February 2008. The fund house has decided to distribute 100% of surplus available under both plans as on record date. The NAV for the scheme under retail plan was Rs. 10.0614 as on 21 February 2008. The NAV for the scheme under institutional plan was Rs. 10.0613 as on 21 February 2008. Reliance Interval Fund - Monthly Interval Fund - Series II is a debt oriented interval scheme. The investment objective of the scheme is to generate regular returns and growth capital by investing in a diversified portfolio of central and state government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility.

 

 

UTI MF garners Rs.500 crore through its interval fund

UTI Mutual Fund has collected Rs 500 crore through its UTI Fixed Maturity Plan -Quarterly Plan during its initial offer period from 1 February 2008 to 19 February 2008. UTI Fixed Maturity Plan -Quarterly Plan is a close-ended plan with an investment in fixed income securities maturing in line with the scheme.

 

 

HSBC MF extends NFO period for Emerging Markets Fund

HSBC mutual fund has extended the new fund-offering (NFO) period of HSBC Emerging Markets Fund from 25 February to 26 February 2008. HSBC Emerging Markets Fund is an open-ended scheme. The NFO price for the fund is Rs 10 per unit. The minimum investment is Rs 10,000 and in multiple of Re 1 thereafter. The primary objective of the scheme is to provide long-term capital appreciation by investing in India and in the emerging markets, in equity and equity related instruments, share classes, and units/securities issued by overseas mutual funds or unit trusts.

 

 

Kotak MF declares dividend

Kotak Mutual Fund has announced 28 February 2008 as the record date for declaration of dividend under dividend option of Kotak Mahindra 30 Unit Scheme. The quantum of dividend is 30% i.e. Rs. 3.00 per unit on the face value of Rs. 10. The NAV for the scheme was Rs. 38.517 as on 20 February 2008. Kotak Mahindra 30 Unit Scheme is an open-ended equity growth scheme. The investment objective of the scheme is to generate capital appreciation from a portfolio of predominantly equity and equity related securities with investment in 30 companies which may go up to 39 companies.

 

         

Tata MF declares dividend

Tata Mutual Fund has announced the declaration of dividend on the face value of Rs 10 per unit for Tata Fixed Income Portfolio Fund - Scheme B2 under quarterly dividend option. The record date is set as 27 February 2008. The fund house has decided to distribute 100% of surplus available under option as on record date. The NAV for the scheme under regular plan was Rs. 10.1744 as on 20 February 2008. The NAV for the scheme under institutional plan was Rs. 10.1744 as on 20 February 2008. Tata Fixed Income Portfolio - Scheme B2 Fund is an open-ended debt oriented scheme. The investment objective of the scheme is to generate returns and / or capital appreciation along with minimisation of interest rate risk. In order to achieve its investment objective, the scheme will invest predominantly in a portfolio of debt and money market instruments.

 

 

JM Financial MF garners Rs.300 crore through its interval fund

JM Financial Mutual Fund has collected Rs 300 crore through its JM Interval Fund-Quarterly Plan 4 during its initial offer period from 31 January 2008 to 20 February 2008. The JM Interval Fund-Quarterly Plan 4, which is close-ended debt oriented interval schemes, was opened for subscription between 31 January-20 February 2008. The objective of the scheme is to seek to generate regular returns through investment into money market securities / debt securities normally maturing in line with the time profile of the plan. The JM Interval Fund-Quarterly Plan 4 will offer two plans - regular plan and institutional plan. This plan will have dividend and growth option. Under the dividend option, an investor may choose for payout or reinvestment of the dividend amount.

 

 

Franklin Templeton MF declares dividend

Franklin Templeton Mutual Fund has announced the declaration of dividend on the face value of Rs 10 per unit for Templeton Quarterly Interval Plan- Plan B. The record date is set as 29 February 2008. The fund house has decided to distribute 100% of surplus available under option as on record date.

Templeton Quarterly Interval Plan- Plan B is an interval income fund that seeks to generate returns and reduce interest rate volatility, through a portfolio of fixed income securities.

 

ABN Amro MF declares dividend

ABN Amro Mutual Fund has announced 29 February 2008 as the record date for declaration of dividend under dividend option of ABN Amro Tax Advantage Plan-ELSS.

