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Business News/ Companies / Sebi wants 5-year lock-in for promoter shares of RPL
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Sebi wants 5-year lock-in for promoter shares of RPL

Sebi wants 5-year lock-in for promoter shares of RPL

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Mumbai: Market regulator Securities and Exchange Board of India (Sebi) on Thursday put a rider of a five-year lock-in period on promoters’ equity, while disposing of a complaint against the proposed initial public offer (IPO) of Anil Dhirubhai Ambani Group (Adag) company Reliance Power Ltd (RPL).

Listing out the eligibility criteria for computation of promoters’ contribution, Sebi said: “The entire promoter quota, that is, 20% 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 accordingly disposed of the case that it was hearing following an order by Mumbai high court on a public interest litigation. An Adag spokesperson declined comment. The company is estimated to raise up to $3 billion (Rs11,820 crore) through the proposed IPO. “We are leaving this issue open for the complainant to take up with appropriate forum," Sebi ruled.

PTI

Prannoy Roy increases stake in NDTV by 7.7%

Mumbai: The founder of India’s biggest news broadcaster, New Delhi Television Ltd, has paid Rs190 crore to increase his stake in the company.

Prannoy Roy raised his stake by 7.7% on Wednesday to 34.33%, according to a filing with the Bombay Stock Exchange, from where the trade was executed. Roy bought 4.84 million shares for Rs400 each from GA Global Investment Ltd.

His wife Radhika Roy owns 26.63% of the company, as of 30 September, taking their combined stake to 60.96%.

Bloomberg

Sumitomo Metal ties up with Bhushan Steel

Mumbai: Japan’s third biggest steel maker, Sumitomo Metal Industries Ltd, will form a joint venture with India’s Bhushan Steel Ltd to provide technical assistance for a plant being built in Orissa, an executive said.

Sumitomo Metal, based in Osaka, will provide help for the 2.2 million tonne plant, Nittin Johari, a director at Bhushan, said.

Sumitomo Metal joins ArcelorMittal and Posco as overseas steel makers attempt to expand their presence in India, which holds the world’s fifth largest iron ore reserves.

Shares of Bhushan, which have more than quadrupled this year, rose as much as 1.5% on the Bombay Stock Exchange, before closing with a loss of 0.62% at Rs1,516.05.

Bloomberg

Bank of India plans to raise Rs1,400 crore

Mumbai:Bank of India (BoI) said on Thursday it will raise Rs1,350-1,400 crore through qualified institutional placement (QIP) of shares for credit expansion, Basel II compliance and to explore new business opportunities.

“The funds will be sufficient as a buffer for future credit expansion or a lucrative joint venture opportunities with other banks or entities," BoI chairman and managing director T.S. Narayanasami told reporters here.

The bank will issue 3.77 crore equity shares only to public sector enterprises and mutual funds subject to Sebi guidelines. The issue will dilute the government holding in the bank by 5% from 69.47% to 64.47%.

PTI

FCI bond sale to raise Rs4,000 crore

Mumbai: State-run Food Corporation of India (FCI) plans to raise as much as Rs4,000 crore by selling bonds early next year, merchant bankers said on Thursday.

FCI is planning to sell bonds across three different maturities and carrying different coupons, bankers said.

It hasn’t yet appointed any bankers to underwrite the issue.

It will sell bonds in the 2022, 2024 and 2027 maturity buckets carrying coupon payments of 8.15%, 8.03% and 8.23% payable annually.

The issue is likely to open on 2 January, bankers said.

Separately, state-run Bank of Baroda sold Rs1,500 crore of upper-tier 2 bonds carrying a coupon of 9.3% payable annually. The issue was rated “AAA" by Crisil Ltd and Credit Analysis and Research Ltd.

Reuters

Time Technoplast buys Gulf Powerbeat

Mumbai: Polymer products maker Time Technoplast Ltd on Thursday said it has acquired Bahrain-based Gulf Powerbeat WLL (GPW) through its subsidiary NED Energy Ltd (NED).

Earlier this year, the company had entered into the battery business through the acquisition of NED, Time Technoplast said in a communication to the Bombay Stock Exchange.

The acquisition of battery manufacturer GPW is targeted at enhancing the battery production of NED, which is tripling its present capacity, the company said.

PTI

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Published: 28 Dec 2007, 12:34 AM IST
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