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However, telecom firm Bharti Airtel fell nearly 4 per cent to Rs 369 on rumours that it may increase its offer price for a stake in South African peer MTN by between 5 and 10 per cent.

At 10.40 a.m, the Sensex was down by 29.88 points at 15,130, after rising to a high of 15,417 points.

The Nifty too was down 7 points at 4,474.40.

Source The Hindu Business Line

Categories: Share Market

Tags: Market Today, Sensex 109 Comments

Bombay Stock Exchange (BSE) awaiting SEBI Guidelines for its IPO

August 9th, 2009

Bombay Stock Exchange (BSE) awaiting SEBI Guidelines for its IPO

Bombay Stock Exchange Ltd is ready for its IPO, the management of Asia’s oldest bourse told its shareholders during the annual general meeting on Friday, reports the Hindu Business line

BSE has sought SEBI’s approval for the IPO and is waiting for the guidelines for listing, said a member who attended the annual general meeting. The exchange has identified the merchant bankers and the draft red herring prospectus is being prepared, the member said.

This is the first time a stock exchange in India is planning to get itself listed. However, SEBI is yet to finalise the guidelines for listing of stock exchanges.

“SEBI wants to be doubly sure on all aspects as it will set a precedent for other exchanges like NSE, MCX Stock Exchange,” said a leading stockbroker.

The main issue is if BSE will be allowed self-listing or if it has to go for cross-listing.

BSE has become eligible for public listing after it issued bonus shares in the ratio of 1:12 in February, raising its share capital to over 10.28 crore shares, enough for meeting the minimum limit of Rs 3 crore, according to the listing agreement requirements .. Read complete story >> click here

Categories: Initial Public Offer, New IPO

Tags: Bombay Stock Exchange, BSE IPO 114 Comments

Oil India IPO on September 7, 2009

August 8th, 2009

The initial public offering (IPO) of Oil India Ltd (OIL), India’s second-largest state-run explorer, will hit the market on September 7. The offer will be open from September 7 to 11, reports the Business Standard.

The price band for the IPO is likely to be fixed on August 25, the source said.

OIL management is currently holding meetings with bankers in Mumbai and would be visiting Hong Kong and Singapore over the next couple of days.

OIL, which produces 3.5 million tonnes of oil annually, will offer 2.64 crore equity shares to the public through the IPO, while the government will simultaneously sell 10 per cent of its stake in the company to state refiners.

An 11 per cent fresh equity will be sold in the IPO while the government would divest 10 per cent of its stake at the IPO price.

Post-IPO and disinvestment, the government’s stake in the company will decrease from 98.13 per cent to 78.5 per cent.

The source said the IPO proceeds would be used to fund capex requirement for 2009-10 and 2010-11 when it had planned Rs 2,300 crore and Rs 2,400 crore expenditure respectively.

OIL has started discussions with bankers, including HSBC Securities & Capital Markets, JM Financial Ltd, Citigroup Global Market India and Morgan Stanley India for the IPO.

Source : Business Standard

Categories: Initial Public Offer, New IPO

Tags: Initial Public Offer, Oil India IPO 70 Comments