The quantum of dividend is 20% i.e. Rs. 2.00 per unit on the face value of Rs. 10. The NAV for the scheme was Rs. 15.055 as on 22 February 2008.

ABN Amro Tax Advantage Plan-ELSS is a open-ended scheme offering an investment objective to generate long-term capital growth from a diversified and actively managed portfolio of equity and equity related securities along with income tax rebate, as may be prevalent from time to time.

ABN Amro adds dividend option for its interval plan

ABN Amro Mutual Fund has announced that investors of ABN Amro Interval Fund-Monthly Plan A may get an additional dividend option viz. calendar monthly dividend option with effect from forthcoming interval period.

ABN Amro Interval Fund-Monthly Plan A seeks an investment objective to generate steady returns through investments made in a basket of fixed income securities, with a provision to offer liquidity at periodic interval.

 

AIG MF launches Short Term Fund

Name of Fund: AIG Short Term Fund

Scheme: It is an open-ended income scheme.

Objective: The primary objective of the scheme is to seek to generate income from a portfolio constituted of short to medium term debt and money market securities.

Asset Allocation: The fund will invest up to 40%-100% in debt and money market securities with maturity less than equal to 370 days or have put options within a period not exceeding 370 days. It will have investment of 0-60% in debt instruments including government securities, corporate debt and other debt instruments with maturity greater than 370 days. Investment in securitised debt may be up to 75% of the net assets of the scheme.

Fund Opens: 29 February 2008

Fund Closes: 4 March 2008

Face Value: Rs 1000 per unit

Investment Options: The scheme will have two-investment plans viz. retail plan and institutional plan with growth, bonus and dividend options under each plan. The dividend option under both plans will have the facility of monthly dividend payout and weekly and monthly dividend reinvestment.

Entry Load: No entry load will be charged during the new fund offer of the scheme.

Exit Load: The scheme may levy 0.25% an exit load on redemption of investment within 15 days under both the plans.

Minimum Investment Amount: The minimum investment amount under retail plan is Rs 1000 and in multiples of Re 1 thereafter. Under institutional plan, the minimum investment amount is Rs 1 lakh and in multiples of Re 1 thereafter.

Benchmark Index: CRISIL Short term Bond Index.

Fund Manager: Mr. Sandeep Bagla.

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Industry News 26th Feb 2008

Industry News 26^th Feb 2008

Seminar held on IT

Guntur: Information Technology is the bridge between the manufacturing industry and consumer, said Bangalroe-based SAP Product Manager S. Raghunandan at a national seminar on Information Technology at P.N.C. & K.R. College of PG courses in Narsaraopet.

Mr. Raghunandhan stressed on the importance of Information Technology in the current world scenario. The gathering, mostly student community, had a brain-storming session about SAP and job opportunities and also on what it takes to satisfy the customer. The group discussion at the end of the seminar brought out various view points and turned out to be a learning experience even for the faculty and industry personnel.College correspondent and secretary M. Sivalinga Prasada Rao felicitated Mr. Raghunandan.

In the afternoon session, group discussion was conducted with 23 batches of 10 members each participating in it from different colleges turned out to be a unique affair. Ch. Vijaya Bhaskar of host college secured the first position followed by K. Ram Prasad of VSR & YRN College, Chirala. The college correspondent awarded prizes to winners in group discussion. All faculty members of the computer science participated in the seminar. Convener of the event was D. Pavan Kumar.

 

STPI to start IT Finishing School this year

Mysore: The Software Technology Park of India (STPI) will start an Information Technology Finishing School and an Incubation Centre here this year. Speaking after inaugurating the new campus of Theorem India Pvt. Ltd., a web marketing company, in Hebbal Industrial Area on Sunday, STPI Director J. Parthasarathy said the finishing school and the centre would come up opposite the Infosys campus.

Mr. Parthasarathy said that with business process outsourcing (BPO) sector set to become a $ 60-billion industry by 2010, there was need to fine-tune the skills of engineering graduates so that they could adapt to the industry's requirements. "Barely 30 per cent of the engineering graduates fulfil the requirements of BPOs. Theorem founder and chief executive officer Jay Kulkarni said their company provided technological assistance for Internet advertising, which was catching on in a big way. The new campus of the company, which was inaugurated by Mysore city Police Commissioner Ravindranath, has two buildings for product development. The company, which already has clients in U.S., Australia, Dublin and Paris, provides search and media operations technology, besides assistance in data analysis.

