Development Credit Bank, DCB, one of India's private sector bank promoted by the Switzerland-based Aga Khan Fund for Economic Development, AKFED, headquartered in Mumbai, closed for subscription.
The issue has been subscribed 30.06 times as per NSE website.The total bids received for the issue were 2,14,95,47,000 shares against total issue size of 7.15 crore shares.
The company entered in the capital market with an initial public issue of 7,15,00,000 equity shares of Rs 10 each. The price is to be determined through a 100% book build process. The price band for its IPO was between Rs 22 and Rs 26 per share. The issue comprises of a reservation of 25,02,500 equity shares for eligible employees and the net issue to the public would be for 6,89,97,500 equity shares.
The issue will help the bank strengthen its capital base as also help it meet the capital adequacy norms required by Basel II and recommended by the Reserve Bank of India.The book running lead managers to the issue were JM Morgan Stanley Private Limited and Enam Financial Consultants Private Limited. Intime Spectrum Registry Limited had been appointed as the registrar to the issue.
DLF's initial public offering, IPO, is unlikely to hit the market soon, according to industry sources, reports The Hindu Business Line . DLF has proposed an IPO of around Rs 13,000 crore; the amount is to be utilised in facilitating expansion plans of the company. DLF will offer 20.2 crore equity shares of Rs 2 each to the public.
Usher Agro Limited-IPO with a safety parachute!
Ahmedabad: Merchant bankers and companies are now finding novel ways to lure shaky retail investors, who have brunt their fingers in the recently floated IPOs, back to the primary market.After GMR Infrastructure, which had offered to 5% discount to retail investors, the public issue of Usher Agro Limited, a Mumbai-based company, is offering a buyback of shares, if the market value of the shares falls below the issue price.IDBI Capital Markets, a lead manager to the Usher Agro’s public issue that is hitting the capital market on September 5, is offering the buy-back scheme to retail investors.
According to the company’s prospectus, IDBI Capital will buy the shares of the company at the rate of Rs 15 per share from eligible allottees up to a 800 shares per allottee if the market value of the share goes down below the offer price. The scheme will be effective for a period of six month from the date of the allotment. Retail investors’ confidence in the primary markets was shaken as out of the 42 companies that have hit the market since January 2006, stock prices of 32 companies were quoted below their offer price after listing. An official of the IDBI Capital Markets said the buy-back is to woo retail investors. “We are offering the buy-back scheme as per the SEBI’s norms,” the official added.
“Considering the uncertainty in the markets and mind-set of the retails investors, companies are adopting newer ways to attract the investors,’’ said Chinubhai Shah, president, Gujarat Investors and Shareholders Association. According to V K Sharma, head-research, Anagram Securities, such an offer has not been seen in the recent past and it shows the confidence of the merchant bankers of the issue. “Such steps would help build the confidence of retail investors,” he added.
Subscribe to Voltamp IPO at lower end of band: PL
Voltamp Transformers, manufacturers of power transformers, distribution transformers and dry transformers, will enter capital market on August 24 with initial public offering, IPO, of 48,83,840 equity shares of Rs 10 each. The issue closes on August 29, 2006. The company set its IPO price band at Rs 295-345 per share.The object of the company is to list on stock exchanges and provide liquidity to existing shareholders.
Everonn to raise Rs 50cr via IPO
Everonn Systems India, an education and learning solutions company, has planned an initial public offer, IPO, to raise up to Rs 50 crore (Rs 500 million), reports Business Standard. The fund will also be utilised for mergers and acquisitions, investment in subsidiary and overseas initiatives.
IPO proceeds to be used to upgrade facilities: KEW Ind
KEW Industries has filed its DRHP and the company is also going to be looking at raising the considerable amount of money, Rs 21 crore is what they are looking at raising.Ashok Kumar, Director of KEW Industries says this is an existing profit making company, for the last five years the profit has been consistently growing.The company is supplying to defense stores and auto components to reputed manufacturers, original equipment manufacturers like Tata Motors and Ashok Leyland, he adds.
The proceeds of the IPO will be utilized for upgrading the existing facilities and augmenting working capital, he further adds.
