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Adani Power, promoted by Adani Enterprises Limited, flagship company of Adani Group would be entering the capital markets with an initial public offering of 301,652,031 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process. The issue will open on July 28, 2009, and close on July 31, 2009. The company filed the Red Herring Prospectus (RHP) with the Registrar of Companies, Gujarat, Dadra and Nagar Haveli (RoC) on July 14, 2009. The issue would constitute 13.84% of the post-issue paid-up equity share capital of the company. The issue includes a reservation of up to 8,000,000 equity shares of Rs 10 each for eligible employees. The issue less the employee reservation portion comprises a net issue of 293,652,031 equity shares. The net issue will constitute 13.47% of the post-issue paid-up equity share capital of the company. The global coordinator and book running lead manager for the issue is DSP Merrill Lynch Limited. Other book running lead ma...

State-run National Hydro Power Corporation Ltd (NHPC) planned to float its IPO around Diwali in October to raise Rs 1,680 crore from stock markets to meet financial requirements of ongoing expansion work.   The company would issue 168 crore shares in the capital market at the rate of Rs 10 at face value per equity comprising 10 per cent fresh shares and five per cent shares to be divested by the government, NHPC Chief Managing Director S K Garg told a select group of reporters here today.      Garg, who was here to review hydro-electric power plants, both functional and under-construction in Sikkim, said that the price band of the NHPC DS shares would be decided soon.      He said that the company has already appointed its merchant bankers including Kotak Mahindra Bank and SBI Capital to deal with various aspects of the IPO.      The capital, being generated from the public issue, would be utilised for the ongoing expansion work and completion of 10 under-construction hydel projects wi...

Adani Power Ltd – an Adani Enterprises company - has received SEBI approval for the proposed Rs 5,630-crore IPO. While company officials as well as the issue managers are tightlipped about it, sources close to the development told  Business Line  that the company’s IPO proposal received the go-ahead on September 5. The approval is valid for 90 days. A formal announcement in this regard is expected once APL submits the issue schedules to SEBI in the next couple of days. Sources, however, say that the company is aiming to open the issue preferably in mid-November. The timing may be advanced depending on the market conditions. In the draft red herring submitted to SEBI on May 1 this year, APL said that the IPO would part-finance the company’s proposed six coal-based thermal power projects in Gujarat, Maharashtra and Rajasthan totalling 9900 MW at an estimated investment of Rs 43,139 crore. APL proposed to issue a total of 29.69 crore shares of Rs 10 each accounting for 14.35 per cent of t...

Ratnagiri Gas and Power Pvt (RGPPL), the erstwhile Dabhol project, could tap the capital market by the end of this year. RGPPL is planning an IPO to raise Rs 1,000 crore. Currently, RGPPL’s total equity capital base is Rs 4,000 crore. Out of Rs 4,000 crore, promoters GAIL, NTPC, Maharashtra State Electricity Board and financial institutions have, so far, contributed Rs 2,985 crore and the balance is to be raised through the IPO, he said. The company plans to use the IPO proceeds to repay the debt it has taken from Power Finance Corporation (PFC) and NTPC. The company has taken Rs 350 crore loan from PFC for completion of the power plant and LNG import terminal. NTPC had also sanctioned Rs 500 crore loan, of which Rs 150 crore has been drawn. The board of the company is expected to consider the change in status at its meeting on March 20. He also said that post-IPO, a private placement of Rs 500 crore is possible wherein the lenders to the power plant may convert their debt into equity....

Cochin Shipyard plans public issue for funding expansion (Live mint.com 21th Feb 2108)The Union government-owned Cochin Shipyard Ltd plans an initial public offering (IPO) to fund an expansion plan even as the country scales up its shipbuilding capabilities to tap into a global boom in the business. The plan involves building a new dry dock, which typically costs Rs800-1,000 crore. A dry dock is a narrow basin that can be flooded to allow a ship to be floated in, then drained to allow that ship to come to rest on a dry platform. Dry docks are used for the construction, maintenance and repair of ships. “We have submitted a proposal to the shipping ministry for constructing a new dry dock at the yard which could be funded through a sale of new shares to the public,” said a company executive, who did not want to be named because he is not authorized to speak to the media. If and when the ministry clears the proposal, Cochin Shipyard will become the first state-owned shipbuilding yard to ...

