The United Bank of India (UBI) has announced on Wednesday that its Initial Public Offering will open for subscription on February 23.
The issue will involve around 5-crore equity shares and the tentative price band has been fixed at Rs 60-66 while the final band is expected to be announced two days before the issue. The bank is planning to raise between Rs
330 crore and Rs 350 crore from the issue.
The initial public offer of ARSS Infrastructure Projects was subscribed by over 47 times and the Rs 103-crore issue has fetched net bids for 119 million shares against 2.5 million shares on offer in a price band of Rs 410-450 per share, according to the data available on the NSE website.
The initial public offering (IPO) of ARSS Infrastructure Projects, which shuts today, has witnessed positive response so far, subscribed 46.34 times, as per the data available on the NSE website.
Qualified institutional investors were the leading subscribers in this issue. Their reserved portion reported subscription of 5.87 times, till February 10. Non-institutional and retail investors' portion was subscribed 1.7 times each
National Thermal Power Corporation, the largest thermal power producer of the country, is all set to file a Draft Red Herring Prospectus (DHRP) with the Security and Exchange Board of India (SEBI) on Monday.
The move, according to a senior official in the Union Finance Ministry, would pave a way for its proposed Follow-on Public Offer (FPO) in the first week of the February.
SEBI is expected to clear DRHP through fast track route for allowing the FPO on scheduled time. The companies need not to get SEBI’s nod for their public issues once their fast track issue has been cleared.
Jindal Power Ltd, a part of Jindal Steel and Power Ltd (JSPL), has recently filed a draft red herring prospectus with the market regulator, the Security and Exchange Board of India (SEBI) and hoped to raise nearly Rs 7,200 crore from its proposed Initial Public Offer (IPO).
The mining major NMDC would see erosion of 8.38% of its stakes as the government has made up its mind to sell stakes in the firm in a bid to raise Rs 14,100 crore from the stake sales under its disinvestment plan. The government, holding about 98.38 per cent in the largest miner in the country, is expected to come up with a follow-on public offer by the end of this financial year.
Rural Electrification Corporation had announced its plans for a Follow-up Public Offering on November 10, and taking the plan further, the firm has now filed a Draft Red Herring Prospectus with the SEBI, NSE and BSE.
Under the FPO, the company is looking to issue 171,732,000 of its equity shares, each priced at Rs. 10 and constituting 20% of existing paid-up capital, and looking to raise up-to Rs. 4,400 crore worth of funds in the process. The FPO is likely to be open from January 21, 2010 to January 27, 2010.
As power producer JSW Energy's IPO date inches closer, the company has announced that it will fix the price band of the upcoming Initial Public Offering between Rs. 110-115 per share.
Led by Sajjan Jindal, the firm is looking to offer a discount of Rs. 5 in the price of each issue to retail investors, but the development will be confirmed only after the book building process has been completed. All the developments have been confirmed by the company in a public announcement.
Cox and Kings (India) Limited, one of the India's oldest tour operators, has been assigned an IPO Grading of 4 to its proposed IPO by Rating agency CARE.
The latest grade indicates above average fundamentals. It should be noted that CARE assigns IPO grades on scale of Grade 5 to Grade 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals.
Indiabulls Power, a subsidiary of Indiabulls Financial Services and a company backed by UK-based billionaire LN Mittal's LNM India Internet Ventures, failed to attract investors on its debut trading on the Bombay Stock Exchange. This might be an indication for power firms that investors are not ready for power IPOs at this point of time.