 

Reliance Power gallops above issue price - 25 Feb 2008 | 14:46

This is the first the stock is trading at premium as compared to issue price of Rs 450 per share. On its listing on 11 February 2008, the stock debuted on 11 February at Rs 547.80 and hit a high of Rs 599.90. However barely within minute of its debut, it started declining and slipped to discount. The stock surge today after its board-approved issue of three bonus shares for every five held, to compensate for the slump in the stock price post listing.

Meanwhile, the BSE Sensex was up 221.55 points or 1.28% to 17,570.55 in volatile trade.

The Reliance Power counter saw high volumes of 1.46 crore shares on BSE. It was the top traded counter on BSE with turnover of Rs 618.84 crore

The stock hit a high of Rs 455.10 and low of Rs 421.40 so far during the day. The stock had hit a 52-week high of Rs 599.90 on 11 February 2008 and a 52-week low of Rs 332.50 on 13 February 2008.

The current equity share capital of Reliance Power is Rs 2259.82 crore, which will increase to Rs 2397 crore after this bonus issue. Face value per share is Rs 10.

Reliance Powers board of directors in a meeting held on Sunday, 24 February 2008, informed that bonus shares will be issued to all shareholders, excluding the promoter group comprising of Reliance Energy and the ADA Group.

In a related development, Anil Ambani, Chairman, Reliance ADA Group, simultaneously announced a voluntary contribution of 2.6% of his shareholding in Reliance Power to Reliance Energy, to prevent Reliance Energy from any dilution of its existing 45% stake in Reliance Power, as a result of the bonus issue.

Following bonus issue and personal stake transfer by Anil Ambani, the cost of acquisition of Reliance Power stock will come down by 40% for retail shareholders to Rs 269 per share from issue price of Rs 430 per share. In the same way, for other investors the acquisition cost will be reduced by 37% to Rs 281, from issue price of Rs 450.

Following this bonus issue, Anil Ambanis stake will come down to 40% from the present 45%. Reliance Energys shareholding remains unchanged at 45% while public shareholding will increase by 5% to 15%.

Reliance Powers move to issue bonus shares came following the dismal debut of the shares on the bourses on 11 February 2008 and the stock consistently trading at a discount to the IPO price of Rs 450. Reliance Power had settled at Rs 372.50 on BSE, a discount of 17.22% over IPO price of Rs 450, on its day of debut on 11 February 2008. Retail investors were offered shares at Rs 430 i.e. at a discount of Rs 20 per share.

Reliance Power, which came out with the countrys largest initial public offer had got overwhelming response from investors. The issue had got an aggregate commitment of over Rs 7.50 lakh crore, as against the issue size of Rs 11,560 crore.

Reliance Power is developing 13 power generation projects with a capacity of 28,200 megawatt (MW).

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Economy News 26th Feb 2008

Economy News 26th Feb 2008

Govt to appoint more fund managers for EPFO corpus

The government on Saturday said it is planning to appoint more fund managers for the efficient management of the Employees Provident Fund Organisation corpus.There would soon be multiple fund managers to manage the fund of EPFO, which has over 4 crore subscriber.Currently, the country's largest public sector lender State Bank of India is the sole fund manager.In line with managers for new pension scheme for government employees, EPFO would also have multiple fund managers for the efficient management of the corpus.When asked about whether the corpus of the EPFO can be invested in the stock market, Pillai said, no consensus has been arrived at on the issue

 

Budget 2008 likely to be pro common man

Personal and corporate income tax cuts, excise duty relief and simplification of taxes are expected in the Union Budget for 2008-09, the last full-fledged budget before the next general elections. Finance Minister P Chidambaram, who will be presenting his seventh budget on Friday in Parliament, has a tough exercise on hand of balancing conflicting interests in coming out with a budget for the 'aam aadmi' (common man). Social sector projects.He is expected to announce massive funds for social sector projects like National Rural Employment Guarantee (NREG), Sarva Shiksha Abhiyan, rural health and power sectors and a debt-relief package for farmers to share the benefits of high growth especially in view of the coming Lok Sabha elections by this year end or early next year.The Indian middle-class and the industry, which still remember his dream budget of 1997-98, are expecting a bonanza from the Finance Minister in terms of relief in income tax and excise duties and simplification of other taxes.

