Hindalco gets 99.3% GDR response

 

Here is an update on Hindalco Rights issue as on September 30, 2008 at 7 PM IST.

The right offer to the company’s GDR holders is subscribed to the extent of 99.30%.

 

The GDR entitlement was to the tune of 56.42 million shares, against which the subscriptions came in for 56.03 million shares.

Hindalco rights issue set to sail through

MUMBAI, September 30, 2008:

• India’s largest rights issue by Kumar Mangalam Birla promoted Hindalco is all set to sal through with the merchant bankers and FIs committing to subscribe.

 

• Market sources say the merchant bankers have committed to pick up 40% while FIs – LIC and GIC – agreed to pick up 15%. The promoters have already decided to buy 50% of the rights issue shares.

 

• Hindalco has come out with 525,802,403 equity hares with a face value of Re 1 each at a premium of Rs 95 per equity share.

 

• The issue size works out to Rs 5047.7 crores.

 

• Issue opened on September 22 and will close on October 10.

 

• The lead managers to the issue are: ABM AMRO Securities (India) Private Ltd, Citigroup  Global Markets India Private Ltd, Deutsche Equities India Private Ltd, DSP Merrill Lynch, and SBI Capital Markets Ltd.

 

• Heavy demand of the Renunciation of the Rights – volume in excess of 14 million as of yesterday

IDBI Fortis reaches Vizag

Vizag, September 27, 2008: IDBI Fortis Life Insurance began its operations with a big bang by collecting premium of over Rs 100 crore within a record time of five months, thus becoming the fastest growing new life insurance company in the private sector. As a part of their aggressive 100-branch plan, IDBI Fortis Life Insurance Co. Ltd. today formally launched their branch at Vizag, a major port and one of the rapidly developing cities in India. The branch is located at Daba Gardens in Vizag.

 

The company has launched operations in March this year, leading with their innovative product ‘Wealthsurance’. The company plans to have 6 branches in the state and 24 branches in the southern region in total.

 

 “With changing lifestyles, more and more people want to invest their money for long term wealth building. We hope to target this segment with our unique wealth-building products that will help their investments grow by protecting it from unforeseen circumstances” said Mr G. V. Nageswara Rao, MD & CEO, IDBI Fortis Life Insurance Co Ltd.

 

IDBI Fortis Life Insurance is a joint-venture of IDBI, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis, Europe’s banking and insurance giant.

 

“Wealthsurance^TM is a unique combination that aims to provide people with protected growth. The product is designed to ensure that the hard-earned money that is invested is not susceptible to unforeseen circumstances. With comprehensive investment choices, protected by powerful insurance options, all presented with a reasonable charge structure, making it a one stop solution to a customer’s wealth building plans. Wealthsurance^TM offers investment choices such as Guaranteed Return Fund, Capital Guaranteed Fund, Monthly Interest Account, Equity Funds, Debt Funds etc. ensuring that the customer would find all his investment requirements satisfied with this one powerful product. The powerful insurance benefits of Wealthsurance^TM ensure that a customer’s wealth plan is not affected by unforeseen events that may strike them”, Mr Rao added.

 

Mr. Murali Iyer, National Head – Agency & Alliances, IDBI Fortis Life Insurance Co Ltd said, “Vizag, the port city on the East coast of India, has a harmonious blend of the magical past and the bustling present. It is understood that Vizag port handles the maximum cargo in the country and promises to become one of Asia’s major ports by 21st century, all this makes the city more attractive in terms of economic development.”

 

He also added that “We at IDBI Fortis see a major opportunity in AP not only to expand our business but to harness the state’s talent pool. IDBI Fortis, one of the fastest growing insurance companies in the country, also offers employment as well as self-employment opportunities for staff and advisors respectively.”