MCX files draft IPO prospectus (The Economic Times 19th Feb 2008)Multi Commodity Exchange of India Ltd, the country's leading commodity bourse, today filed a draft prospectus for its initial public offer with the market regulator SEBI. In a stock market filing, Financial Technologies India Ltd, the bourse's parent company, today said that it has filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India in connection with the proposed IPO of MCX. More

Conflicting signals from govt ahead of REC initial public offer (Live mint.com 14th Feb 2008)Key functionaries of the government, which owns Rural Electrification Corp. Ltd (REC), sent out conflicting signals about the company’s planned share sale in the wake of uncertainties in the markets that have already scuttled two recent, high-profile initial public offerings (IPOs)—those of developer Emaar MGF Land Ltd and health-care firm Wockhardt Hospitals Ltd. While Union power minister Sushil Kumar Shinde said the government would “watch the market for the next two-three days” before taking a decision, power secretary Anil Razdan said the government was “not considering any postponement” of the issue. Shinde did not elaborate on the government’s possible course of action, but said he was not denying the possibility of extending the dates of the IPO. “We will examine whether the time is right for the issue.” REC is one of the country’s largest lenders to the power sector. It plans to sell ...

Rural Electrification Corp IPO to raise up to Rs 1,640 cr (The Hindu Business Line 8th Feb 2008)State-owned Rural Electrification Corporation proposes to raise up to Rs 1,640 crore through an initial public offering of 15.61 crore equity shares. The IPO opens on February 19 and closes on February 22. The price band has been set at Rs 90-105. At the lower end of the band, the company will raise Rs 1,400 crore and at the cap Rs 1,640 crore. Half of the shares on offer constitute a fresh offer of equity while the other half is being divested by the Government. There is a reservation of 39 lakh shares for employees at issue price. The offer constitutes 18.1 per cent of the company’s post issue paid-up capital, said Mr Anil Kumar Lakhina, Chairman & Managing Director, at a news conference on Thursday. REC is a State-owned ‘mini-Ratna’ company. It lends to power projects, chiefly to State-owned power units but also to private companies, in transmission and distribution, power generation,...

Rural Electrification Corporation (REC) a state run power sector lending institution , is likely to hit the capital market by the third week of this month. The price band of its IPO is expected to be in Rs 90 - Rs 105 band. REC is estimated to raise about Rs 1,200 crore through the IPO by offering 15.61 crore shares, which includes about 39 lakh shares reserved for the employees.

Reliance Commn tower arm Infratel IPO likely before March (The Hindu Business Line 4th Feb 2008)The initial public offer of Reliance Communications Ltd's passive infrastructure company Reliance Infratel Ltd is likely to hit the market before March. The company filed the required applications with the capital market regulator on Monday. The SEBI would take 30 days to clear the draft red herring prospectus, and the IPO should be opened to the public within two-three weeks of a regulatory approval. Reliance Communications would dilute 10% stake in Infratel via the IPO. More

Emaar MGF slashes IPO price band (Live mint.com 1st Feb 2008) The offer opens on Friday and Emaar MGF has slashed the price band to Rs540-630 a share, an 11.4% decline from its earlier price of Rs610-690 Unnerved by a volatile equity market, Emaar MGF Land Ltd, which was planning India’s second largest real estate share offering, has lowered the price band of the shares a week after it said it was confident of keeping its price band when it kicked off a nationwide road show. The offer opens on Friday and Emaar MGF has slashed the price band to Rs540-630 a share, an 11.4% decline from its earlier price of Rs610-690, at the lower end of the band. Emaar, which had planned to raise up to Rs7,080 crore from an initial public offering (IPO)—the second highest in the sector after the July effort of DLF Ltd, that raised more than Rs9,000 crore—will now rake in Rs6,457.5 crore at the top end of its new price range. Some analysts are still not convinced Emaar MGF’s lower offer will fly. A leadi...

Wockhardt cuts IPO price band to Rs 225-260 (The Hindu Business Line 31th Jan 2008)Wockhardt Hospitals has revised downwards the price band of its initial public offering of shares. The price band is now Rs 225 (at the lower end) and Rs 260 (at the upper end) per equity share, The earlier price band was Rs 280-Rs 310 per equity share, said a statement issued on behalf of the company. More

UTI AMC to sell 10-12% for $200 mn (The Economic Times 30th Jan 2008)UTI ASSET Management Company is roping in an international strategic investor for expanding its operations abroad. The investor, to be chosen from a slew of interested parties, will buy 10-12% equity in the country’s second largest mutual fund house for around $200 million. Half-a-dozen interested parties including Goldman Sachs, Lehman Brothers, Warburg Pincus, Singapore’s GIC and Japanese Shinsei Bank — are vying for the stake. Sources close to the development said the deal is expected to be finalised very soon. More KPMG to advise DVC on IPO plans (The Economic Times 30th Jan 2008)Damodar Valley Corporation has appointed KPMG to advise it on funding new projects through the initial public offer route. It has lined up investments of Rs 30,000 crore over the next few years. The proposal has been passed by the DVC board and the consultant was recently offered a letter of intent. They are scheduled to submit the repo...