Government servants are expecting an announcement on implementation of the Sixth Pay Commission.Sources say that the Finance Minister is unlikely to introduce any new tax in the budget for 2008-09 although some controversial taxes like the banking cash transaction tax may be reviewed, adding that with buoyancy in revenue collections he is capable of working out packages for every constituency.Apart from meeting the fiscal and revenue deficit targets, the budget is likely to aim at sustaining 9 per cent GDP growth, while containing politically sensitive inflation rate around four per cent.

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Corporate News 26th Feb 2008

Corporate News 26th Feb 2008

K Sera Sera - Resignation of Director

K Sera Sera Productions Ltd has informed that the Board has received resignation of Mr. Ashok Gangwani as the Director of the Company.

The Board will consider the same at the forthcoming Board Meeting.

 

         

Dish TV - Media Release

Dish TV India Ltd has announced the following Media Release :

"Dish TV India Ltd, on February 22, 2008, informed the Stock Exchanges that the process of issue and allotment of equity shares and warrants to Indivision India Partners (IIP) on a preferential basis stands withdrawn and cancelled.

The Board of Dish TV had earlier approved a preferential allotment of equity shares and warrants to IIP. IIP was to subscribe to 12,500,000 equity shares of Re 1/- each at a price of Rs 100 per equity share and 9,615,385 warrants, convertible into 9,615,385 equity shares at a price of Rs 130 per equity share, within a period of 18 months from the date of issue of warrants. The Company had obtained all requisite approvals for the said issue.

"Due to recent volatility in the Indian markets, IIP wanted to drop taking the warrants and the Board of Dish TV felt that since the promoters are fully backing as well as the growth of customer acquisition is robust, we should not accept the change in deal structure, hence the Company declined the change" said Mr. Jawahar Goel, Managing Director of the Company. The Company has a complete plan for required funding.

Mr. Subhash Chandra, Chairman said "We reiterate our commitment toward dishtv business and are confident of its growth prospects ahead. The promoters have in the past infused finds into the business as and when required, and would continue to support in the near future.

Dish TV Ltd is continuously expanding its subscriber base at a rapid pace in order to grow and sustain the leadership position in the pay DTH market. During the period from April 2007 January 2008, Company has added more than 856,000 subscribers. During January 2008, despite the advent of a new DTH player Sun Direct in the four southern states, dishtv has added 101,047 new subscribers and continued to show robust growth in the southern market due to a combination of superior regional languages offering and focused marketing initiatives. This lead to number of subscribers going up from 2.7 million as on December 31, 2007 to 2.8 million as on January 31, 2008."

 

         

Godawari Power Board to consider interim dividend

Godawari Power & Ispat Ltd has informed that a meeting of the Board of Directors of the Company will be held on March 04, 2008, inter alia, to consider the proposal for declaration of Interim Dividend.

 

         

Omaxe - Updates

Omaxe Ltd has informed that the Company has emerged as the highest bidder and won the bid from Naya Raipur Development Authority, Chhattisgarh for Development of theme township with 18 Hole Golf Course on over 400 acres (Approx.) at Naya Raipur, Capital City of Chhattisgarh with a project value of Rs 1200 Crores (Approx.), which shall include the development of Residential and Commercial Bldgs, Golf Villas and a Hotel.

 

         

Listing of equity shares of IRB Infrastructure Developers Ltd

Trading Members of the Exchange are hereby informed that effective from February 25, 2008, the equity shares of IRB Infrastructure Developers Ltd (Scrip Code: 532947) are listed and admitted to dealings on the Exchange in the list of 'B1' Group Securities. For further details please refer to the notice no 20080220-26 dated February 20, 2008 & notice no 20080222-1 dated February 22, 2008.