Reliance Money forays into Merchant Banking

• Obtains Category I Merchant Banking License from SEBI
  To focus on small and mid-sized companies
  Eyeing 50 fund-raising deals within the first 6 months
  Plans to leverage its customer base of more than 2.5 million and wide distribution network of 10,000+ outlets across 5,165 cities and towns

Mumbai, September 30, 2008: Reliance Money (www.reliancemoney.com), the largest broking and distribution house in India and part of the Reliance Anil Dhirubhai Ambani Group, today announced that it has obtained Category I Merchant Banking License from the Securities and Exchange Board of India. 

The announced was made by Mr. Sudip Bandyopadhyay, Director & CEO, Reliance Money here today. 

This new license allows Reliance Money to provide a wide range of investment banking services such as Issue Management, Underwriting, Private Equity Advisory/ Syndication and Corporate Finance services in India.

Commenting on the occasion, Mr. Sudip Bandyopadhyay said, “We are extremely pleased with this development, as we believe the potential for Investment Banking in India is huge.  While the main focus of the industry has been on large caps, we see a huge opportunity in serving the small and mid-sized segment, currently being under-serviced.”

Reliance Money will initially concentrate on Issue Management activities such as Initial Public Offerings, Rights Issue, Follow on Public Offerings, Qualified Institutional Placements, Open Offers, Buyback Offers, Delisting Offers, ADR/ GDR/ FCCB Advisory and Preferential issue of Listed Equity.

It plans to leverage its existing customer base of more than 2.5 million and wide distribution network of 10,000+ outlets and 20, 000+ touchpoints across 5,165 cities and towns to effectively distribute the IPOs it handles.  The company is eyeing atleast 50 fund-raising deals by the end of the current fiscal. 

“Our expansion into investment banking highlights Reliance Moneys’ broad-based approach in building an integrated, comprehensive global financial services platform in the country,” added Mr. Bandyopadhyay.

IDBI Fortis in Goa

Goa, September 25, 2008: IDBI Fortis Life Insurance began its operations with a big bang by collecting premium of over Rs 100 crore within a record time of five months, thus becoming the fastest growing new life insurance company in the private sector. As a part of their aggressive 100-branch plan, IDBI Fortis Life Insurance Co. Ltd. today formally launched their branch at Goa, a tourist paradise and one of the rapidly developing States in India. The branch is located at Patto, Panaji in Goa.

 

The company has launched operations in March this year, leading with their innovative product ‘Wealthsurance’. The company plans to have 3 branches in the state of Goa and 30 branches in the western region in total.

 

 “With changing lifestyles, more and more people want to invest their money for long term wealth building. We hope to target this segment with our unique wealth-building products that will help their investments grow by protecting it from unforeseen circumstances” said Mr G. V. Nageswara Rao, MD & CEO, IDBI Fortis Life Insurance Co Ltd.

IDBI Fortis reaches the Queen of Deccan

Launches its branch at Pune

 Collects premium of Rs 100 crore in record five months
 National footprint to cover 100 branches
 Presents a suite of investment options with guaranteed returns

Pune, September 26, 2008: IDBI Fortis Life Insurance began its operations with a big bang by collecting premium of over Rs 100 crore within a record time of five months, thus becoming the fastest growing new life insurance company in the private sector. As a part of their aggressive 100-branch plan, IDBI Fortis Life Insurance Co. Ltd. today formally launched their branch at Pune, a educational hub and one of the rapidly developed city in Maharashtra. The branch is located at Erandwane in Pune.

The company has launched operations in March this year, leading with their innovative product ‘Wealthsurance’. The company plans to have 13 branches in Maharashtra out of the 30 branches in the western region in total.

 “With changing lifestyles, more and more people want to invest their money for long term wealth building. We hope to target this segment with our unique wealth-building products that will help their investments grow by protecting it from unforeseen circumstances” said Mr G. V. Nageswara Rao, MD & CEO, IDBI Fortis Life Insurance Co Ltd.

IDBI Fortis Life Insurance is a joint-venture of IDBI, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis, Europe’s banking and insurance giant.