Wockhardt to raise Rs 800 cr via IPO (The Economic Times 29th Jan 2008)Multi-specialty hospital chain Wockhardt will raise Rs 800 crore through an initial public offering (IPO). The money would be used to set up 17 new hospitals by 2010 and also repay debt. The company would tap the capital market with an issue of over 2.5 crore equity shares of Rs 10 each, representing 24% of its post-issue capital. It will offer the shares in a price band of Rs 280-310. The issue will open for subscription on January 31 and close on February 5. Post public issue, the promoters will have around 71% stake in the company. More

Shriram EPC's IPO price band at Rs 290-330 a share (The Hindu Businessline 24th Jan 2008) Shriram EPC Ltd has fixed the price band for its initial public offering (IPO) at Rs 290-330 a share, the company said in a statement on Thursday. The company, which provides engineering, procurement, construction and project management services, is offering 50 lakh equity shares to raise Rs 165 crore at the upper end of the price band. The issue will constitute 11.66 per cent of the fully diluted post-issue equity capital of the company, valuing it at about Rs 1,400 crore. More

Emaar MGF’s IPO on despite volatile market (Business Standard 24th Jan 2008) More(Live mint.com 24th Jan 2008) Emaar MGF Land Ltd, the real estate firm that is attempting India’s second largest real estate public offering amid volatile stock markets, said it had no plans of deferring its share sale despite the volatility in the stock market. “There is no such thinking about postponing the IPO (initial public offering) date or lowering the price band,’’ said Shravan Gupta, managing director, Emaar MGF, with the caveat he may change his mind only if the Sensex crashes to 13,000 or 14,000 points. “I don’t see that happening.” Emaar MGF is a joint venture between Dubai’s largest developer, Emaar Properties PJSC and New Delhi-based developer MGF Developments Ltd. The company is also looking at multiple real estate investment trusts (Reits) listings in the Singapore, London or Indian markets once Reits are allowed in India. Emaar MGF is selling 102.57 million shares, or 10.4% of the promote...

Spice plans $100 mn mobile services IPO (Live mint.com 21th Jan 2008)Indian conglomerate Spice will list its mobile services unit in May or June this year in Singapore and Bombay in an initial public offering (IPO) worth $100 million, its chief executive said on Monday. Spice, which owns telecommunications firm Spice Communications and Spice Mobiles, is looking to list its mobile value-added services firm, Cellebrum, on the Bombay and Singapore stock exchanges. It will also list its mobile retail unit, Hot Spot, at year-end. “At the end of 2008, we will have four listed entities,” Bhupendra Kumar Modi, Spice’s chief executive, told Reuters in an interview. He declined to reveal pricing range for the two IPOs. “Cellebrum has been valued at around $500 million, but we will put it to the market at a lower price to benefit the shareholders,” he said. Spice Communications, which has a stock market value of $748.8 million, competes with the telco giants Bharti Airtel and Reliance Communicat...

Business Standard today reports that Sterlite Energy, a subsidiary of Sterlite Industries and a group company of Vedanta Resources, will make an initial public offering (IPO) soon to fund 10,000 Mw commercial energy production plants in Orissa and Chattisgarh.

BSNL plans mega-IPO of Rs 40,000 crore (Business Stndard 15th Jan 2008) Government-owned companies make a market splash. State-owned Bharat Sanchar Nigam Ltd (BSNL) is preparing for the country’s largest initial public offering (IPO) of around $10 billion (Rs 40,000 crore) slated sometime next year. The issue has been discussed by the board and is awaiting government clearance. The plan is to divest 10 per cent through the IPO, which values India's largest telecom company at $100 billion (Rs 400,000 crore), which is larger than the combined market capitalisation of Bharti Airtel at $46 billion (Rs 183,283 crore) and Reliance Communications (RCom) at $41 billion (Rs 163,683 crore), respectively the second- and third- largest telecom companies. More

Cords Cable Industries The New Delhi-based Cords Cable Industries, manufacturer of cables for a variety of industries, will enter the capital market next week with an IPO of 30.85 lakh equity shares of Rs 10 each for cash at a price to be decided through a 100 per cent book-building process. The issue opens for subscription on January 21 and closes on January 24. The price-band has been fixed between Rs 125 and Rs 135 per equity share, Mr Rakesh Malhotra, Joint Managing Director, told a news conference.