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PowerGrid issue subscribed 69% on first day of FPO
RBI proposes additional safeguards for banks
MBD group to set up hotel management school
UK woos entrepreneurs from Punjab, Haryana
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CIL signs fuel supply pacts for 71,500 MW capacity
HeroMoto inks agreement with Magneti Marelli
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PowerGrid issue subscribed 69% on first day of FPO
New Delhi, December 3 The shares are being offered at a price band of Rs 85-90 apiece and the issue would remain open till December 5 for institutional buyers and December 6 for retail investors. Shares of PGCIL closed at Rs 93.75, up 0.37% on the BSE. The sale of 78.70 crore shares, or 17% stake, could fetch around Rs 7,083 crore at the upper end of the price band. The company may garner close to Rs 5,717 crore, while the government may receive around Rs 1,758 crore. Last month, the Cabinet had cleared the FPO of PGCIL, which will comprise 13% fresh equity by the company and 4% stake sale by the Central Government. The government is selling 18.51 crore shares in PGCIL, while the company is issuing fresh 60.18 crore shares through the offer. Of the fresh shares, about 2.4% will be reserved for the employees. As much as 50% of the net issue is allocated to Qualified Institutional Buyers (QIBs), 35% for retail category and 15% for High Network Investors (HNI). Above 0.38% of the issue is reserved for employees. Retail category and employees shall be given a discount of 5% on the issue price. The government holding in the company will come down to 57.89% from the present level of 69.42%. Citigroup, ICICI Securities, UBS, SBI Caps and Kotak Mahindra are merchant bankers for the FPO. This is the second follow-on offering from PGCIL, which sold a 10% stake along with a similar stake divested by the government in November 2010 at an issue price of Rs 90 a share. PowerGrid Corp plans to utilise proceeds worth over Rs 5,700 crore from follow-on public offer, towards transmission projects and general corporate purposes. Speaking to reporters here today, PowerGrid CMD RN Nayak said the company intends to utilise the net proceeds of the offer to "meet the capital requirements for the implementation of certain identified transmission projects and general corporate purpose". — PTI 72.98 lakh bids received
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RBI proposes additional safeguards for banks
Mumbai, December 3 As per the draft put out by the RBI, Domestic Systemically Important Banks (D-SIBs) will be required to have additional common equity Tier 1 capital ranging from 0.20% to 0.80% of their risk weighted assets. D-SIBs will also be subjected to differentiated supervisory requirements and higher intensity of supervision based on the risks they pose to the financial system, RBI said in its website. The central bank in its draft framework discussed the methodology to be adopted for identifying the D-SIBs and proposes regulatory/supervisory policies which D-SIBs would be subjected to. The assessment methodology adopted by RBI is primarily based on the Basel Committee on Banking Supervision (BCBS) methodology for identifying the 'global systemically important banks' (G-SIBs) with suitable modifications to capture domestic importance of a bank, RBI said. The indicators which would be used for assessment are size, interconnectedness, substitutability and complexity. Based on the sample of banks chosen for computation of their systemic importance, a relative composite systemic importance score of the banks will be computed. RBI will determine a cut-off score beyond which banks will be considered D-SIBs. Based on their systemic importance scores, banks will be plotted into different buckets. The computation of systemic importance scores will be carried out at yearly intervals, RBI said. The names of the banks classified as D-SIBs will be disclosed in August every year from 2015, according to the central bank. RBI has asked banks to respond to its proposals by December 31. Draft framework
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MBD group to set up hotel management school
Jalandhar, December 3
She said, “Since the first venture of MBD group was publication sector some four decades ago, education sector is close to our heart. With the successful completion of 10 years in the hospitality industry, we have decided to set up a hotel management school. At present, hotels in India are facing a lot of difficulties in hiring good professionals. Our project would serve the purpose of education and also cater to the hospitality industry by churning out trained professionals.” She said: “Since our roots are here, setting up an institute in Punjab is our top priority. However, destinations shortlisted for the projects include Pune and Greater Noida as well.” MBD Group had entered into the hospitality industry with Radisson Blu MBD Hotel Noida 10 years ago.
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UK woos entrepreneurs from Punjab, Haryana
Chandigarh, December 3 Announcing the launch of Great Trade Show, a part of the Great Britain campaign, British Deputy High Commissioner David Lelliot said the idea behind the trade show was to foster trade relations between the two countries, especially in agriculture, education, energy and infrastructure, information and communication technology, retail, tourism and inward investment. Talking to mediapersons here, Lelliot said over 50% of Indian investment into Europe had already gone to the UK, and India was the fifth largest inward investor in UK in project terms and the third largest in creating jobs with 89 projects. “Inward investment from India has grown rapidly over the past five years and IT remains the most important sector through outsourcing, besides life sciences, advanced engineering, business and professional services,” he said. The two-day road show would be held on December 4 and 5. Lelliot said ever since the Deputy High Commission has been opened here, the UK government has been actively engaging with the Punjab and Haryana governments, with different UK ministers coming here and deliberating on skill development, climate change and healthcare. Two-day road show
The UK is organising a two-day road show in Chandigarh, beginning from December 4, to attract businessmen from the region. |
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CIL signs fuel supply pacts for 71,500 MW capacity
New Delhi, December 3 Amid continuous delays, the Cabinet Committee on Investment (CCI) had earlier said timelines for signing of fuel supply pacts for power projects of 78,000 MW capacity should be met. Two deadlines set for signing of the fuel supply agreements by Coal India (CIL) with the power producers could not be adhered to. The Coal Ministry had set the deadline of August 31 for signing of the FSAs, which could not be met. Further, the second deadline of September 6 was also not achieved. — PTI
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HeroMoto inks agreement with Magneti Marelli
New Delhi, December 3 Both partners will be investing a total of USD 8.5 million in the JV firm - HMC-MM Auto Ltd - in the next three years and around USD 27 million over the next ten years. "We have decided to form a JV with Magneti Marelli for next geneation fuel injection systems...a total equity injection of USD 8.5 million in ratio of 60:40 will be injected in the JV over a period of three years," Hero MotoCorp MD and CEO Pawan Munjal told reporters here. — PTI
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Tupperware elevates Asha Gupta to head Asia Pacific Idea Cellular launches two global roaming packs RCom raises 3G mobile Internet rates by 26% Central Bank launches Aspire credit card Liberty insurance tie-up with coop banks in Punjab
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Talking to The Tribune, MBD group director Sonica Malhotra said modalities for the project have been chalked out and hunt for the land is on.