“WealthsuranceTM is a unique combination that aims to provide people with protected growth. The product is designed to ensure that the hard-earned money that is invested is not susceptible to unforeseen circumstances. With comprehensive investment choices, protected by powerful insurance options, all presented with a reasonable charge structure, making it a one stop solution to a customer’s wealth building plans. WealthsuranceTM offers investment choices such as Guaranteed Return Fund, Capital Guaranteed Fund, Monthly Interest Account, Equity Funds, Debt Funds etc. ensuring that the customer would find all his investment requirements satisfied with this one powerful product. The powerful insurance benefits of WealthsuranceTM ensure that a customer’s wealth plan is not affected by unforeseen events that may strike them”, Mr Rao added.

Mr. Murali Iyer, National Head – Agency & Alliances, IDBI Fortis said, “Pune is well known as the ‘Queen of Deccan’ due to its scenic beauty and rich natural resources. Besides, it is known on the world map because of its educational, research and development institutions. Pune is the most industrialized district in western Maharashtra and a famous IT hub in the country, all this makes the city more attractive in terms of economic development.”

He also added that “We at IDBI Fortis see a major opportunity in Maharashtra not only to expand our business but to harness the state’s talent pool. IDBI Fortis, one of the fastest growing insurance companies in the country, also offers employment as well as self-employment opportunities for staff and advisors respectively.”

HCC wins SAP ACE award again

Mumbai, September 25, 2008: (IndiaPRwire.com): HCC, India’s leading construction and infrastructure development company, has won the SAP ACE 2008 Award for Customer Excellence in the Best Construction and Real Estate Sector Implementation – Large Enterprises Category for the second time. The award signifies HCC’s position as the Best SAP Implementer in the emerging business of Construction and Infrastructure, setting global benchmarks in excellence by deploying innovative solutions in every implementation across project sites.

The nominations by SAP India, a worldwide provider of business software solutions, were based on how IT is being effectively used by enterprises in actual business transformation. HCC has implemented SAP across all its 35 offices and site locations across the country, a feat rare among infrastructure construction companies in India

“We are delighted to win this award for the second time,” said Mr Satish Pendse, Chief Information Officer, HCC, on receiving the award. “This emphasizes the team’s wholehearted involvement and also recognizes our commitment to using information technology in the construction business to gain competitive advantage and to lay the foundation of growth for the future.”

In the construction business, project sites are far-flung and often in remote places, thus on-time allocation of resources is critical to smooth functioning. SAP allows the status and progress of each project to be monitored constantly to boost efficiency, maintain just-in-time inventory and permit course correction or draw support as needed to meet project completion targets. SAP provides a single window for supply chain management across the organization, reducing cycle time and hence costs. The ability to see the fund position on a dynamic basis is a distinctive advantage for the organization.

HCC is the first engineering construction company in the country to deploy SAP-ERP across all its remotest locations in India and project sites. It has also created a world record by implementing SAP at the highest locations in the world – at its hydro-electric project site locations in Chutak (10,000 ft above mean sea level) and Nimoo Bazgo (at 11,000 ft) in Jammu and Kashmir state. The earlier record was at 6,800 ft above sea level in the Rocky Mountains in the USA.

About HCC

HCC (Hindustan Construction Company) is a leading construction and infrastructure development company with a rich heritage of experience. The company specializes in large-scale infrastructure development and developing new age construction technologies. The Company has managed and executed several technically complex and high value projects across segments like transportation, power generation infrastructure, marine projects, oil & gas pipeline constructions, irrigation & water supply, utilities and urban infrastructure.(Please visit: www.hccindia.com)

Zandu AGM off on Court orders

MUMBAI, September 24, 2008: Zandu Pharmaceuticals was scheduled to hold its 89^th AGM today at 3 PM at JK Banquets, Worli, Mumbai.

 

However, two court orders were received restraining the Company from holding the AGM.

