Markets | Pipavav falls below its offer price in BSE debut

Markets | Pipavav falls below its offer price in BSE debut

Mumbai: The shares of Pipavav Shipyard Ltd fell below its offer price on its trading debut in Mumbai on Friday after an initial share sale. The shares fell 2.07% to Rs56.8 on the Bombay Stock Exchange after rising as much as Rs64.70. The company sold shares at Rs58 apiece.


Investors pick up 18% in Indiabulls Power IPO

Mumbai: Indiabulls Power Ltd, which will float its initial public offering (IPO) from 12-15 October, has finalized eight anchor investors for a collective 3.05% stake in the company.

The company on Friday said that it would allocate 61.1 million equity shares, or 18% of the issue size, to these investors at Rs45 a share. The IPO price band has been fixed at Rs40-45, and the company will issue at least 339.8 million shares of Rs10 each, with a green shoe option of an additional 50.9 million shares.

--Anirudh Laskar

Advanta plans to acquire more overseas firms , board approves Rs750 crore fundraising

Mumbai: Agriculture seed company Advanta India Ltd is on the lookout for foreign acquisitions and earlier this week got board approval to raise Rs750 crore through a mix of debt and equity.

The new acquisition targets include an agriculture research company and at least two marketing firms that have a presence in China, Mexico and Brazil, a merchant banker familiar with the deal told Mint. He declined to be identified because the process is still ongoing.

The move comes less than a year after Advanta, promoted by the country’s largest agrochemicals maker United Phosphorus Ltd, acquired two vegetable seeds companies, including Hyderabad-based Unicom Seeds Ltd for an undisclosed amount, and one firm each in the US and Australia.

Advanta had revenues of Rs600 crore for fiscal 2009, and has debt of about Rs450 crore. “(A) Portion of the fund raised through a combination of equities and debt instruments will be utilised to repay this debt," said chief financial officer Manoj Gupta, confirming the acquisition plans. The firm is also planning to increase its borrowing from the existing limit of Rs500 crore to Rs2,000 crore, it said in its communication to stock exchanges.

--C.H. Unnikrishnan