Mumbai: Stock trading can now be done on the Bombay Stock Exchange’s (BSE) online trading platform using the National stock Exchange’s (NSE) software, free of cost till 2011. As per the deal, BSE’s online trading platform will be available on NSE’s software one month from now, persons familiar with the matter said.
Crompton to use cash for Avantha stake
Mumbai:Crompton Greaves Ltd will fund its Rs227 crore investment in Avantha Power and Infrastructure Ltd through internal accruals and won’t tap the market or banks for funds, a top official said on Wednesday.
The electrical equipment maker on Tuesday informed the stock exchanges that it would buy about 41% stake in an unlisted group firm Avantha Power.
“These are all cash and internal accruals of Crompton Greaves stand alone company and we still have cash at foreign subsidiaries of Crompton,” S. M. Trehan, managing director, told television channel CNBC TV18.
Kotak eyes $400 mn in three debt funds
Mumbai: The offshore asset management arm of India’s Kotak Mahindra Bank Ltd is in talks to raise about $400 million (Rs2,032 crore) in fixed-income funds by the end of April from Asia-Pacific, West Asia and Europe, a top official said. “Right now we are speaking to investors,” Paul Parambi, head of international business for the Indian private sector bank, said on Wednesday. The firm aims to collect $300 million in a fixed plan and raise another $100 million in two open-end debt funds.
Ishaan Real Estate to buy back 18.6 mn shares
Bangalore: India-focused property investor Ishaan Real Estate Plc. said on Wednesday it planned to return up to £18.6 million (about Rs140 crore) to shareholders. Tenders may be made at a price of 20 pence to 30 pence per share and if the offer was fully subscribed, it will result in the purchase and cancellation of about 62 million shares, the company said.
NPCIL to raise €3 bn loan for Jaitapur project
Mumbai:Nuclear Power Corp. of India Ltd (NPCIL) plans to raise €3 billion (Rs20,550 crore) in overseas debt to fund a project to be built at Jaitapur, Maharashtra, in partnership with Areva SA, the world’s biggest maker of atomic reactors.
Mumbai-based NPCIL, the state-run monopoly atomic energy producer, received bids from 15 international banks, including 10 French institutions, for the loan, chairman Shreyans Kumar Jain said in a telephone interview.
“Our expression was for €3 billion but we have got commitments for €8 billion,” he said.
The project with Areva will be India’s first large-capacity plant using overseas equipment after a three-decade global nuclear-trade ban was lifted last year. The country plans to add 60,000MW of nuclear capacity by 2032 from the current 4,120MW.
NPCIL last month signed a preliminary agreement to buy two Areva reactors of 1,650MW capacity each to be set up at Jaitapur.
The company may increase the number of reactors to six to form its first nuclear park.
Debt will fund 70% of the project, Jain said on Tuesday. The company will pay toward 30% equity in the Jaitapur project from cash reserves of Rs11,000 crore, he said.
NPCIL expects to complete raising the funds after signing the final contract with Areva by the end of this year.
The French company will supply uranium to run the plants for 60 years, Anne Lauvergeon, Areva’s chief executive officer, said last month.
NPCIL’s agreements to buy reactors from Areva, US-based GE-Hitachi Nuclear Energy Inc. and Russia’s Rosatom Corp. include assured uranium supplies, Jain said.
NPCIL may need 750 tonnes of uranium each year to fire the 25,000MW that it plans to set up with overseas assistance, he added.
ArcelorMittal raises €1.1 bn through bonds
London: The world’s largest steel maker, ArcelorMittal, has raised €1.1 billion (Rs7,535 crore) through convertible bonds. “The convertible bond brings multiple benefits to the company, enabling us to extend the maturity of our debt and diversify our debt structure, as well as further enhancing our liquidity,” chief financial officer Aditya Mittal said on Wednesday.
ICICI Bank sells bonds worth Rs1,270 crore
Mumbai: The country’s second biggest lender, ICICI Bank Ltd, said it has raised at least Rs1,200 crore through a bond issue, and sources said it had sold an extra Rs71 crore of bonds.
The bank had a target to sell Rs1,200 crore of the upper tier II bonds, and a spokesman for ICICI said that had been met. Two sources, including one with direct knowledge of the deal, said ICICI Bank had sold Rs71 crore of the bonds through the greenshoe.
The 15-year subordinated bonds carry a coupon of 9.95%, which will rise to 10.45% if a call option is not exercised at the end of the tenth year.
Most of the bonds were placed with the Life Insurance Corp. of India Ltd.