 

 

Bosch Chassis fixes Book Closure for Dividend & AGM

Bosch Chassis Systems India Ltd has informed that the Register of Members & Share Transfer Books of the Company will remain closed from April 18, 2008 to April 29, 2008 (both days inclusive) for the purpose of payment of dividend & 26th Annual General Meeting (AGM) of the Company to be held on April 29, 2008.

 

 

Pfizer recommends dividend

The board of Pfizer has recommended at the rate of Rs 27.50 per share (275%) for the financial year ended 30 November 2007, being normal dividend at the rate of Rs 12.50 per share (125%) and additional dividend at the rate of Rs 15 per share (150%), in view of sale of four consumer healthcare brands to Johnson & Johnson.

This was recommended at the board meeting held on 25 February 2008.

 

 

Videocon Industries recommends dividend

The board of Videocon Industries has recommended dividend at the rate of Rs 3.50 per share (35%) for the financial year ended 30 September 2007.

This was recommended at the board meeting held on 25 February 2008.

 

Jubilant Organosys receives new contracts worth US$ 92 million

Jubilant Organosys has announced new contracts worth US$ 92 million for its proprietary products and exclusive synthesis segment under CRAMS business for the present calendar year.

Given Jubilant's geographical focus on the regulated markets, a large percentage of these contracts are realisable from the U.S., Europe and Japan. Outside the geographical region of the regulated markets, China is a major market for Jubilant. Jubilant's order book for the calendar year stands further augmented with the addition of these contracts the increase in size, over a similar announcement made last year, stands at over 50%. In addition to these annual contracts, the company as part of its normal business also executes half yearly, quarterly and monthly contracts and spot sales. The new contracts have been signed with prominent international pharma and other life science companies, some of whom have been doing business with Jubilant for the past many years.

Given its experience in servicing global customers and the domain knowledge that it has built in key product areas, Jubilant has rapidly established itself as a world-class product and service provider in the CRAMS space. The company has a healthy pipeline of products which are in phase III, stage of development at the customers end; and to support this it has made timely investments to expand key capacities. These contracts represent a huge opportunity for volume growth going forward for the exclusive synthesis and contract manufacturing segments under CRAMS.

The company made this announcement during the trading hours today, 25 February 2008.

 

 

Bajaj Hindusthan Sugar & Industries' new 12,000 TCD sugar plant commences its operations

Bajaj Hindusthan Sugar & Industries has announced that the company's new 12,000 TCD sugar plant at Uttraula in District Balrampur, located in Eastern Uttar Pradesh has commenced operations.

With this new plant, the aggregate operating capacity of the company, during the current sugar season has increased to 40,000 TCD from the earlier capacity of 28,000 TCD.

The company made this announcement during the trading hours today, 25 February 2008.

 

 

Jubilant Organosys allots equity shares

The committee of Jubilant Organosys has made allotment of 301,631 equity shares of Re 1 each at a premium of Rs 272.0648 per share has been made to Copthall Mauritius Investments on conversion of a part of the FCCBs amounting to US$ 1.9 million.

This was decided at the committee meeting held on 25 February 2008.

 

 

Vishal Retail opens two new showrooms

Vishal Retail has opened two new showrooms at Killa No 12, Dabwali road, near Green Belt, Sirsa, Haryana spread over an area of 8100 square feet on 24 February 2008.

Colorscape Shopping Complex, D D Upadhyay Marg, Near Cheknaka, Mulund(W), Mumbai, Maharashtra spread over an area of 33,112 Sq. Ft on 23 February 2008.

The total number of stores opened by the company has reached to the tally of 89 stores spreading across an area of 19,72,300 Sq. Ft.

The company made this announcement during the trading hours today, 25 February 2008.

 

Adlabs Films allots equity shares

The committee of Adlabs Films has allotted 74,886 equity shares of face value Rs 5 each for cash at a price of Rs 543.42 (including a premium of Rs 538.42) per share pursuant to the conversion notices received in respect of conversion of ZCFBBCs aggregating 7,50,000 Euros (Rs 4,06,95,000) in value.

Pursuant to the allotment the total paid up share capital of the company shall be Rs 23,03,81,230 divided into 4,60,76,246 equity shares of Rs 5 each fully paid up.

These shares were allotted at the committee meeting held on 25 February 2008.

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