 

According to a notice put up at the AGM venue, he courts – Court of Civil Judge (Jr Division), Garhbeta, West Midnapore, (West Bengal) and City Civil Court, Kolkata, – have passed ex-parte ad-interim orders on September 20, 2008.

 

The copies of the orders were served on the Company today – September 24, 2008, the notice said.

 

Several shareholders, proxies and media persons who came for the AGM returned after reading the notice.

KSK Energy dispels fears over Lehman crisis

KSK Energy fully tied up funding for Rs 6,874 crore 1800MW Chhattisgarh power project
MUMBAI, SEPTEMBER 23, 2008: KSK Energy Ventures Limited is going ahead with   1800MW power project being set up by its fully owned subsidiary Wardha Power Company Private Limited (“Wardha”) at Chhattisgarh

“The 1800 MW power project at Chhattisgarh is being set up by our company KSK Energy Ventures Limited (“KSK”) through its fully owned subsidiary the Wardha Power Company Private Limited (“Wardha”). KSK has already incurred over Rs. 500 crore on the project and is not dependent on any financial contribution from Lehman “, said S Kishore, Director, KSK Energy Ventures Limited .

The total cost of the Project is Rs 6874 crores to be funded by equity of Rs 1718 crores and debt of Rs 5156 crores. An equity of Rs 1245 crore  has been fully raised during the company’s recently concluded Initial Public Issue, which  in addition to the earlier equity contributions, is more than sufficient to meet the equity requirements of the above project. The debt of Rs 5156 crores is financially fully tied up with  a host of banks and institutions in consortium , such as IDFC, Axis Bank , Bank of India , Bank of Baroda, UCO Bank, LIC, Union Bank of India, Canara Bank, Andhra Bank, Indian Bank, Central Bank of India and others .

The fuel for the project will be based exclusively on Coal supplies from the Morga-II Coal Block in terms of the Coal Supply and Investment Agreement dated 16th November 2006 and its subsequent amendments formalized between GMDC Limited KSK and Wardha. KSK has been working in close cooperation with GMDC , on this project.

A specific Memorandum of Understanding on 15th February 2008 has been executed with the Government of Chhattisgarh to facilitate implementation and in pursuance thereof,  have now started acquisition of land for the project. Wardha has already received allocation of water for the project from the Government of Chhattisgarh.
The Terms of Reference (TOR) for EIA Study has been issued and the Environmental Clearance from the Ministry of Environment & Forests, Government of India, is expected shortly.
 

Wardha has invited tenders from leading equipment suppliers for supply of equipment. After Pre bid conference in May 2008, the company has not only received bids from reputed contractors   but also commenced  techno commercial evaluation of the same for shortlist. Wardha anticipates to complete the process of negotiation and placing orders for the equipment before end of October 2008.

All of the above is non-dependent on Lehman Brothers or any of its affiliates. The association of Lehman Brothers is limited to the shareholding held by them in KSK, which is also under lock-in till July 2009 . 

Additionally, KSK Power Ventur plc, which owns 55.25% of KSK Energy Ventures, is itself listed on the London Stock Exchange and would be not only keen but ably backed by its large institutional shareholders  and contractual rights to pickup the shareholding of Lehman brothers, if it comes up for sale after the expiry of the lock-in period.

New PR blog goes online

A new PR blog has been launched. Moderated by B N Kumar, a mass communications professional with over 30 years of experience the blog (http://prworld.blog.co.in/) attempts to serve as a platform not only for PR professionals and the media,  but to corporates and service organizations who are interested in PR.

 

As B N Kumar (BNK to friends) says PR is not just about getting media relations built, it is about developing and maintaining relationships for a long term benefit.

 

To begin with the blog has thrown open some interesting topics for discussion like – Who Needs PR?, Crisis Communications, Don’t ignore Press Releases and so on.

 

The blog has already aroused considerable interest among the fraternity in India.